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RiskReversal.com's Dan Nathan said that the Federal Reserve's easy-money policy was to blame for the decline in stocks.
"The S&P is up 35 percent from the last time it closed below the 200-day moving average in November 2012," he said. "So, we have an economy here that is obviously doing better than the rest of the world, but we also know that the Fed has basically taken the training wheels off. So, we have a market for the first time in many years that doesn't have that implicit put from the Fed."
The S&P 500, Nathan added, was no longer the same safe-haven trade it used to be.
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"We cannot really decouple after we've been in a five-year recovery here, so I think it makes sense here," he said.
Nathan also wasn't a buyer—or a seller.
"I'm not telling you to go out and sell, but I'm just saying that we could be oversold on a near-term basis," he said. "And these have been great buying opportunities, but it may be different this time."
Private Advisor Group's Guy Adami said that the S&P would likely head toward a lower technical level.
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"Eighteen sixty-three is the level we bounced off of and through in May, the middle of May. I think that's where we trade down to," he said. "We've been flagging $103 in the IWM. That feels like it's in place, as well."
Lower crude oil prices "could be a tailwind," Karen Finerman of Metropolitan Capital Advisors said.
"Oil, I think, is a proxy for fears of an economic slowdown," she added, noting that the VIX "just went nuts today, closing today on the absolute highs."
The downward trajectory for stocks could continue, Finerman said.
"When things are trading down in integers, which we saw all over the place today in so many different industries, that tells you something else beside rational thought is going on," she said. "It could go on a lot longer."