A new structural bull market is appearing in chart analysis of the S&P 500, technician Louise Yamada said Tuesday.
"Generally when you see something like that after a structural bear market, you could call it a new structural bull market," she said. "There's always the caveat that it's Fed-led, so to speak, and whether or not we can sustain that is another question."
Stocks closed lower, with the Dow Jones Industrial Average losing 93.39 points to finish at 15,518.74. The S&P 500 declined 9.77 points to settle at 1,697.37, while the Nasdaq fell 27.18 points to end at 3,665.77, snapping a five-day win streak.
(Read more: Stocks log worst day since June on Fed jitters, S&P ends below 1,700)
On CNBC's "Fast Money," Yamada said that she didn't see much movement in the near term.
"Right now I think August is probably a quiet month," she added. "We could see a pull-back here. There's some minor divergences coming in, but I think you see maybe a 10 percent trading range above the 1,560 where we broke out through the 2007 peak."
Yamada said that she remained "constructive unless the June lows break."
The June lows in the S&P 500, which represent a pull-back of approximately 10 percent from current levels, were crucial, she added.
"If we were to see consolidation above that break-out level, you could have a series of 10 percent pull-backs and move up maybe later into the fall," Yamada said. "And then if we see more divergences, we'd become a little bit more concerned."
Turning to 10-year U.S. Treasury yields, Yamada noted a technical reversal in the charts.
"This is very interesting because structural bear markets for interest rates have run 22 to 37 years, and generally the reversals from falling-rate cycles to rising-rate cycles are very slow, multi-year affairs, which is exactly what we're getting here over a two-year period," she said.
Breaking a 2007 downtrend was the first step, which occurred around 2.41 and would result in higher interest rates.
If you go through 2.71, then I think we see 3 percent, ultimately 3.50, and you get a large amount of resistance coming in right here around 4 percent, as you can see.