Not buying the ho-hum market just yet: Experts

Set for a better October, November: Pro

A sagging stock market has some experts waiting for signs of life before they bet on a rally.

Traders continue to hum the tune they've sung all summer, citing low commodities prices, the Fed's indecisiveness on monetary policy and global growth concerns as troubling for stocks. Stocks will likely see more sluggishness before another sustained climb, experts said Wednesday.

"I think it's going to get worse before it gets better," said Susan Ochs, a senior fellow at think tank New America, on CNBC's "Closing Bell."

Trader on the floor of the New York Stock Exchange.
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The Fed last week maintained its near-zero interest rate policy. In the four full sessions since, the S&P 500 has fallen more than 1.5 percent.

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With considerable pessimism about prospects for economic growth and the upcoming quarterly earnings, near-term prospects for stocks look mediocre, said Chris Hyzy, chief investment officer of Bank of America's wealth management division. Though the S&P is negative this year, stocks still seem slightly overvalued, he added.

"The value side of the equation is not there yet. We need to let it come back to earth a little bit more," he said on "Closing Bell."

Still, he contended that markets do not look entirely grim. He described the current slump as "cyclical" in a "long-term bull market."

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