The Global X Social Media Index ETF (NasdaqGM: SOCL) lost nearly 4% Monday on heavy volume, a decline that took the once high-flying ETF to its lowest levels in nine month.

Ongoing retrenchment in social media and other momentum names is taking a toll on the Nasdaq. The Fidelity NASDAQ Composite Index Tracking Stock ETF (NasdaqGM: ONEQ) is down more than 3% in just the past week as stocks from Amazon (NasdaqGS: AMZN) to Facebook (NasdaqGS: FB) to Netflix (NasdaqGS: NFLX) swoon. [Choose Quality Over Momentum]

The PowerShares QQQ (NasdaqGM: QQQ), the NASDAQ-100 tracking ETF, is down 2% over the past week and is struggling due to declines by the aforementioned stocks, among others. Looking at the charts for the NASDAQ Composite turns up a cautionary tale.

“The NASDAQ Composite has already broken its uptrend line that began with the lows of late 2012, and is no longer setting higher highs and higher lows on its weekly chart,” according to Deron Wagner of Morpheus Trading Group. “Considering the NASDAQ has recently broken a 17-month uptrend line and its 10-week moving average is rolling over, negative price momentum is certainly building.”

This year, the primary source of technology strength has come via old line companies such as Microsoft (NasdaqGS: MSFT) and Cisco (NasdaqGS: CSCO). Although those stocks, along with Qualcomm (NasdaqGS: QCOM) and Intel (NasdaqGS: INTC) are top-10 holdings in QQQ, that has not been enough to buffer the Nasdaq from declines in biotech, consumer discretionary and social medial stocks. [A Tech ETF for Grandad]

The consumer discretionary and health care sectors combine for a third of QQQ’s weight. Wagner notes QQQ could be forming a bearish head and shoulders pattern.

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