The odds of a year-end rally in the stock market are dwindling, Morgan Stanley's top equity strategist says

• Chances of a year-end stock market rally are dwindling, according to Morgan Stanley's top equity chief Mike Wilson.
• Wilson reiterated his view that the S&P 500 will fall 11% from current levels to 3,900 by year-end.
• "Weakening breadth and cautious internals reduce the odds of a fourth-quarter rally," Wilson said.

One of Wall Street's biggest bears is sticking by his forecast that the S&P 500 will fall 11% from current levels to 3,900 by the end of the year.