Old boring blue chips like 3M Co. $MMM should provide some stability and some light fixed income (dividend) to your portfolio during a market downturn. But I think we should still anticipate some further downside in 3M before considering it a buy-the-dip candidate. MMM Daily Chart(click to enlarge)Bears in Charge, In The Short-term:- We can see that since price fell below the 200-day simple moving average (SMA), MMM has remained under it. - We saw a couple of tests in September/October, and then again in November/December, but the 200-day SMA held as resistance. - This shows bearish control.- Furthermore, the RSI has been able to dip below 30, but failed to push above 70. The recent inability to clear above 60 suggests the bearish momentum is returning after half a year of mostly sideways price action.MMM Weekly Chart(click to enlarge)Long-term Bullish, Short-Medium-term Correction:- The weekly chart, and even the monthly chart shows a long-term bull market. The 2008-2009 dip was harsh (around 57% drawdown), and I would expect the current one to be less intense. - The short to medium-term outlook is a bearish correction back towards the 2015 high around $170. (This would be just under a 35% drawdown from the peak at the start of the year). - This 2015 high was the resistance during a period of consolidation. I think the market will find support around this previous resistance.Dow Jones Industrial $DJI Completes a double top:I should note that MMM is declining partly, or maybe mainly due to idiosyncratic (market) risk. But we can also look at it the other way around - that the general market - especially the Dow Jones Industrial Average (DJI) - is looking bearish when regal blue chips like MMM is turning bearish. In other words, there is a bit of a feedback mechanism at work here, and it looks like its about to amplify as the DJI completes a double top. DJI Weekly Chart(click to enlarge)