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‘Uptrend is intact’ for S&P 500: Yamada

Stocks are headed higher, albeit with some pull-backs likely, chart technician Louise Yamada said Friday.

"The uptrend is intact," she said. "There's no question about it."

On CNBC's "Fast Money," the head of Louise Yamada Technical Research Advisors said that the market's previous low was an important level for the S&P 500.

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"We would argue that the June low would be the level that would be of concern if that were broken, and that comes in at 1,575," she said. "But otherwise, we have an uptrend there, and a little bit of backing and filling would not be untoward."

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Yamada also said that there was some "momentum divergences developing, which have developed prior to the other pull-backs in this area."

Since 2010, there have been a couple of four-month-long and a six-month divergence similar to what might be appearing now, she added.

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"We're about about four months with some negative momentum divergences, which is definitely worth watching because divergences can stay in place from four to six to nine months prior to a market pull-back," Yamada said.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Stephanie Landsman contributed research to this report. Follow her on Twitter: @StephLandsman.

Trader disclosure: On Sept. 20, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: John Woods is long WFC; Tim Seymour is long AAPL; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long EEM; Tim Seymour is long LO; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; As of 9/19 Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Steve Grasso is long DHI; Steve Grasso is long EEM.

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