Legendary market analyst and commentator Marc Chaikin said the stock market is bent but not broken.

Still, the S&P 500 has been trading in a narrow range and has failed to revisit its Jan. 26 high of 2,873.

"What gets us out [of the narrow range] is to break this pattern of negative closes," he said. "People are selling into the close [of the trading session]."

Chaikin said investors are afraid of overnight tweets from President Trump or negative trade news out of China.

Chaikin is the founder of Chaikin Analytics

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