A perfect storm of bullish stock market trends should push the S&P 500 into record territory soon, Bespoke Investment Group co-founder Paul Hickey said Tuesday.
Valuations, while above average, have been moving sideways, but earnings appear ready to play catch up as the year progresses, Hickey told CNBC's "Squawk Box." He also cited as a positive force, the 45 percent jump in U.S. oil prices since the Feb. 11 bottom.
The Federal Reserve poured fuel on the market rally in March, when policymakers cut in half their projections for 2016 interest rates hikes from four to two, he said. "Janet Yellen, the only thing she hasn't done is say, 'Go out and buy stocks.'"
The Fed raised rates for the first time in more than nine years in December.
"These things underneath the market are breaking out. And we think the market overall will also make a new high here. It's all within 2 percent at these levels," Hickey said.