‘Godfather’ of chart analysis says ‘damage done to the stock market’ is much, much worse’ than anyone is talking about

This market is a lot worse than anyone is talking about.

That is the view of noted technical analyst Ralph Acampora. According to him, the markets blew through major technical levels that are going to take it a lot further down.

"From a technical perspective, the damage that has been done technically to the stock market is much, much worse than people are talking about,” he told MarketWatch in a phone interview on Tuesday.

The breakdown in the FAANGs is causing a great deal of the problem. For the past few years, these were the leaders taking the market to all-time highs. Now they are sending it spiraling downward with no bottom in sight.

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