Despite losses, market still has momentum: Pros

Though Wall Street was having a tough time on Tuesday, with the S&P 500 falling for a third day, some market professionals told CNBC the losses are only temporary.

"It feels as though we're going through a bit of a rotation where momentum stocks are getting sold off, but the broader market seems to be hanging in pretty nicely. I think that, you know, this is part of the volatility we're going to have to get used to," Art Hogan‎, chief market strategist at Wunderlich Securities, said on "Squawk Alley." "But I certainly think there's a lot of runway ahead of this market."

After the markets performed "perfectly well" last week, it seems investors are now reconsidering valuations, Hogan said. Those fears will subside, he said.

To Katie Stockton, chief technical strategist at BTIG, the short-term momentum has "definitely fallen off," but intermediate and long-term momentum "still very much is positive."

Some observers have raised concerns about market breadth, the ratio that compares the total number of stocks rising with the total number of stocks falling. Stockton brushed off these fears, though, noting that breadth was actually worse off earlier this year.

"What I would look for is really a lot of breakdowns on the individual stock levels ... if they are breaking down below support levels week after week, that's when we really need to worry about market breadth," she told "Squawk on the Street" on Tuesday.

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In turn, Hogan recommends investors consider "downtrodden energy stocks." After all, the energy sector has been in a bit of trouble lately, as commodities were hit hard by a stronger U.S. dollar, he said. Still, many energy stocks are now "probably oversold here."

Stockton is also bullish on energy, particularly crude oil, which she said "looks poised for a relief rally that could be pretty significant."