It is going to get worse before it gets better for the stock market, says prominent technical analyst Ralph Acampora.
‘I think it’s going to be a little deeper. I am looking at 10% maybe a little bit more even.’ Ralph Acampora A pioneer in the field of price chart-based trading, Acampora told MarketWatch during a Friday interview that he thinks that the coronavirus fears are a catalyst for a market that had gotten too pricey and was due for a substantial pullback.
Read: Coronavirus update: First U.S. case of person-to-person transmission confirmed, 195 U.S. citizens in isolation and WHO declares a public health emergency The infectious illness comes at a terrible time for China, which is celebrating Lunar New Year, a holiday that is associated with heavy consumerism and travel. As a result of limits on travel that Chinese officials have imposed on cities in China, restricting the movement of some 50 million people, economists have lowered expectations for economic growth in the world’s second-largest economy, even if the outbreak doesn’t pose a significant health risk in the U.S.
“The worrying thing is how much worse the numbers could look when the markets reopen next week, given just how rapidly they’re rising,” wrote Craig Erlam, senior market analyst at Oanda, in a Friday research note.
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