Stocks ended the week on a high note despite hitting a two-year low on Thursday. Despite the gains, the major indexes still saw a second straight week of losses, but one noted technician says he's spotted a key indicator in the market that signals more turmoil ahead.

"When you see the relative performance of utilities, bonds and the S&P 500 index acting opposite to each other, you're about to get another contraction," Cornerstone Macro technical analyst Carter Worth told CNBC's "Fast Money" traders last week.

Worth took a closer look at the historical correlation between those three factors as well as gold and corporate bonds. He explained that the commonality between each divergence and contraction is that they all took place during periods of recession.

