August could be a good month for stocks, but the market is expected to hit another buzz saw this year

The odds are better for a good August market after July's strong gains, but some strategists who watch stock charts expect at least one more big round of selling before the market glides higher into the end of 2022. For now, there are some overall bullish signs for the market, like the roughly 13.5% gain for technology stocks in July, the drop in bond yields, and the improvement in market breadth.

Wald said, however, he is in the "market recovery camp," and the market is base-building. "The market is continuing to build off June's capitulation low," he said, noting rising bond yields have moderated. "I think there's upside into 4,300 in August." But there could be another bout of selling in September that takes the market to a low that would still be above June's low of nearly 3,637.

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