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Markets are approaching a critical high, technician says

Market warning signs

There will be some near-term moves toward the downside, according to one technician.

"Right now in 2016, we could be approaching a critical high. Now at the moment, my worry is that if we start dipping below key levels that could signal that we're in for a rocky ride, at least for the next few months," Sandy Jadeja, chief market strategist at SignalPro, said in an interview on CNBC's "Power Lunch. "

He said that "at the minimum" the Dow Jones industrial average will drop 400 points, but that it will likely be closer to 800 points.

"I'm not saying we're going to crash from here, I'm just concerned that we will probably see a pullback here," Jadeja said.