"We've had a series of failed rallies throughout most of 2015...I think you've created a major top in the markets—I'm very concerned here."
The quote above comes from well-known technical analyst Ralph Acampora, who just spoke with Jim Puplava for this weekend's Technician podcast.
Ralph believes stocks will likely correct further down to at least their August lows and cautions investors to stay in cash given a large number of uncertainties and breakdowns in key technical indicators (see below). He also thinks investors are too complacent about the market, which isn't a good sign.
"I'd like to see a little bit more fear as we get to those August lows, then I'll feel more encouraged...we're falling apart here and no one seems that worried. That bothers me. It seems like only technicians are talking negative...and we have reason to be."