By midday, stocks had pared some losses, but closed down almost 4 percent. And according to some traders, a bottom for the S&P 500 is still ahead.
Chris Verrone, technical analyst at Strategas, said although there are signs of overselling, investors shouldn't use this as a buying opportunity just yet.
"This decline is only tjhree days old," he said Monday on CNBC's "Power Lunch." "I still think it's wise to stay patient; I still think it's wise to wait here."
Verrone said the market is also facing seasonal weakness for the next month or so, and could see another pullback in the coming weeks. He said he is waiting to see more signs of stabilization, but there could be a short-winded bounce before then.
"Any rally that we are likely to get in the short term is probably not the real, good, tradeable low," he said.
And although Erin Gibbs of S&P Capital IQ said the stock valuations are getting more reasonable, she wouldn't consider stocks cheap just yet.
"We don't see any signs in other markets that we've hit the bottoms," she said Monday. "We haven't seen that complete slowdown just yet."
Gibbs said investors should wait until the S&P's price-to-earnings ratio falls to 15 times forward earnings, or around the 1,800 level. Currently the S&P is trading at 15.63 times forward earnings, according to FactSet.
"That would be a place that we would see real value," she said.
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