It's been a difficult week for the market. But according to noted technician Louise Yamada, the S&P 500 could soon be in for a 12 percent rally.
Furnishing a chart of the large-cap index, Yamada says that 2,130, which is just a bit above current levels at 2,100, has become a key testing ground.
"What we'd like to see, ultimately, is for the S&P to turn around and lift through this resistance neckline, if you will. And that would happen if we went shortly through 2,130," she said Thursday on CNBC's "Futures Now."