Stocks are being held hostage by the dollar and the S&P 500 is in a "struggling trend" that could push the index lower or lead to "horizontal" gains, Bill McLaren, independent trader, told CNBC.
"This is a struggling trend up. That's very important, since August it's been struggling," McLaren said when taking a technical look at the S&P.
"They can be resolved upwards, they don't have to crack down like this, but you always get a fast move from a struggling trend," he said.
McLaren said that if the index did break to the upside, the move could be "vertical," as was seen in 1982 with the S&P .
"Stocks being held hostage by the US dollar index, which is trying for a low," McLaren added while looking at the Nasdaq.
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