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The broader stock market needs an "exhaustion" of selling before buyers can take control, but that time is close, according to charts of the S&P 500 index, independent trader Bill McLaren said Friday.
"We're probably within days" of a bottom after breaking the lows of the 2002 bear market, McLaren told "Squawk Box Europe."
The current style of trend needs "capitulation and exhaustion to end" and "we needed real panic" to shake out all the selling, he said.
A real sign of the bottom o the S&P [.SPX
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] will be a big consistently down day or a day with a wide range in the index that closes on the lows, McLaren said.
(Watch the full interview with Bill McLaren above).
The important levels are 710 to 720 and 650 to 660, and the S&P could hit 660 in Friday's trading, he added.
"If this market can exceed four trading days of rally the new would have completed an exhaustion," McLaren said.
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