The potential for higher rates is causing agita for the market, and certain sectors in particular look vulnerable, according to technically minded trader Todd Gordon.
Gordon, founder of TradingAnalysis.com, noticed shortly after the market open that long-term Treasury bonds, as tracked by ETF "TLT," were substantially lower Tuesday morning while stocks were only slightly higher.
"We're seeing a bigger move in bonds in terms of percent change than in the S&P," Gordon said Tuesday. "So what that's saying is that the S&P's starting to hesitate here in the face of possible increasing interest rates."
The question now, Gordon continued in a video for CNBC's "Trading Nation," is: "Can the maintain this bid?"
In the face of a potential hike, some sectors look particularly vulnerable, according to Gordon. Two that come to mind are real estate and consumer staples, given the high yields of many of those stocks.
"it's starting to pressure these dividend-paying sectors," Gordon said. "We need to keep an eye on this development."