Prominent market technician Ralph Acampora thinks the stock market has more room to run over the near term, despite a trend that has seen the Dow steadily walk back from the psychologically significant level of 20,000.
Acampora told MarketWatch recently that the Dow Jones Industrial Average and the S&P 500 index still have another 5% rise in them over the next several months. …
“The market has been in a tighter trading range for what seems like forever, but from a technical standpoint, I don’t see any major deterioration [in the upward trend],” he said. “I think the market is marking time” before it heads higher, he said.
— Excerpt contributed by Jason Kelly
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