David Keller, StockCharts.comThe S&P 500 has pulled back from the critical technical resistance level of 4,000, Keller noted.
A round number like that is not only seen as a significant milestone for psychological reasons, but it's also a key Fibonacci retracement level, Keller said.
The S&P 500 will likely retest the 3,200 level at some point and will be hovering around current levels by the middle of next year, the veteran chartmaster said.
It's currently at 24, down from 33.6 when the S&P 500 was at its mid-October lows.
The S&P 500 can hit new highs and break the 5,000 mark by late 2023, Keller said, though he doubts a breakthrough will come any earlier than that.