The economy is booming, but one of Wall Street's biggest bulls says a near-term pullback is coming.

"History shows that, when the rate of change for the S&P is where it recently got to on this bump up, you have a 2 to 5 percent pullback in the context of the bull market, the uptrend that started in April," Tony Dwyer, chief market strategist at Canaccord Genuity, said Tuesday on "Fast Money."

The S&P 500 added about 0.5 percent, closing at 2,820.40 on Tuesday, with gains in materials, telecommunications and energy stocks.

Still, Dwyer predicted a pullback and said it could look like a 5 to 10 percent move to the downside.

"It’s more of a pause," he said.