The S&P 500 and have been bouncing around in a tight range for the better part of 2015, but according to top technician Ralph Acampora, if the market doesn't make new highs soon, it could lead to major problems down the road.
"Before talking about the current market, it's imperative to look at the market's activity since March of this year," Acampora said Tuesday on CNBC's "Futures Now." Since the start of March, the market is virtually unchanged. "We saw several instances when the leading averages registered new highs, but only for a few days before selling off again."
The S&P 500 hasn't made a new closing high since May 21.
Read MoreS&P 500 flashes cautionary signal
For Acampora, who is unofficially called the Godfather of Technical Analysis, these failed rallies have brought about a lack of leadership.
"If we don't see new highs, it falls into this category that we're churning just like we did the last five months, and leadership is very narrow here," said Acampora. "Current leadership is in consumer discretionary and staples, , and select technology sectors, but it's very, very narrow."
In addition to the lack of new highs, Acampora turned to the classic technical indicator that could be flashing a "caution" sign: the Dow Theory.
"While the Dow is going sideways and attempting to make new highs, is rolling over. That's not a good sign," said Acampora, director of technical analysis at Altaira Limited.
Despite his concerns, Acampora is sticking to his year-end target of 2,250 to 2,300—for now. "I have to stress, we need new highs or I'll have a problem later on," he added