A Morgan Stanley analyst identifies the point where investors might find an attractive entry point to get back in the market.

The S&P 500 (SP500) was at a six-month low during Monday’s stocks selloff, but upside support could arrive soon should the index veer down near 5,500, Morgan Stanley said. “Our work on tariff risk to earnings and fiscal headwinds indicate the low end of the first half range is ~5,

With post-election gains in the rear-view mirror, Morgan Stanley’s (MS) chief U.S. equity strategist is raising some concerns about the fate of the S&P 500 through at least June. The gist? The Trump bump may morph into a protracted slump.