The S&P 500 cracked the 200-day moving average and the 4000 level but never really got above the longer-term downtrending line. Could it be as simple as that?

SPX daily

The early-year rally is fading in a big way today with the S&P 500 down 1.7%. The Nasdaq is faring even worse with tech down 2.4%, including nearly 4% drops in Google and Amazon.