US Markets

Market to hit near-term bottom 'very soon': Strategist

Market selloff looks overdone: Pro
Market selloff looks overdone: Pro

Investors in U.S. equities can expect the market to bounce back in the near future, Robert Pavlik, chief market strategist at Boston Private Wealth, said Monday.

"The market is going to be reaching a near-term bottom very soon. What you have to sort of key in on is the level that we held on Friday, the 1,867 level," Pavlik told CNBC. "There is a potential for us to trade a little further down; maybe to 1,852 [or] 1,850, but then I think we start to turn around and we start to see some positives back in the market."

U.S. stocks are off to their worst start in history, with the three major stock indexes closing squarely in correction territory — or 10 percent below their 52-week high — on Friday.

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The S&P 500 index briefly fell below its August lows on Friday, while the Dow Jones industrial average shed nearly 391 points. The Nasdaq composite has fallen more than 10 percent this year.

"When you look at the factors that have driven this, there is some credence in oil prices, and China, and those types of things, but this market sell-off looks largely overdone to us," Darrell Cronk, president at Wells Fargo Investment Institute, told CNBC.

Crude prices hit their lowest levels since 2003 after the sanctions on Iran were officially lifted, adding to oversupply concerns within the market. Investors have also kept a close eye on China, as weak manufacturing data from the second-largest economy in the world spurred concerns about a slowdown in global economic growth.

Nonetheless, Cronk said this sell-off presents investors with an opportunity to buy.

"Valuations are now back at about 15 times earnings, which is about 2.5-to-3-year low, you've got many of the sectors in the S&P already in correction territory, so we think there is some nice value here, if investors take a little of the emotion out of it," he said.

While U.S. markets were closed Monday to observe the Martin Luther King holiday, U.S. futures continued to trade and indicated a slightly higher open.