The recent declines in the S&P 500 are over for now and the index should rally to 1,165 points, Mark Sturdy, director of Seven Days Ahead, told CNBC Thursday.
"The market is in the grip of this double bottom, the minimum move of which is to 1,165 (points)," Sturdy said.
The S&P's bull run, which had been in place since early 2009, became exhausted, Sturdy pointed out. The declines that followed that rise have now run their course and the index is able to move higher again, he said.
"The impetus for the rally came from that large head-and-shoulders bottom around the turn of '09—and that rally was driven by that head-and-shoulders," Sturdy said, examining a long-term chart of the S&P.
"The target of that head and shoulders was precisely met: 1,219.05," he added.
- Watch the full interview with Mark Sturdy above.
