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Market Extra: ‘Godfather’ of chart analysis says stock market now dealing with ‘uglier action’

Prominent market technician Ralph Acampora is growing increasingly concerned about recent moves in the stock market, notably in the Dow Jones Industrial Average.

Acampora, a pioneer in the field of chart-based trading, said that the primary utility of reading charts is a “risk management” function, and what he’s observing currently suggests that the bullish dynamic in equities may be unraveling.

That is particularly the case after the Dow DJIA, -0.10% on Monday closed below its 200-day moving average for the first time since June 2016, and as key components of the blue-chip benchmark spiraled lower.

“I sell when major support levels are broken….

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