New charts from Bank of America-Merrill Lynch's Stephen Suttmeier suggest two things must happen before the stock market bottoms: The S&P 500 needs to fall another 5% and panic needs to get more extreme."The correction is going to continue," the firm's chief equity technical strategist told CNBC's "" on Thursday. "You take a measured move of this trading pattern — one leg down, one leg up. It's gets you right down into that 2,750-2,740 range.
"We have plenty of resistance," he said. "We continue to stall right around this 2,940 level on the S&P."
FuturesNow
FuturesNow I’ve been saying for weeks we’ve only seen a little panic selling it hasn’t been full-blown! This is going to get much worse especially heading into October
FuturesNow wheres helicopter Ben when you need piles of money printed and shipped off to 'too big to fail' entities again? The Greatest Depression comes.