New highs? Don't bet on it, says ralph_acampora
Prominent market technician Ralph Acampora says Wall Street needs to put in fresh highs for him to be confidently bullish about the outlook for stocks, after a whipsawing period for the major indexes. But it isn’t entirely clear that investors will see records in the immediate term, he said.
A pioneer in the field of chart-based market analysis, Acampora said the market remains mostly healthy but remains fragile amid clashes between the U.S. and its international trading counterparts, including China. Back in November, Acampora accurately declared that the destruction of the stock market’s updraft in the fall of 2018 was “much, much worse” than Wall Street was articulating.
Acampora said that stock indexes also need to show their ability to defend those Dec. 24 lows, which he would view as a healthy development, going forward, though he isn’t predicting that stocks will head back to those lows.
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