Strategist Is Bullish On The S&P 500

On CNBC's "Trading Nation," Stephen Suttmeier, a strategist of Bank of America Merrill Lynch, said that it looks like the market is building some kind of base. He added the market is currently in the weak seasonal period, but he expects to see a rebound.

Suttmeier analyzed the chart of the S&P 500 and he noticed that a triangle is forming above the rising 200-day moving average. He sees that as a bullish sign and he would buy at the lower end of the range, at $2,850 and sell at $3,000.