As stocks swing between sharp drops and rallies, the CBOE Volatility Index has surged almost 110 percent in the last month. And according to some traders, the bumpy ride will continue for at least the next two weeks.
"We really don't have any major catalysts, but we've got a lot of nervousness going on," Erin Gibbs of S&P Capital IQ said Friday on CNBC's "Power Lunch." "We're all sort of waiting for the Fed meeting."
The Federal Reserve will hold its next meeting on Sept. 16 and 17, which will be closely watched for any decisions on when officials plan to raise interest rates.
Gibbs said economic indicators from China and Europe could also increase volatility in the markets for the weeks ahead.
For now, she said the market is in a very volatile trading range, in which stocks are stuck between valuations of 16.5 times and 15.5 times forward earnings.
Within this range, Gibbs said she sees the S&P 500 falling to 1,860, a 3 percent decline from where the index closed Friday.
However, technician Craig Johnson of Piper Jaffray says as long as the S&P doesn't break through its long-term support of 1,820, the market should continue to move higher.
"As long as that low holds, I think you've got a strong argument that you're just getting some backing and filling after we broke out above the 2000 and 2007 highs," Johnson said Friday. "That's naturally what we should see ... before you start your next leg up."