There's an old saying that a bull market ends when the 'generals' of the rally are taken out and shot.
Undoubtedly, the generals of the most-recent era have been FAANG and chipmakers. If you pull up any of those charts, they're looking precipitous or worse. One of the holdouts has been Tesla but today it's down nearly 9% on massive volume.
That's an ugly looking chart but not nearly as ugly as GOOG, which has broken a series of lows and is reporting earnings today after the close.
The Nasdaq 100 itself is barely hanging onto the year-to-date lows and that's going to be key in the days ahead with a huge slate of earnings coming up.
I tend to think the fear about bad tech earnings always outweighs the news, even when it's bad. I can envision a scenario where earnings are so-so and the dip is bought.
What worries me this time is that Tesla earnings were very strong and it's down more than 10% since.