Stocks will not mount a meaningful rally until they can push through recent afternoon fades, one expert said Wednesday.
The Dow Jones industrial average shed more than 500 points in the last hour of trading Tuesday, punctuating a steep negative reversal after an earlier spike. If rallying equities avoid an afternoon drop Wednesday, it could spell an end to a string of brutal trading sessions, said Larry McDonald, head of U.S. macro strategy at Societe Generale.
"The key to a sustainable rally out of this is when that pattern starts to reverse. And maybe today's the day," he said on CNBC's "Power Lunch."