When it comes to the market this quarter, bad is good.
Some of the S&P 500's worst-performing sectors on the year have emerged as some of the recent winners. Energy, Materials and Industrials, which were all down heading into the fourth quarter, are the three best-performing S&P 500 sectors since Oct. 1, up a respective 11, 9.5 and 6.5 percent over that time. And according to one technician, that could mean trouble for the market.
"The obvious theme since the September lows has been this outperformance from the lagging sectors," Jonathan Krinsky told CNBC's "Futures Now" on Tuesday. "Our general sense is that's not healthy for the market going forward."
Comparing the recent environment to that of October 2011, Krinsky noted one key discrepancy. "The rally coming off the October 2011 bottom was led by the leadership group," said Krinsky, meaning the sectors that were strong heading into the sell-off continued to be rally coming out of it. "Meanwhile, the laggards continued to lag," he added. "So we're seeing a completely different picture coming off the lows [now]."