Published on 21 Jan 2022 on MarketWatch

‘Godfather’ of technical analysis says the stock market could fall 20% or more, but don’t panic:...

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.

“I really didn’t like yesterday’s action. That wasn’t cool,” said Acampora in an interview with MarketWatch late Friday morning from his residence in Minnesota, referring to an — when the Nasdaq Composite Index was up 2.1% at its peak only to end down 1.3%. It was the second such reversal for the Nasdaq, and the folks at Bespoke Investment Group said that Thursday’s backslide marked the first time the Nasdaq Composite erased “an intraday gain of 1%+ and closed lower by 1%+ on back to back days in over 20 years.”