The Dow Jones Industrial Average hasn't seen these kinds of losses in eight years.
The benchmark index is on track for its fifth negative week in a row, its longest losing streak since 2011.
Prepare for more churn around these levels, said Mark Tepper, president of Strategic Wealth Partners. He said the markets have hit a wall and need new stimulus before finding their next leg higher.
"We've been in a bull market now for 10 years and the consumer has carried all of the weight but in order for the cycle to extend itself, we need [capital expenditures] and as long as trade is a concern the CEOs aren't going to be confident enough to actually invest in capex," Tepper said Thursday on "Trading Nation. "
However, there could be opportunity in one sector as the rest of the market comes under pressure.
"We're really trying to target good companies that are big players in investible themes, and health care as a sector has struggled this year but it's been resilient over the past month. It's outperformed pretty much everything else," he said.
As the S&P 500 has tumbled 4% this month, the XLV health care sector ETF has held slightly positive. The same pattern has played out this week with health care higher and the broader market lower.
"When you look at medical devices and equipment, there's a huge opportunity there," he added. "Medtronic just had a great quarter. Intuitive Surgical, a big player in robotics that's generating a ton of recurring revenue, it pulled back after expenses were a bit high last quarter but that should actually be a positive over the long run and Abbott Labs, they are big players in diabetes management with their fingerstick-free glucose monitor and so we like all these companies. "
Medtronic and Abbott Laboratories have outperformed this week, with increases of 6% and 1%, respectively. Intuitive Surgical has lagged the market with a loss of 3%.
As for the broader market, Newton Advisors technical analyst Mark Newton sees one crucial level for the .
"When you look at the S&P, 2,800 is going to be the big line in the sand, no doubt," Newton said in the same "Trading Nation" segment. "Near term I think we can sell off into the end of the month — 2,775 to 85."
The S&P 500 touched and bounced off of 2,800 last week. It has not traded firmly below that level since early March. It is less than 1% from returning to it.
"Fear [is] starting to escalate a little bit. We saw that over the last few days. You see the put to call starting to rise a little bit. A number of stocks hitting new 52-week lows also so this isn't being unnoticed by investors. People already are under a sense of strain. If we really start to sell off under 2,800, we're going to see fear spike very rapidly," said Newton.
Any further selling could prove an opportunity for investors, though. Newton said he's a buyer of the dips in the near term if the market continues to weaken.