Massocca thinks the central bank will either not raise rates this week, or if it does it will give more detailed answers about what comes next.
Doug Sandler, co-founder and chief equity strategist at Riverfront Investment Group, said a rate hike this year would be a good thing and believes that's what the market wants.
"As long as rates don't go up to a point where they start taking the punch bowl away, which in our view you're talking about 3, 4, 5, 6 percent, the market multiples are going to go up—maybe not the day the Fed does it but within the next six, eight months," he told "Power Lunch."
On Monday, U.S. stocks closed lower, snapping a two-day win streak. The Dow Jones industrial average traded in its narrowest trading range since Aug. 18.
The market action of the last few months has led Bruce Bittles, chief investment strategist at Robert W. Baird, to turn cautious. He said the stock market will continue in a test/consolidation phase over the near term.
"Typically when a market suffers a harsh correction you go through, at least, a bottoming phase that includes several tests of the lows," he said in an interview with "Power Lunch."
"I would think something under 1,900 could be expected on the S&P before we get the all-clear sign."
That said, if the S&P breaks through 1,990 and the breadth of the market improves, he thinks a year-end rally is likely.