Stock continue their tumble to the downside

The broader stock market is facing severe downturns, with indices like the S&P 500, NASDAQ, and Dow experiencing notable declines. Particularly, Broadcom's shares have fallen by 4.92% to $324.49, breaking key support levels and confirming a bear market phase, down 21.7% from its prior peak. The critical 100-day moving average at $340.98 has turned into resistance. Traders are now focusing on the next support target at $308.98 based on Fibonacci retracement. Similarly, Oracle has encountered a dramatic drop of nearly 48%, with current trading around $178.79, approaching a significant reference level at $166.64. This sell-off began after the infrastructure deal announcements, raising concerns over unsustainable debt levels. The bearish context pervades the market, indicating potential for further declines ahead, particularly in the shares of Broadcom and Oracle, which reflect broader negative sentiments.