We'll Avoid Drop to S&P 840: Doll

There is enough support at the moment to prevent a large correction taking the S&P 500 index down to 840, Bob Doll, chief investment officer of global equities at BlackRock, said Monday.

There are "enough cyclical forces going in the right direction" to prevent that sharp a fall now, but a correction will come, Doll told "Squawk Box."

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Encouraging cyclical signs include stronger leading economic indicators, evidence that stimulus packages are working and lots of cash still on the sidelines getting 0 percent return, he said.

Eventually a correction will come, "but I have no clue at what level or when," Doll said.

And when more cash comes in the from the sidelines, fixed income "will continue to get its fair share" but eventually more will move to equities, he added.