After a terrible April, the equity markets may still have more pain ahead. If an investor is still worried about further pullbacks, one might consider bearish or short exchange traded fund strategies to hedge further market risks. “We think the S&P 500 has minimum downside to 3800 in the near term and possibly as low as 3460,” Morgan Stanley’s chief U.S. equity strategist Michael Wilson, one of Wall Street’s more vocal bears, tells Bloomberg. According to Wilson, U.S. markets can still decline by between 8% and 16% from current levels due to higher costs and increased recession risks.