Pro: Expect More Downside In Emerging Markets Debt

The recent selloff seen across the globe has spared no asset class or region, prompting Sheldon McIntyre of 360° Virtual Advisor to warn of further downside in emerging markets debt.

McIntyre's Moves This Week

"I still think there is some major downside to be captured in emerging market debt denominated in U.S. dollars," McIntyre said.

Related Link: 4 U.S. Stocks Set To Defy The China-Triggered Selloff

A Global Perspective

He continued that countries like China, Brazil and India aren't necessarily "emerging" economies, rather they should be classified as "emerged" markets. Commenting on China, he noted the country has had a tendency of "running up really fast and then fall as quickly," so it isn't a "surprise" of the recent market turmoil in the country and it is all part of the cyclical nature of the country.

S&P 500

McIntyre also commented on the S&P 500's trend, noting that one of his macro-thesis projections for the index included a test of the 200-week simple moving average, which correlates to a level of around 1,707. He added that this level "isn't much of a decline" from Tuesday's close and represents around a 20 percent decline from the best closing level for the index.

On the other hand, he pointed out that the average intra-year decline during a secular bull market is only 11.50 percent, which was "pretty much hit spot on" during Monday's trading session.