Barclays Capital Technician Sees More Downside for Stocks

Barclays Capital Chief Market Technician Jordan Kotick said the stock market is poised for more selling, even with the roughly 6 percent loss in the S&P 500 from February's high.

"We've been bearish equities in February and March, and what I see makes me more bearish," said Jordan Kotick. "We still say it's got lower to go. What concerns me today is we're starting to see fear price in the market place and it's getting priced in."

Kotick said that is apparent in the flight-to-quality into the Swiss franc , and the bid in the bond market, which is driving yields sharply lower.

"It's a great mistake to think there's any key or magic levels. There's so much more going on. If the market is going to bottom, you need to see the breadth improve but it's deteriorating. You need to see the flight-to-quality into foreign exchange to stop, but it's not; flight-to-quality in bonds to stop, but it's not. It's the intermarket relationships that warned us of a top, and they're what is needed to warn us of a bottom and we're not there yet.

"In this type of environment, you want recognize a bottom not anticipate one," he said, in an interview.

Kotick was on CNBC's "Closing Bell" Wednesday.

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