Michael Kahn writing at Barrons.com notes:

One sector that remains key to the market’s strength is technology and, more specifically, the semiconductors. This industry’s healthy participation in any rally always has been important.

Unfortunately for the market, the semiconductor and semiconductor equipment stocks have broken down. According to Kahn:

In the big picture, the mighty are falling and the market has been decapitated. The question that remains is, “How long will it take for the rest of the body to fall down?”