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.
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