The bear market deepened last week as investors sold everything that wasn’t tied down that had the faintest tinge of risk associated with it – stocks, commodities, junk bonds, you name it.

The Dow Jones Industrial Average lost 358 points, or 2.2%, to close below 16,000 at 15,988.08, while the S&P 500 fell 42 points, or 2.17%, to close under 1,900 at 1,880.33.

But losses could get even steeper from here…

Nasdaq’s FANGs Faltered This Week

The Nasdaq Composite Index dropped 3.3% to 4488.42 as the so-called FANGs – Facebook Inc. (Nasdaq: FB), Amazon.com Inc. (Nasdaq: AMZN), Netflix Inc. (Nasdaq: NFLX), and Alphabet Inc. (formerly Google Inc.) (Nasdaq: GOOG) – all got de-FANGed, with Amazon losing another 6.1% on the week to fall to $570.18, more than 100 points lower than it started the year; Google/Alphabet dropping 2.8% to 694.45, down nearly 80 points year to date; Netflix down 6.6% to $104.04 on the week and 9% on the year; and Facebook down 2.4% on the week to $94.97 and down 9.4% year to date.

Rather than drag up the rest of the market, the FANGs are being pulled back to reality by the bear market that now has most of the stocks in the S&P 500 trading 20% or more below their 52-week highs.

Readers keep asking why I believe we are in a bear market. The reasons are simple: China is a house of cards whose debt-engorged economy hit a wall in mid-2014 after seeing its total debt grow from $7 trillion in 2007 to $28 trillion (it is now probably over $30 trillion). This then caused global commodities markets, which were inflated by the Chinese debt explosion, to collapse.

The last piece of the puzzle was the end of the Federal Reserve’s quantitative easing (QE) program in October 2014 and the beginning of its effort to raise interest rates in 2015, though this didn’t occur until last December and is more likely than not to be reversed in 2016 if markets continue to sell-off and the U.S. economy continues to weaken.