The recent downturn in stocks was actually supportive of further gains, Strategas Research Partners Head of Technical Analysis Chris Verrone said Thursday.
"When we see about half the market make a one-month low, historically the forward returns are very good over the next one-month and next three-month time periods," he said, adding that the "trend is still up and still healthy."
Stocks closed near their highs Thursday, rallying for a third day on upbeat economic reports and comments from Federal Reserve policymakers.
On CNBC's "Fast Money," Verrone said that he was looking at the weakness in stocks as a "buyable circumstance."
"We think the trend is still up here," he added.
When looking at gold, Verrone said that the precious metal's price action was healthy for equities.