The stock market could soon retest its June lows now that the S & P 500 has blown through some key support levels without signs of capitulation, according to BTIG. The S & P 500 is down about 5% in September, and roughly 8% since Sept. 12. After trading around the 3,900 level for several days, the average took another leg lower Wednesday and closed at 3,789.93. That could signal that the S & P 500 is on a collision course with its June lows, BTIG technical strategist Jonathan Krinsky said in a note to clients Wednesday evening. "We believe the pain trade is lower. Given today's downside reversal and a continued lack of any capitulatory signals, we think the path to the June lows (3,640) might be faster than many anticipate," Krinsky wrote. Wall Street strategists have been split on whether the market will retest its June lows, though many have become more pessimistic about stocks in recent weeks as Federal Reserve officials have said they are willing to trade some economic pain in order to control inflation. Two tech stocks that have been helping buoy the wider market could now weaken in the months ahead, according to BTIG. "Of the top eight weighted names in the Nasdaq 100 (NDX), only two are still positive over the last year. Apple +7.17% and Tesla +22%. Before this bear market is over our sense is that both of these may need to see some further pain," Krinsky wrote. Another thing that could signal the market is near a bottom is an inverted VIX curve, Krinsky said, but the Cboe Volatility Index has remained calm in recent weeks despite a few major sell-offs on Wall Street. — CNBC's Michael Bloom contributed to this report.