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A short-term bounce may not be enough to save stocks.

According to Ari Wald of Oppenheimer, the is set for a relief rally to the 1,965 to 2,000 range. However, unless more individual stocks are able to break above their 200-day moving averages, investors should still be very cautious, he said.

Currently about 20 percent of stocks that trade on the New York Stock Exchange are above the 200-day moving average, according to Wald, who is waiting to see that number increase to 70 percent of stocks.

"That's marked prior resumptions of long-term strength," Wald said Monday on CNBC's "Power Lunch. " "Without that, we'd be looking to sell the relative weaker names on the bounce, [including] small caps and commodities-exposed stocks."

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Longer term, Wald expects the S&P 500 to fall to 1,740 in a "healthy correction," which would be another 10 percent drop from where the index closed Monday.

Erin Gibbs of S&P Investment Advisory isn't as bearish.

From a valuation perspective, Gibbs said the S&P 500 has held support at 15.5 times forward earnings, or around 1,820. Increased worries over the Chinese and U.S. economies might drive down stock prices, Gibbs said, but the last few economic data releases have been largely positive.

She said jobless claims, new home sales, the mortgage purchase application index and consumer confidence have all been positive signals for the U.S. economy.

"I just don't see the economic numbers for the U.S. consumer to really make [stocks] capitulate that much," she said Monday in a "Trading Nation " segment. "We'd really need to see a deterioration in confidence for it to break below that."

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