Stocks sold off sharply on Friday, closing out a turbulent week ahead of a much-anticipated Fed meeting. The drop pulled both the Dow Jones industrial average and the deeper into negative territory for the year, with the Dow on track to see its first year of losses after six years of consecutive gains.
But according to some traders, it won't be long before stocks bounce back.
Boris Schlossberg of BK Asset Management said the market is going through a Fed-induced "temper tantrum," which should calm once the Federal Open Market Committee meeting passes. The two-day meeting is scheduled to start on Tuesday, Dec. 15.
"I'm seeing a lot of hand-wringing here, but ultimately when you look underneath the fundamentals the economy is actually doing very well," Schlossberg said on CNBC's "Power Lunch." "Next week, when Yellen comes out and hikes rates but says it's one-and-done and pacifies the market by saying they're well aware of the turbulence in the credit markets, that actually is going to provide the market with relief."
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Schlossberg said two key numbers to watch are 2,000 for the S&P 500 and $35 for crude oil. These levels should come in as support and may indicate more gains for stocks if they stay intact, he said. The S&P 500 closed down 2 percent on Friday at 2,012. Crude oil, which has also dragged down energy stocks, continued a five-day losing streak on Friday, settling at $35.62 a barrel.
"If we can weather the storm on both sides, I think we can go up next week," Schlossberg said Friday.
Technician Katie Stockton of BTIG also said the Fed meeting should be a positive catalyst for the market. She said the week's sell-off is not yet cause for concern, and may mark a turning point for stocks.
"This shakiness is actually the stuff of market lows. When you see that volatility spike and volume very high, it's an emotionally charged trading day and that more often than not tends to be an inflection point," Stockton said Friday on "Power Lunch."
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