Bitcoin suffers liquidation spree, fearing ominous signs for market

"Sister Wood" Kathy Wood's ARK Innovation ETF fell nearly 13 percent last week, its worst week of performance since February of this year. An index measuring SPAC companies fell about 6 percent over the same period, the worst performance since March. Investment firm VanEck's ETF, which tracks some of the Internet's most popular companies, also fell nearly 9 percent last week.

Large technology companies also did not escape the sell-off last week, with Meta Platform leading a group of large technology stocks that fell nearly 8 percent last week.

Doug Ramsey, chief investment officer at Leuthold Group, said.

"Its internal indicator of an oversold stock market is currently in a very extreme condition, where a rally is expected even if the stock market is in a big bear market. Therefore, I would be very concerned if the market fails to rally this week."