The S&P 500 is close to breaking out of its long-term falling trend and could be set to push higher toward 1,175 points, Roelof van den Akker, chartist at ING Wholesale Banking, told CNBC.
"We could see some further upside potential within the S&P and after the completion of the short-term trading range of 1,118 (points) we could see a further rise to the next horizontal resistance level," he said.
That key level is at 1,175 points, according to van den Akker. The S&P closed at 1,114 points on Monday.
"A close above 1,118 would confirm the break out of the longer-term falling trend line for the next rise towards around 1,175," he said.
- Watch the video above to see Roelof van den Akker's view on the euro versus the dollar.
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