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'Stay the course' on media, biotech sell-off, trader says

Off the charts: Buy the market dip?

Last week, the sudden and swift decline in both media and biotech stocks had traders pressing the sell button. The had seven straight losing sessions, the longest streak since October.

Overall, approximately $45 billion worth of market value was lost last week among major media companies. The biggest losers were marquee names like Disney, Time Warner, 21st Century Fox and Viacom, widely considered by analysts to be the industry's leaders.

Read MoreWhy streaming plans may hurt media companies

In an era where consumers are "cutting the cord," or shedding pricey cable television packages in favor of specialized options or Internet streaming media, Wall Street fears many media companies could lose precious viewers and ad dollars.

Yet despite the bad news, one closely followed technician says that it's providing investor with a great opportunity, and he planned to buy the dip.

"Stay the course," Rich Ross of Evercore ISI told Fast Money on Thursday.

Media bloodbath

Ross pointed to the fact that the S&P 500 is nearing a level that it has responded positively to over the past four years.

"We've tested and held the 50-week moving average four times now back over the past four years, and I think history repeats itself," Ross said. "You test and hold again, and all this consolidation is likely to resolve itself to the upside," he added.

In addition to the 50-week moving average, he's also watching the 200-day on the S&P 500. While the S&P 500 IS testing those levels, he expected the market to shake itself out of the doldrums, with key levels expected to hold.

"We've had a rotation today or this week from the winners tot he sinners. We're taking out the generals; Apple, Tesla, Biogen, Disney," he said. And we've started to hit healthcare and discretionary after a summer pummeling mercilessly the energy space," said Ross.

Overall Ross remains bullish. "Traders are on the beach, not on the bid. Ultimately this market goes higher," he added.