Market 'not seeing a low yet,' says Morgan Stanley's Wilson after 'ominous' signal late last week

“‘Unfortunately, we’re just not seeing the low here yet. We’re students of the market, we respect what the markets are telling us. As we’ve said many times, the best strategist in the world is the internals of the equity market and it’s been telling us for months that growth is probably going to slow.’”

It’s an environment that has seen defensive plays — healthcare, real-estate investment trusts, utilities and such — perform “extremely well.” That’s provided some resilience to the S&P 500 SPX, +0.57%, which has held up to close less than 11% below its Jan. 3 record close on Friday, even as the average S&P 500 stock is in a bear market, defined as a fall of 20% or more from a recent peak.

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