The S&P 500 is at risk of rolling over, and while most of the large cap market looks awful to me right now, there is a possibility that if a deep decline does occur, it might do so in waves, with the Nasdaq 100 being the last shoe to drop. This could be gradual, it could be swift, or it could even be a false alarm, as has been the case so many times the past 16 months, in this era of "buy the dip."