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A menacing pattern has revealed itself in the stock market

Prudent investors ought to pay attention to a menacing pattern developing in the stock market.

Please click here for an annotated chart.

The chart is of the Nasdaq 100 ETF QQQ, -0.08% A similar pattern can be seen in S&P 500 ETF SPY, -0.12% I picked QQQ because the pattern is more pronounced. And it contains popular stocks including Facebook FB, +1.18% Apple AAPL, -0.70% Amazon AMZN, -2.48% Netflix NFLX, +0.74% and Google GOOG, +0.80%GOOGL, +0.61%

It is important to note that in addition to the so-called FAANG stocks listed above, other popular tech stocks were also dumped.

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