Stocks are off to a rough start for August.
The Dow Jones industrial average extended losses Friday morning, and is down for the seventh-straight day. The index is down almost 2 percent this week, and the S&P 500 has fallen more than 1 percent. But one technician said stocks will "weather this late summer storm."
"You want to stay the course in stocks," the analyst, Rich Ross of Evercore ISI, said Thursday on CNBC's "Trading Nation." "I think the next meaningful move in the broader market remains higher."
According to Ross' chart, the SPDR S&P 500 ETF (SPY) is still trading in a range between $204 and $213, as well as staying above the 200-day moving average, which it has held all year. The SPY ETF tracks the S&P 500. Ross said the SPY will reach a support level of about $207 on the moving average, which is based on price points in the last 200 days.
"Perhaps we get a retest of the low end of that range, but you still want to be a buyer," Ross said.