As typical with bear markets the unprofitable "growth stocks go first, followed by the profitable stocks on high multiples and the overall index is saved by the large caps due to their weighting in the index.
The FAANG index has now broken down and is looking at a minimum 34 percent loss.
The index decline will be accentuated by further losses in the first two categories even though they may seem relatively cheap compared to ATH.
Any stocks with stretched balance sheets, and survival dependent on Capital Raisin in the next 18 months will simply go out of business.