This range for the S & P 500 "makes me very nervous," says a technician

The S & P 500 is almost completely recovered from the December crisis.

"It will be a deadly battlefield," Gordon said. "I want to be short but I want to be very diligent and get a good price, stop above 2,900, but again, do not think it will be an easy trade, I think we sell but it's going to be very volatile for a period while we decide what to do here. "

Erin Gibbs, portfolio manager at S & P Global, said markets should skyrocket, but it will be difficult to exploit the momentum of recent years.

"We have a three-year average for valuations, but we are in an environment of much lower growth, slightly higher interest rates, so we are cautiously optimistic," he said. said Gibbs Thursday in "Trading Nation". "We are not really looking for more than 5% increase in the short term."

An increase of 5% by the end of the year would put the S & P 500 at 2883, above the December peak. It would remain below its September record.

"At the present time, we have 16.5 times the anticipated profit, which has been the main support in recent years, but again, the environment was completely different," Gibbs said. "If we can exceed 16.5%, we see a real positive feeling, a better growth than, yes, we would be much more optimistic."

Gibbs is forecasting cumulative earnings growth of 4.6% for the S & P 500 this year, well below the 22% pace recorded in 2018.