The S&P 500 index will move to a new high, then correct, but the correction won't be large, independent trader Bill McLaren told CNBC Friday.
"If this rally can carry to a new high, considering the cycles, that should set in a top or set up the probability for it," McLaren said. "We're more likely for a new high."
"If this index moves to new highs, I think it will be at risk," he warned.