A torrent of selling sent the Dow back into the red for 2015 and had all the major indexes facing their biggest one-day percentage loss in over a month. But according to one technician's chart work, history shows investors would be wise to start buying stocks now.
"Our key takeaway is to stay long the S&P 500," Ari Wald said Monday on CNBC's "Trading Nation." For Wald, a combination of strong technicals and positive seasonal data make the case for a year-end rally.
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Looking at a chart of the S&P 500 in 2015 compared with the average monthly returns from 1984 to 2014, Wald noted a pattern of deterioration heading into Thanksgiving. "We've followed this road map closely, and typically what you see is early November weakness followed by late-November strength that extends into year-end," Oppenheimer's chief market technician said.