Last week's modest pullback in the Nasdaq Composite Index took the FANG stocks down to critical levels of support on each of their daily charts. It could just as easily be said, however, that the pullback in the FANG stocks took down the border technology space. The line chart shows the year-to-date performance of both the Nasdaq 100 index and the Nasdaq 100 Equal-Weighted index.

Image placeholder title

The price-weighted index, powered by its FANG components, is up 20% while the equal-weighted index is only up 15.5% in that time. The implication then is, Facebook (FB) - Get Report , Amazon (AMZN) - Get Report , Netflix (NFLX) - Get Report  and Alphabet (GOOGL) - Get Report are the performance drivers of the price-weighted Nasdaq indices, so if they were to take out key levels of support and see more significant retracements, it would reverberate strongly through the border indices.

Facebook and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells them? Learn more now.

Let's take a look at the individual charts of the FANG stocks and the support levels to be focused on over the near term.

Image placeholder title

The daily Facebook chart shows the stock breaking out a rising triangle pattern in July and quickly achieving the upside pattern price objective in the $171 area. There was a spike in the stock on July 27, which turned out to be the top of a second and smaller triangle pattern. The color of the volume bar associated with the price spike suggests positive volume, but the accumulation/distribution line, which calculates buying and selling pressure depending on that close relative to daily range, suggests this was a distribution bar. Price action that day, in fact, saw an opening upside gap that failed to hold and was followed by strong selling in the stock.

Momentum continued to fade over the next two weeks and the small triangle formed above horizontal resistance in the $107.50 level. Moving average convergence/divergence has made a bearish crossover and Chaikin money flow has crossed below its signal average. If the current triangle pattern fails, the price projection, measured by taking the height of the pattern subtracting it from the support level, could take the stock back down below its 200-day moving average, which would have longer-term implications.

More of What's Trending on TheStreet:

Image placeholder title

TST Recommends

The weekly chart of Amazon shows it moving higher in a rising triangle marked by 45-week cycle inflection points, and it has formed an eveningstar pattern at the current cycle point. The eveningstar is a bearish three-day reversal pattern that consists of a large white candle, followed by a narrow opening and closing range "doji" candle, and completed by a large dark candle. It represents a transition in investor sentiment from bullishness to bearishness and is often seen at important rally tops.

Stochastic has crossed below its center line and Chaikin money flow crossed below its signal average. These readings reflect a loss of positive price momentum and positive money flow. The support level to watch now is the $950 level. A break below that could take the stock back down to its 200-day moving average, but more importantly would confirm the eveningstar top, which would have intermediate-to-longer term implications going forward.

Image placeholder title

A transition similar to an eveningstar pattern took place on the Netflix chart at the end of July, and the stock price has since pulled back off its highs. There was strength in the form of a large white candle on July 27, followed by three small-range candles, and completed by a large weak dark candle.

The stock quickly retreated back down to fill a resistance vacuum just above the rising 50-day moving average. Chaikin money flow has been declining and is now below its 21-period signal average, and the vortex indicator, designed to identify early shifts in trend, has made a bearish crossover. The 50-day moving average is now key support and a break below this average could see a retest of the 200-day moving average; again, this is a level of importance that it has maintained for more than 10 months.

Image placeholder title

Alphabet has been moving sideways in a wide horizontal channel pattern since May and is currently testing channel support. During this time, moving average convergence/divergence has been tracking lower in clear bearish divergence to price, and the Chaikin oscillator, an average of the 3-day and 10-day accumulation/distribution line, and Chaikin money flow are both below their centerlines.

A break below the $920 level would quickly fill the April upside gap, but tall channel pattern price objective projects a sharper decline, one that would take out the 200-day average easily, and targets the $830 area. This degree of pullback might suggest that a double top formed at the channel resistance level, and this would have long-term technical implications.

If these levels of support on the FANG charts were to fail, the weight of their subsequent pullbacks on the Nasdaq Composite would be overwhelming, and the index would see a retracement. Then, of course, there is the negative domino effect that the rally leading technology space could have on the broader market.

Watch More with TheStreet:

he author is an independent contributor and at the time of publication had no position in the stocks mentioned.