As we watch the CBOE Market Volatility Index (VIX) spike to new highs amid a 500-point plunge in the Dow Jones Industrial Average (DJIA), I am looking for signs of life by watching Apple Inc (AAPL) and Google Inc (GOOG). As discussed last week in Apple Inc (AAPL) Succumbs to Gravity and A New Annual Low for Google Inc (GOOG), I am looking at these stocks as barometers to the underlying demand picture.

Both stocks are Wall Street darlings. According to Zacks, 15 of 21 analysts (71 percent) rank Apple with a "buy" rating while a full 18 of 20 analysts (90 percent) give a bull-camp nod to Google. Both stocks are hitting new annual lows as they trade below historically important levels. In other words, the technicals look bad, really bad.

That brings me back to the issue I raised last week - does the Street come out to defend these stocks or run away.

Chart Courtesy of Thomson Financial

Chart Courtesy of Thomson Financial