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.
The charting guru, who is director of technical research at Altaira, says he's reminded of the way markets were behaving 20 years ago.
"The last time I saw anything like this was in 1994, when the Dow and the S&P were in a 10 percent trading range all year, and then under the surface they were just ripping them apart. I have a sick feeling that we might be doing that again," he said.