As stocks sold off on Wednesday, CNBC's Jim Cramer noticed a disturbing pattern occurring in the market.
"The wrong stocks are going up," the "Mad Money" host warned. "The universe of winners has gotten incredibly small."
Cramer could count the winning stocks — almost all involved in cloud-based functions in technology — on two hands.
But he also worried that one of the market's major averages could be amplifying the problem: the S&P 500.
"The S&P is now 26 percent tech," Cramer said, addressing the index's composition. "Do you know that's the highest it's ever been? I'm calling that a bit of a red flag."