The S&P 500 closed its ninth consecutive quarter of gains, which had one top technician calling for a "market reset."
On Tuesday's "Futures Now," Cornerstone Macro's head of technical analysis, Carter Worth, said that while the S&P 500 has maintained its uptrend, major sectors within the index have failed to make new highs. This, according to Worth, is a bearish sign of what's to come.
"The issue from my point of view is always trying to come to a judgment about the market, not so much by looking at the market, but by looking at the parts that comprise the whole," said Worth. "So while the chart of the S&P might say one thing, the other parts are giving a different message and that's been the case for the better part of the past 10 to 12 months."
The S&P is in the midst of its longest winning streak since seeing 14 consecutive positive quarters between the first quarter of 1995 and the second quarter of 1998. But Worth noted that if you were to look at other areas of the market, such as the NYSE Composite, there has been little to no growth.
"We're the same price right now [in the NYSE Composite] as we were 10 months ago. We've made no progress," said Worth. "More often than not history shows that when you get deterioration in certain parts [of the market], you get deterioration in the whole."
Worth also noted that the have acted horribly of late, this despite falling oil, which typically benefits the sector. Dow theorists often look at the transports as confirmation of a rally.
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Additionally, Worth is concerned about recent bouts of . "I would characterize this as a high-volatility, low-variance moment. Meaning we have huge daily swings and yet we have no variance. That kind of churn is usually a problem."
As far as where the market is heading for the rest of the year, Worth said we will see a major pullback. "I think the best thing we are hoping for is a '98 type outcome," said Worth, referring to the 18 percent decline in the S&P 500 from July 1998 to September 1998. "We saw a huge downdraft and then we recovered. We need a reset."
Worth has made similar bearish claims recently, but despite being on the wrong side of the rally, he is as convinced as ever.