If the S&P 500 can break above 1,135 points and out of its range-bound pattern, then it could hit 1,220 points and far higher, Julius de Kempenaer, manager at www.talergroup.com, told CNBC Tuesday.
"To me it looks as if a head-and-shoulders reversal pattern is in the making… It's a little bit of an early call I think," Kempenaer said.
The pattern will be completed if the S&P breaks above 1,135 points again, according to Kempenaer.
- Watch the full interview with Julius de Kempenaer above.
"If that happens then we're back on track for more upside and then the 1,220 (points) old high is your first target, but probably much higher," he said.
Kempenaer said he is bullish for the index in the longer term. There may be some declines on the way up, but these could be buying opportunities, he said.