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The S&P 500 could fall another 18 percent as the bear market grinds stocks ever lower and the market won’t hit a bottom until the middle of 2011, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC.
“It’s going to about 600 (points), another chunk lower, and until we get down there it’s not going to be cheap enough,” Griffiths said while looking at the S&P charts.
“The final, final low isn’t even next year, it’s in mid-2011,” according to Griffiths. Investors should remain cautious on stocks until then, he added.
The S&P [.SPX
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] broke below its November lows last week, quashing hopes for a solid base in the index, Griffiths pointed out. Resistance around the November lows was actually just “consolidation on the way down,” he said.
Griffiths expects the declines of this year and next to not be as sharp as those seen in the second half of last year, but be more gradual.
Griffiths also took a technical look at Warren Buffett’s Berkshire Hathaway, which he thinks is heading lower from here.
“Anyone who has been feeling they’ve been doing really badly recently in markets, the man who is unquestionably the world champion isn’t doing an awful lot better,” he said.
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Data is a real-time snapshot *Data is delayed at least 15 minutes