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,
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.