Technology stocks have struggled of late, with the sector underperforming the broader market over the past six weeks. And according to one top technician, it's about to get a lot worse.
"This has been an outperforming area of the market that's starting to underperform," said Carter Worth, technical analyst at Cornerstone Macro, on CNBC's "Options Action " on Friday. "That's usually the sign that something is starting to go wrong."
Worth noted that 65 percent of all tech stocks in the S&P 500 information technology sector were trading below their 150-day moving average, a technically significant development that shows the trend for these equities may start to head south.
"Things are deteriorating here," Worth said.