Despite the recent surge, stocks are still roughly 4 percent from their 52-week highs, and that has one technician calling foul on the rally.
"We've gone 10 months on the S&P 500 without making a new high. That's the longest stretch since 2009," MKM Partners' Jonathan Krinsky told CNBC's "Futures Now" on Tuesday.
According to Krinsky, such a length of time with no new high has happened only 11 times in the last 50 years and eight of those times occurred during a bear market. The three others happened during a consolidation phase that resulted in a breakout — the last time being more than 30 years ago, he said.
"This is a very crucial time," said Krinsky, his firm's chief market technician. "If [we] were to get into mid-May without making a new high, it would be rather rare for that to happen and not to be in the confines of a bear market."