The "selling stampede" that contributed to the worst January for the Dow and S&P 500 since 2009 may have ended with the start of a two-day rally last week, Raymond James strategist Jeffrey Saut said Monday.
"I think it ended last Thursday," Saut told CNBC's "Worldwide Exchange," adding that such sales rushes generally last 17 to 25 sessions.
"You have to string together at least three consecutive positive days to break a selling stampede. We've had two, so we'll see if we can do it. This week is critical in terms of doing that," he added.
U.S. stock futures pointed to a lower open on Monday. The Dow ended January down 5.6 percent, while the S&P 500 fell 5.2 percent on the month. The Nasdaq plunged 8 percent for its worst January since 2008.
In December, Saut forecast a "rip your face off-type rally" that failed to come to pass. He attributed that to the expiration of $1.2 trillion worth of options and futures that destroyed the markets rhythm.
Earlier last year, Saut accurately called a market bottom during August's sell-off.