Most painful pullback since March is here, market researcher Jim Bianco warns

According to Wall Street forecaster James Bianco, the market is likely in the throes of a 10% to 15% downturn.

"We made a lower low on Friday. We've made a lower low today. So, this market is showing weakness after the sell-off — something we haven't seen since March," the Bianco Research president told CNBC's "" on Tuesday. "That's why I think it's a little bit early to maybe jump into the market." Bianco cites questions "frenzy" of speculative activity in the options market, overbought conditions and uncertainty over the fate of a second virus air package as catalysts for the sell-off.

"We're in September. The stimulus seems to be questionable [and] who knows if we're going to get bailouts," he said. "This is an overvalued market that has a lot of excess."

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