U.S. stocks have whipsawed since last Friday, with a sharp sell-off followed by a bounce-back on Thursday. This led the S&P 500 to its strongest session since 2022, leaving it around the 5,310 level. The S&P 500 is facing a key test level as the consensus view of a soft landing for the U.S. economy reaches a "make or break" point, according to one strategist. But essentially what that means is a bull trap squeeze, where there's a lot of leveraged, bullish views on [the] back of a consensus soft landing view, which ultimately is now make or break." William described a bull trap as a selling point in which bullish consensus is proven wrong.

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Persons: Ron William, CNBC's, William, that's, Ron William's Organizations: Advisory Locations: U.S, —