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What Disney, Apple, and Facebook have in common

The market may have seen a small rebound after the selloff earlier last week, but in a strange coincidence, the charts for several top names are showing patterns that may be flashing a warning sign for stocks.

While the S&P 500 flirts with new record highs, some of its biggest and most recognizable names are stuck in the mud. Shares of Apple, Disney, Nike, Starbucks and Facebook have sold off an average of 5 percent from their highs shortly after reporting earnings. ( Tweet This )

These selloffs are significant because of the important role these names have played in the S&P 500's rally over the past several months, said Dan Nathan, founder of RiskReversal.com.

"They have been leaders throughout this whole bull market," the CNBC contributor said on "Options Action" on Friday. "In some ways, they are kind of like a Teflon portfolio of U.S. consumer stocks."

People silhouetted against Facebook logo
Dado Ruvic | Reuters

But that Teflon might have worn off after they became popular with investors.

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"People are kind of full-up on these things," said Nathan. "They're crowded trades. Everyone [knew] the news [was] going to be good, so there was no incremental buyer and you had some selling."

Even Facebook, which showed promise when it broke out of a nine-month trading range between $70 and $82, has since sold off. It is now testing its 200-day moving average as it returns to its sideways trend, Nathan said.

"When we're trying to figure out what's going to cause the S&P to break out, we'd like to see stocks like Apple and Disney and Nike and Starbucks get us there," he said. "If they're showing waning momentum, then I would actually be skeptical of a breakout in the S&P."

In short, according to Nathan's work, the market might be losing its leaders and, as a result, the rally could "be losing some of the horsemen of this bull market."

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  • Melissa Lee

    Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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