Some analysts believe the "Hindenburg Omen," a technical indicator that is viewed as a portent of doom for the stock market, is looming in the market.

"There have been multiple occurrences of the Hindenburg Omen in the last several weeks," Art Cashin, director of floor operations at UBS, said in his market commentary Monday, CNBC reports.

The most common sign of a Hindenburg Omen is when an unusually large number of stocks hit their 52-week highs lows the same day on the New York Stock Exchange.

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Others include the NYSE Composite Index trading higher than it was 50 days previously, negative market breadth and when the number of stocks hitting new highs trails that of those hitting new lows, CNBC reports.

Some believers of the Omen say all those things must happen on the same day, but not everyone agrees.

In his note, Cashin referred to the findings of Jason Goepfert, founder of Sundial Capital Research, who has warned of the Omen's approach throughout the summer.

"With the latest market rally, the Omens are flaring up again," he wrote, according to CNBC. "There have been five Omens triggered out of the past eight trading sessions. ... That's actually the closest-grouped cluster since early November 2007."

Stocks fell from October 2007 until March 2009.

Some experts who look at fundamentals don't see equities moving much for the short term. "We have growth frustratingly low offset by discount [interest] rates that are unnaturally low," Joe Costigan, director of equity research at Bryn Mawr Trust, tells Bloomberg.

"As long as that's the case, the market will stay locked at least into September."

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