Power Play: This will signal the end of the bull market

A trader works on the floor of the New York Stock Exchange.
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A trader works on the floor of the New York Stock Exchange.

Stocks are rallying ahead of Thursday's Fed decision on interest rates and with this move, the S&P 500 is less than 7 percent from its May high.

Uri Landesman, partner at Platinum Partners, tells CNBC's "Power Lunch" on Wednesday the market is a little pricey, but the bull market is still intact.

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The "U.S. market appears to be least risky of major risk asset options now," Landesman said.

He has a S&P 500 year-end target of 2000 and believes fairly robust mergers and acquisitions activity will also support this market.

Landesman sees 1860 as the support at the downside level. "We tested that once and we held it. If the S&P 500 cracks 1860, that's the end of the bull market," Landesman said.

The Dow, S&P 500 and Nasdaq are all higher during trading.