The market is not short on prognosticators calling for a correction but according to one top technician's work, a selloff is not likely in the coming weeks.
"It's very rare and unusual for the markets to peak out for the year in May or June," technical analyst Jonathan Krinsky said Tuesday on CNBC's "Futures Now."
The S&P 500 is currently less than half of a percent from its all-time high of 2,134.72 set May 20, and according to Krinsky's work in the last 86 years the index has made its calendar-year high only once in the month of June and twice in the month of May. "This suggests that even if there is weakness into the summer, a higher high should be made by year-end," said Krinsky, chief market technician at MKM Partners. (Tweet This)