Until the S&P 500 breaks above a key level of 1,610, investors should be wary of getting long, StockMonster's Guy Adami said Friday.
"Technically, I was really shocked that the market didn't make a bigger push toward 1,609 in the S&P," he said. "We had an outside week lower. You don't see those that often. So, is it overblown? No. Can we see rallies along the way? Yes.
"But I think you sell every rally until if we close above 1,625."
Josh Brown of Fusion Analytics said that he would look to buy fear.
"I don't think we've seen all the panic we're going to see," he said. "I don't think stocks can bottom until the yields stop rising, until bonds bottom."
Key levels he was watching in the S&P 500 were 1,600 to 1,610 as a bull signal and below 1,576 as an indication the market was headed lower, Brown said.
"Before that, there's nothing really heavily I want to do," he said. "Strategically, stocks are better than bonds, but tactically it may be a little better to wait."
Stuart Frankel's Steve Grasso said that the problem with technicals was that people want to see a retest of important levels.