S&P Charts Full of Bull (Market)
The S&P 500 index is still in a bull market and can make a move to 1,170 if it can hold on to current technical levels, Jeffrey Weiss, chief technical analyst at Jesup & Lamont, told CNBC Tuesday.
"A bull, in my opinion, was born. I believe the bull started… at the end of July, early August when we overcame 960-980," Weiss told "Squawk Box."
Wall Street is enjoying a six-day winning streak. On Monday, the Dow and the S&P 500 registered their highest closes since October 1, 2008.
The S&P hit a low of 666 in March and has been rising ever since. The fact that it has been closing above 1,120 since Dec. 23 is a positive signal, according to Weiss.
If the index stays above the 1,120-1,125 area by 1 percent or more, it may rise to around 1,170, he explained.