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‘Short-Term Bull Signal’ at This S&P Level: Pro

Wednesday's close in the S&P 500 indicates the stock market will see upside in the near term, Mike Harris of Campbell & Co. said Wednesday on CNBC.

"Back in July, August and September, we were following a medium-term trend to the upside," Harris said on "Fast Money," adding that short- and long-term trends were all lined up.

"What's changed? Well, the long-term trend is still in place," he added. "Year on year, the S&P is up 17 percent. But on the medium-term side, we saw almost a 9 percent pullback."

Yet on the short-term a 5 percent pop has developed over the past couple of weeks.

"It's my short-term models that are leading me to be long," he said. "It's a cautious long, but we're following this short-term trend to the upside."

Harris said that resistance was around the 1,405 level, which he thought would be tough to push through.

Symbol
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Price
 
Change
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S&P 500
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The S&P 500 closed at 1,409.93.

(Read More: 'This Is Now a Trader's Market,' Pete Najarian Says)

Harris also said he believed a budget deal would be reached in Washington by Dec. 21, averting the so-called "fiscal cliff" that would trigger tax hikes and federal spending cuts.

Lawmakers would ultimately strike a deal because no one wants to hurt the economy, Harris said. "I've seen this movie before."

Written by Bruno J. Navarro, CNBC.com Producer.

Trader disclosure: On Nov. 28, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Dan Nathan is long MSFT JAN 26/24 1X2 PUT SPREAD; Dan Nathan is long JCP DEC 18/19 CALL SPREAD; Dan Nathan is long YHOO JAN/DEC 17.5/18 CALL SPREAD; Dan Nathan is long BAC JAN 9/7.5 1X2 PUT SPREAD; Steve Grasso is long AET; Steve Grasso is long AKS; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MT; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN; Steve Grasso is long X; Brian Kelly is long QQQ; Brian Kelly is long XLK; Brian Kelly is long XLE; Brian Kelly is long GLD; Brian Kelly is long SLV; Brian Kelly is long NAT GAS; Brian Kelly is short XLV; Brian Kelly is short EWC; Brian Kelly is short EWA.

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