This could be the final nail in the coffin for the FANG trade.
Three of the companies within the big-tech quartet have entered into death crosses, with Facebook, Netflix and Google parent Alphabet seeing their 50-day moving averages cross below their 200-day moving averages.
Facebook was first to do so, in September. Netflix and Alphabet shares hit it last week, and Amazon isn't far off. This technical development is often seen as a bearish signal of more pain to come.
"These stocks have been crazy swingers this year," Stacey Gilbert, head of derivative strategy at Susquehanna, told CNBC's "Trading Nation" on Monday. "If the market loves you, they were up. If the market hates you, they were certainly down. Just broadly speaking, my one concern I have is that I don't think we've seen the true capitulation moment in the marketplace yet, where basically investors are throwing the baby out with the bath water, where we know that it tends to be a bottoming moment in the market. We haven't seen that yet. I feel like we're getting closer. The one thing I would say about any of these names is we may not actually be at that bottom."
Amazon, however, is one name Gilbert said investors can consider with a long-term investing objective.
The stock is down 26 percent from its all-time high in early September though it's still up 29 percent this year. Susquehanna rates the e-commerce giant positively, and Gilbert is bullish on several aspects of the business, like cloud and advertising.
Some aren't as negative on FANG. The stocks' respective declines and death crosses may indicate they're about to enter into a trading range, said Ari Wald, head of technical analysis at Oppenheimer.
"Every major decline starts with a death cross. But the thing is, not every death cross leads to a major decline," he said Monday on "Trading Nation."
Wald said the 10-member, equally weighted NYSE FANG+ Index, which includes other beaten-down names like Alibaba and Nvidia, appears "broken." But he sees limited downside and support coming up at 2,300. The index closed on Monday at 2,376.46.
Within the constituents, he said Amazon appears strongest while Facebook is among the weakest.