Stocks didn’t have the greatest finish for the week, with the S&P 500 falling by around 1% while the NASDAQ 100 fell by 1.3%. At this point, the concern should be building that this decline is more than just a mild pullback, as the S&P 500 broke the 50-day moving average. It is the same moving average we focused on previously.

S&P 500 (SPY)

The level at 3,330 was vital because it acted as a healthy level of resistance when the index was rising and that level, which became support, has now broken. It shall likely act as strong resistance once again. 

NASDAQ 100 (QQQ)

Meanwhile, the QQQ went on to make a new low, at around $262. 

Amazon (AMZN)

Amazon fell again and I fear it has not finished falling just yet. The only thing standing in its way and the 2,800 level is 2,950. Once 2950 goes, it is on to 2,800. The bigger problem is that 2,800 may not be the bottom. The stock hasn’t even reached oversold levels yet.

Apple (AAPL)

Apple also fell below $109, and that is likely bad news for the stock, as I continue to believe this one is heading to $96.

Salesforce (CRM)

Salesforce is hanging on by a thread from falling to around $219. 

Nvidia (NVDA)

Nvidia is on the cusp of a significant breakdown if that uptrend follows through, with $427 potentially on the way.