The market meltdown continued Monday after the surprise vote by the U.K. to leave the European Union sent global equities into disarray.
The U.S. markets opened Monday morning at their lowest levels since March.
Even as the U.S. appears to be taking less of a blow compared to other global indexes, one technician believes the worst is still yet to come.
In an email to CNBC on Monday, Cornerstone Macro technical analyst Carter Worth stood by his position to sell the S&P 500 given the market numbers Monday morning.
Last Friday on CNBC's "Options Action," Worth pointed out that while the S&P 500 looked to be outperforming German and Japanese markets on short-term and long-term charts, the S&P futures seemed to signal a problem.
"We had what would be called an outside reversal day where the high and the low were higher and lower than the proceeding day, and then we close poorly," he said. "That is often the beginning of something, a negative on a day-to-day, week-to-week basis."
Worth also pointed out that on Friday, the S&P 500 closed at the same place it did in November 2014, essentially going nowhere for about 19 months at this point.
As a result, though U.S. markets could be the last market standing where global indexes are concerned, Worth still believes the S&P 500 might not be where investors want to put their money.
"This is not a desirable risk-reward setup. It's sort of a buyer beware [scenario]," he added.
Worth sees the S&P 500 possibly dipping down back near February lows of 1,865.