Big Stock Bears Say S&P 500 Bottom Still Another 700 Points Away
- Morgan Stanley’s Wilson sees S&P falling to as low as 3,460
- Little evidence market has hit bottom: Bloomberg Intelligence
This article is for subscribers only.
It’s a fact of life in struggling markets: someone is always saying things will get worse. According to a number of prominent equity strategists, they’re about to get a lot worse.
After extending its 2022 decline to 13%, the S&P 500 is in danger of an even deeper dive in the months ahead, according to the technical and macro research team at Strategas Research Partners. The group led by Chris Verrone is watching out for a slide toward the 3,500-3,700 area, a range that encompasses the gauge’s 200-week moving average and the midpoint of its entire rally from the 2020 pandemic bottom. A drop to 3,500 would represent a 16% loss from Monday’s close.