Morgan Stanley strategist who called the bear market sees a new low in the fourth quarter

The stock market has struggled lately, and there may be more pain ahead for equity investors, according to Morgan Stanley. Mike Wilson, the bank's chief investment officer and chief U.S. equity strategist, said he expects the S & P 500 to hit a low of around 3,400 in the fourth quarter. That's more than 13% below Friday's close and well below the mid-June low of 3,666. "If a recession arrives," the benchmark index could fall to 3,000, Wilson said.

Wilson's call comes as investors are on watch for a retest of the June lows . The market is coming off its third down week in a row. On top of that, September is historically a poor month for the market. "While the June low for stocks and bonds was dramatic, we've consistently been in the camp that it wasn't THE low for the S & P 500 in this bear market," chief investment officer and chief U.S. equity strategist Mike Wilson said in a note Monday.

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