Like a frog in a pot of boiling water, things keep getting more uncomfortable for Super Micro Computer (NASDAQ: SMCI) as times goes on. Supermicro's growing accounting debacle began in late August as the target of a short report from Hindenburg Research.

Wondering where Super Micro Computer’s stock is heading? It might be helpful to look at the shares’ journey to this moment.The stock market tends to have a short memory, focusing more on the future than the past.

Super Micro shares are down more than 80% since the company joined the S&P 500 in March. That poor performance could catch the eye of the index committee, an expert said.