The Fed won't be able to save stocks: Traders

As investors looked for clues in Fed Chair Janet Yellen's testimony Wednesday, stocks largely went nowhere, with the S&P 500 closing the day almost flat.

According to technician Jonathan Krinsky of MKM Partners, equities should continue to slide regardless of rhetoric on where interest rates are going next.

"We're less concerned about what she's actually saying," Krinsky said Wednesday on CNBC's "Power Lunch." "The market's telling you the central bank action is not having the impact it once was. In fact, you could argue that it's having a negative impact."

Because of this, Krinsky sees the S&P 500 running into an important support level around 1,812 to 1,820. If the index breaks below that level, it could be heading to 1,740 in the next few months, another 6 percent drop from where the index closed Wednesday.

Kathy Lien of BK Asset Management also pointed to a reversal in the U.S. dollar's rise on Wednesday as proof of the Fed's inability to impact markets. The dollar ended the day slightly down.

Read MoreFed's Janet Yellen: Not sure we can do negative rate; rate cut unlikely

"In general, central banks are losing control. The weakness of the dollar, the benign rally in stocks, reflect everyone's lack of confidence in the Federal Reserve," Lien said Wednesday on "Power Lunch."

Lien said the dollar should also play a large role in preventing the Fed from raising interest rates at its next meeting in March.

"The strong dollar is a very big headache and I think that's going to weigh heavily on the stock market going forward as well as the underpins of a weak global economy, which is the reason why they would not want to raise interest rates in March," she said.

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