The S&P 500 is seeing renewed selling pressure after testing recent highs and could fall toward 1,125 points this week, Roelof van den Akker, chartist at ING Wholesale Banking, told CNBC Tuesday.
"Prices were moving within a slightly upward trading range during the past four to five months and recently prices tested the upper end of this trend channel around 1,150, and from here we see selling pressure," van den Akker said.
Consolidation in the S&P is likely to continue in the short term, sending the index lower, he said.
"We could see a test of the horizontal support level at 1,127 to 1,125 today or tomorrow, so further weakness expected for the very short term," he added.
After the short-term weakness, van den Akker expects the index to resume its broader move higher and test the horizontal resistance level at 1,175 points. The S&P is unlikely to break above its highs for the year of 1,220 points, he added.
- Watch the video above to see Roelof van den Akker's view on the euro versus the dollar