The chart that's got technical analysts worried about this market

Technical indicators for some of the key drivers of this year's stock market rally are flashing warning signs, leading some strategists to warn that the recent struggles for stocks might prove deeper than just an August malaise Wolfe Research strategist Rob Ginsberg said in a note to clients on Saturday that key areas of the market are showing a "double top" — a chart pattern that suggests a stock or fund is poised to fall after bumping up against a ceiling for a second time.

Are we saying a '22 repeat is in store? No, but there's no denying it is concerning to say the least," Ginsberg said. SMH 5Y mountain The VanEck Semiconductor ETF is trading near its high levels from early 2022. Ginsberg is not the only chart-watcher who is cautioning clients about the semiconductor sector. "The semiconductor ETF, SMH, ran into resistance at $160," Roth MKM chief market technician JC O'Hara also said in a note to clients.

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