The 3 most important stocks for the market are AAPL, MSFT & AMZN.
As the unprofitable and questionable dross amongst the wider market crumbles, investors "flee" into these bellweather stocks, which continue to hold up the indexes. If and when these pillars are taken out then the market as a whole is in big trouble.
Key levels are:
AAPL: $155
Apple is the strongest of the 3, still in a well defined uptrend, and upward sloping 233dma and 55dma
MSFT: $275
Microsoft is in the middle, it is flirting with its 233dma, while the 55dma is now downward sloping
AMZN: $2700
Amazon is the weakest, having spend last year going sideways. The 55dma has already crossed below the 233dma and both are now being pulled down by the price action. This looks likely to be the first stock to fall below key support and trigger the next leg down.
Those levels have all been taken out now.
AMZN got smashed. MSFT is now in an well established downtrend, and AAPL is quickly catching up.
These stocks could all fall a lot further imo. AAPL more than quadrupled in the last 4-5 years, which is extraordinary given its size, and imo there is no reason it can't couldn't get cut in half or worse as it starts to runs into some headwinds. AAPL is a great company, but it's essentially a consumer goods company that is largely dependent on discretionary spending. In the current cost of living squeeze I think a lot of people will just keep their iphones for another couple of years and cancel Apple TV
I left out GOOG which I would put in with those 3... and which is also now looking weak.