The near-term run-up in the S&P 500 appears to be heading toward 1,700, Steve Suttmeier of Bank of America Merrill Lynch said Tuesday.
"If it holds 1,600 I think we're positioned to move higher," he said.
On CNBC's "Fast Money," Suttmeier noted the volume intensity in the stock market, adding that proprietary analysis "supports the case for the S&P to move beyond that resistance, trend back up toward the May highs near 1,674 to 1,687, and perhaps even into the 1,700 handle once again."
Suttmeier also said that it appeared the S&P chart was building some support around 1,611 to 1,597.
"As long as it can hold 1,600 on any pullbacks here, I think we're positioned to move," he added.
Looking at the recent performance in CBOE Volatility Index, widely considered to be the best gauge of market fear, also suggested that stocks had farther to climb.
"The market is positioned to move higher based on those studies," Suttmeier said.