The S&P 500 and Dow Jones Industrial average 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