The current run up in stock prices represents more than just a relief rally, Piper Jaffray senior technical strategist Craig Johnson said Monday.
The surge has been underpinned by better-than-expected economic data and improving market measures, he said.
Stocks have recorded the highest number of new 26-week highs since the end of 2015, and a growing number of equities are entering an uptrend, according to Piper Jaffray research.
"Over the last week, the pain trade, which had been down, has really started to flip and turn higher, as a lot of investors are really questioning whether this advance is more than just a relief rally," Johnson told CNBC's "Squawk on the Street."
"We think it is because the internals of the market are beginning to improve," he said.