Stephen Suttmeier of Bank of America - Merrill Lynch commented that two things had to happen before stocks found their bottom and went up: the S&P 500 should fall another 5% and panic should become more extreme.
"The correction will continue," said the chief technical analyst. "We have very well measured movement - one leg down, one leg up. The exact area is 2,750 - 2,740.
Suttmeier thinks it will take several weeks for stocks to find a bottom, especially since volatility comes in the worst season of the year - August to October.
"We have a lot of resistance," he said. "The price will continue to push away from the 2,940 area."
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