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Top Strategist Spots Bullish S&P Chart Signal

There's plenty of chatter suggesting the market wants to sell-off. But if top strategist Mary Ann Bartels is right, that may be just the opportunity you've been waiting for!

In a live interview on CNBC’s Fast Money Bartels, who is among the most widely followed technical analysts out there, presents her thesis.

Looking at a one year chart of the S&P from May 2010 to May 2011 she’s identified an inverse head and shoulders pattern, a chart trend that’s considered very bullish.

And right now is make or break time. Literally.

Bartels says, “we’re testing the (upside) break out." In other words, how the market behaves at these levels could be very telling. Her bias is toward the upside; "we think it’s going to be bullish,” she says. If her analysis is correct, Bartels says the S&P could be on its way to the 1400 to 1425, level.

As you might imagine, CNBC contributor Doug Kass doesn’t see it that way.

"I think there is a chance that we put the high in for the year," says the founder and president of Seabreeze Partners in a Reuters interview. "Investors should err on the side of conservatism and be increasing their cash positions," he adds.

If you watch Fast Money regularly you know that Kass holds a short position in the SPYbecause he’s skeptical of the economic recovery.

And the latest data may confirm his thesis. Reports released on Wednesday showed non-manufacturing growth hit its slowest pace in eight months and hiring by private companies was weaker than expected.

The releases "call into question the bullish notion of a smooth, self-sustaining recovery," Kass says.

What do you think? We want to know!

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Trader disclosure: On May 4, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Weiss owns (BTU); Weiss owns (DVN); Weiss owns (COP); Weiss owns (HK); Weiss owns (MSFT); Weiss owns (INTC); Weiss owns (QCOM); Weiss owns (JPM); Weiss owns (DF); Weiss is long (SLV) puts; Weiss is long (GDX) puts; Weiss owns (NAV); Weiss owns (DZZ); Weiss owns (UUP); Weiss owns (TBT); Weiss is short (FWLT); Weiss is short (X); Weiss is short (AKS) Terranova owns (XOM); Terranova owns (BAX); Terranova owns (SLV); Terranova owns (TCK); Terranova owns (APA); Terranova owns (HOC); Terranova owns (OXY); Terranova owns (UPL); Terranova owns (FCX); Terranova owns (BX); Terranova owns (V); Terranova owns (VRTS); Terranova owns (JPM); Terranova is short (NFLX); Terranova is short S&P Futures; Finerman and Finerman's firm own (AAPL); Finerman and Finerman's firm own (BP); Finerman owns (C); Finreman and Finerman's firm own (CVS); Finerman's firm owns (IBM); Finerman's firm owns (JPM) and is long (JPM) leaps; Finerman owns (JPM); Finerman and Finerman's firm own (MSFT); Finerman's firm owns (TGT); Finerman owns (UNG); Finerman owns (USO); Finerman's firm is short (IWM), (SPY), (MDY); Finerman's firm owns s&p puts; Finerman's firm owns Russel 200 puts; Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (INTC); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU)

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