You can tell the stock market rally is out of steam because the dollar is no longer on the retreat, strategist says

• The rally in US stocks could be stunted by a rebounding dollar, according to a market technician. 
• "We don't think there's a ton of downside for the dollar, and if there's not a lot of downside for the dollar, it's tough to see a lot of upside for equities," Jonathan Krinksky said. 
• US stocks and the dollar have an inverse relationship, so a stronger dollar tends to push stocks down.

The rally in US stocks could be nearing an end given the dollar is showing signs of a recovery from its recent four-month slump, according to Jonathan Krinksky.

"You really need to see a weaker dollar to continue this equity rally," said Krinsky, managing director and chief market technician at stock brokerage BTIG, in a CNBC interview on Wednesday.