Oppenheimer's Technical Analyst: Today's Market Is Similar To 1995, 2003, 2009 and 2012's Bull Runs

U.S. equities all followed a similar pattern during the bullish years of 1995, 2003, 2009 and 2012, according to Oppenheimer's head of technical analysis Ari Wald.

According to Wald, the current market is now flashing the exact same patterns. He explained his thesis during an appearance on CNBC's "Trading Nation" on Thursday.

Since the 1950s, Wald explained, 12 out of 13 times the S&P 500 established a new all-time after trading below the prior year's high for at least a year, the next 12 months of trading resulted in a gain of 14 percent on average.

"All-time highs are bullish," Wald explained, while adding that the S&P 500's recent breakout at 2,135 is an "attractive entry point."

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He added that the current bull rally is attributed to the "market breadth" as the percentage of stocks that are trading above their average closing price over the past 200 days is now an impressive 70 percent.

"This is marking a resumption of strength just like it did in 1995, 2003, 2009 and 2012," he emphasized. "Once again, like those prior instances, we think the advance is continuing."

Finally, Wald is estimating the S&P 500 index will finish the year at the 2,250 level.

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