Market May Be Near Top: Technician

Investors should take part in the recent stock market rally but also realize that it might not last much longer, Citi FX Technical Global Head Tom Fitzpatrick said Wednesday.

On CNBC's "Fast Money," he noted that the market was on track to post a seventh straight month of gains, mirroring the run stocks had from 1998 to 2000.

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"Therefore our concerns are that while in the near-term I think you have to be a skeptical participant, and the dangers are that this rally is going to continue, we believe that this acceleration we're seeing now is the type of pattern you tend to see when you're getting close to the top of a move," he said.

"So, we are cautious, but momentum is still there, and you have to continue to participate."

Fitzpatrick's earlier target for the S&P 500 was 1,576.

Rising interest rates on the U.S. Treasury 10-year bond was not yet a reason to panic, he added.

"This move we see here is very much like last year. We're still not convinced this is the turning point," Fitzpatrick said. "It will come eventually, but I think we need to see more, both in term of price action and the background in terms of the dynamics before we're convinced this is a turn."

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Fitzpatrick also remained positive on gold.

"Long-term picture has always been very bullish gold," he said, adding that the precious metal breaking below $1,500 per ounce was also unexpected.

Looking at the chart in gold's price action, Fitzpatrick noted, "It's completed a pretty clear double-top."

That meant a more cautious outlook for the near-term, he said, although in the medium-term, gold could rally to a level around $2,400 and above $3,400 in the long-term.

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Trader disclosure: On May 29, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long C CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long CSCO CALLS; Pete Najarian is long YHOO CALLS; Pete Najarian is long BBRY ; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long F CALLS; Pete Najarian is long BMY; Jon Najarian is long BAC; Jon Najarian is long GLD; Jon Najarian is long MSFT; Jon Najarian is long SFD; Jon Najarian is long F; Jon Najarian is long JOY; Jon Najarian is long NTAP; Jon Najarian is long OC; Jon Najarian is long TMO; Jon Najarian is long ZNGA; Jon Najarian is long UVXY; Mike Murphy is long BAC; Mike Murphy is long FB; Mike Murphy is long F; Josh Brown is long AAPL; Josh Brown is long GLD; Josh Brown is long TGT; Josh Brown is long KORS; Josh Brown is long F; Josh Brown is long VAW.