Charts say the S&P is set to rise 14%: Technician

Trading Nation: Bad Q2 ahead?
Trading Nation: Bad Q2 ahead?   

Craig Johnson isn't worried.

Despite the tough week that stocks just suffered, the head of Piper Jaffray's technical research group remains bullish.

All we've seen is "some short-term profit-taking as we come into quarter-end," Johnson said, referring to the S&P 500's 2.25 percent drop over the past week. "The primary trend is still up—that has not changed, and it will not until we reverse that trend."

Johnson says the S&P's uptrend is still very much intact, and due to continue this year, taking the S&P to 2,350 at year-end—14 percent above Friday's close of 2,061.

In the near-term, Johnson cedes that "we've been stuck in this trading range" between 2,120 and 2,040.

But with "a lot of support underneath this market," Johnson remains mightily bullish for the time being.