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Stocks washout 'exactly where you want to be': Technician

The gut-churning volatility in stocks has some traders pressing the sell button.

Yet rather than fear the big moves, one top technician says the rally is still intact—and he's using the pullback as an opportunity to buy stocks.

"This is exactly how you order it up if you're bullish on stocks." said Rich Ross of Evercore ISI on CNBC's "Fast Money" last week. Ross noted the huge reversal in the S&P 500 index after breaking below its 200-day moving average, which is signaling a breakout for stocks.

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According to Ross' chart work, the pullback in the Nasdaq 100 Index presents an even better buying opportunity than the S&P 500.

"It's exactly where you want to be in this market" he said.

Ross noted the Nasdaq's resilience seen with the 150-day moving average in comparison to the volatile trading in the S&P 500. The tech-heavy index has been trading in a well-defined uptrend rather than testing the 200-day moving average like the S&P 500. The bullish pattern forming in the Nasdaq suggests a move higher.


Ross said the technicals are still intact for the biggest stock in the market: Apple.

According to Ross, the fact that the tech giant fell below its 200-day moving average in recent days, just to later close the gap and reverse higher is a bullish sign. On the fundamental side, Ross said new iPhones in September and China fears subsiding are tail winds for both the stock and the Nasdaq.

Read MoreApple exec: China market a strength, not a drag

"I would be a buyer tomorrow and for the rest of the summer" said Ross.