There has been much debate among market watchers as to when this bear market will bottom after a tumultuous first half for equities. But Morgan Stanley’s chief investment officer believes the end of this bear market will come “quite soon.” Mike Wilson, also the investment bank’s chief US equities strategist, told CNBC on Friday that it’s because the business cycle has been “extraordinarily fast.” “The downturn itself, the V-shaped recovery… and then the Fed’s timing and… peak employment. So we’re just breaking this cycle, much faster than we’ve seen in previous cycles,” he told CNBC’s “Squawk Box Asia.” “And that’s good news. Because that means the end of this bear market is going to be pretty quick, you know, it’s going to be painful, but it’s going to be quick.” Read more Has the Bear Market Bottomed? Goldman’s Oppenheimer gives his verdict – and reveals where he sees ‘big opportunities’ Is the bear market coming to an end? Here’s an indicator pros say to watch closely: Citi names its “highest conviction ideas” for the second half of 2022 — giving it an 85% upside potential. Last month, the S&P 500 fell into a bear market — or 20% below recent highs hit in January — and is staying there for now. The Nasdaq and Dow Jones Industrial Average are also down about 28% and 16%, respectively, year-to-date. It comes after a difficult first half of the year – the worst since 1970 – when recession fears and hot inflation caused investors to exit equities. At what level will the S&P 500 bottom? The S&P 500 closed at 3,863.16 on Friday – and Wilson says that in the event of a recession, the bottom for the S&P 500 will likely be around the 3,000 mark. However, in a soft-landing scenario that avoids a recession, he expects the bottom to be around 3,400. However, he stressed that the strong dollar is creating significant headwinds for the index. “The S&P 500 is highly dependent on currency,” Wilson said. “At the moment [the dollar is] Up 17% year-on-year, and we think it could go even higher until the Fed turns around. So you’re looking at somewhere between 8% and 10% headwinds for S&P earnings growth.” He added that even if there’s no recession, there’s still a “significant” downside risk to earnings that’s really who difference,” said Wilson. Morgan Stanley is currently “very defensively oriented,” Wilson said, and overweight healthcare, utilities and REITs.