Since Mark Zuckerberg pulled the curtain back on the ugly reality of things, the S&P 500's tech sector has lost over $350 billion in market cap...

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Of that, over 60% of the loss in capitalization is due to the four FANG horsemen on the apocalypse...

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Facebook is leading the charge lower...

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And then there's Twitter...

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Nasdaq has broken below its key 50-day moving-average support...

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“Sentiment is turning sour in FANG, especially after earnings,” Michael Antonelli, an institutional equity sales trader and managing director at Robert W. Baird & Co, said in an email.

“They are dragging the Nasdaq 100 down by its feet.”

Or to put it another way - there's tech, and then there's everything else...

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And if the tech is losing its faithful followers then that lowly yellow line in BofA's chart above does not hold much hope for supporting the world's equity markets - especially as central bank balance sheets start to contract.

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