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 has fallen more than 1 percent. But one technician said stocks will "weather this late summer storm."
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.
But Chantico Global chief executive Gina Sanchez said the downturn could "snowball" soon.
"It's hard for me to get behind the idea that this market is just going to keep rebounding and rebounding," Sanchez said Thursday. "I'm looking for some of this weakness to probably continue."
She said the market is overvalued and could see a sharp decline when it starts to fall. Sanchez cited concerns about weak sales numbers coming from earnings reports and over-the-top expectations that will have to be revised down.
"The perfect storm really here would be just to see a little bit come off, a little bit at a time. We've been rounding this top all summer long," she said. "We're probably going to come down from here."
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