S&P to 1,053; Nasdaq to 2,250: Charts

In the U.S., the S&P 500 index and the Nasdaq index are both in an upward trend and are set to reach highs in early September, Bill McLaren, independent trader, said Friday.

The S&P 500 index could rise to 1,053 in the current rally, McLaren told CNBC.

"The best time for a high is August 22, then September 9, plus or minus a few days," McLaren said. He sees the market "topping out" at the "very powerful" early September date and correcting in November before "running up again and then going into a two-year bear trend in 2010."

"Consensus for the number of bulls and bears has hit a level that indicates we should be very cautious here," he said.

McLaren's targets for the Nasdaq index are 2,150 to 2,250.

"We're still a ways from that," he said. "We're going to one last bit of speculation in the Nasdaq to drive it into that higher price zone."

"Consensus in the dollar is at an extreme with absolutely everybody bearish," McLaren said when looking at the dollar index. He sees this current down leg possibly creating a new low for the greenback.