Bear market may be over but stocks could retest low

The S&P 500 rose 2.9 percent to 2,670.71 last week, extending its winning streak to four.

Edward Yardeni, president of Yardeni Research, told CNBC on Friday that the market's win streak may be just beginning.

“At the end of last year the bull-bear ratio, which is something we watch from Investors Intelligence, fell below one,” the Yardeni Research president told CNBC's "Trading Nation" on Friday. “It's got an awfully good track record as a contrary indicator.”

Yardeni sees the S&P 500 hitting 3,100 by the end of the year.

Simon Maierhofer, founder of iSPYETF and publisher of the Profit Radar Report, also thinks that the bear market is over.

However, Maierhofer also noted that the recent recovery in the S&P 500 is one of the fastest in history and that this “generally leads to some short-term weakness”.

“Since there was no bullish divergence at the December low, stocks could retest that low (like in 2016), to carve out a bullish divergence before moving higher,” he said.