Morgan Stanley's Wilson Sees Dimming Odds of Year-End Stock Rally

Morgan Stanley's Mike Wilson believes chances of a year-end stock market rally are diminishing.

Wilson reiterated his forecast for the S&P 500 to fall 11% to 3,900 by year-end.

Weakening market breadth and cautious internals signal lower odds of a Q4 rally, per Wilson.

Declining earnings revisions and fading consumer confidence are also bearish indicators.

Defensive stocks outperforming points to caution under the market surface, Wilson says.