'Godfather' of technical analysis says the stock market could fall 20% or more, but don't panic: 'This market really, really did unbelievable' for 18 months

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 97%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Are we entering a bear market? This prominent market technician shared his insights after the Nasdaq Composite ($COMP) crossed below its 200-day moving average for the first time in nearly two years.

Prominent market technician Ralph Acampora says the recent bout of market volatility has him uneasy and now he’s forecasting a deeper drop in a market that has already delivered a significant bruising to Wall Street in the first few weeks of 2022.

“If we’re honest with ourselves, this market really, really did unbelievable things in the last year and a half,” Acampora said. He told MarketWatch on Friday that his own sentiment has shifted toward stocks: “If you had spoken to me on Tuesday I would have said that the market is going to correct [a decline of at least 10%] and I’m now talking 20% or more,” he said of his expectations for declines in stock benchmarks.He says that signs that bullish appetite is waning is one reason, and that includes the decline in bitcoin BTCUSD, -4.

“Come on,” he said. “We had a phenomenal market. Every other day you were looking for all-time highs.” One of Acampora’s other concerns is that the economy faces stagflation, a period of rising rates and rising inflation. Stagflation can cause real incomes to stagnate or decline and erode purchasing power. Such a scenario could be a yearslong dampener on the market’s uptrend.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

For those bitcoin and any other coins lovers isn't useful to keep your bitcoin in your wallet or trading in binace won't earn you much profits likewise what I'm earning today Get a trusted bitcoin expert like tyron_robert7 who's been doing great with his company through bitcoin

We have been in a bear market for 2 months 🙄🙄🙄

More of a dream come true creating multiple sources of incomes through bitcoin. Truly proud of the decision of getting started with the help of mr tyron_robert7 thanks allot for your effort been given...

Конечно, уже давно пора

Canada Canada Latest News, Canada Canada Headlines