(CNBC) Ralph Acampora, who is often known as the godfather of technical analysis, tends to be bullish on stocks. But on Thursday, as the major averages all dropped more than 1 percent, he expressed a massively bearish view on U.S. equities.
On "Futures Now," Acampora predicted that the S&P 500 would drop "10, maybe 15 percent between now and maybe October," but said it would be much worse for small caps, mid-caps and tech stocks.
"If you ask me about the Russell and the Nasdaq Composite and the S&P MidCap, I think you're talking about 20, 25 percent. And I call it a stealth bear market going on."
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