Another day, another wild swing for the market.
Stocks rallied off of a more-than-one-year low Thursday after a heap of selling this year has sent all major indexes into a tailspin. Over the past three weeks, in each session the Dow has seen an average 200-point move in either direction and the S&P 500 has had an average move of 1 percent. Rather than rush into the market at the first sign of strength, one veteran technician warns there's something beneath the surface that no one is paying attention to.
"You can't understand what's happening in 2016 without looking at 2015," Ralph Acampora told CNBC's "Futures Now" on Thursday. "The fact that last year ended flat is just masking all the problems."
According to Acampora, investors have been ignoring one of the oldest theories in technical analysis, the Dow Theory, where deterioration in the transports will eventually lead to weakness in the broad market — what we have seen in the last several weeks. The transports are down 25 percent in the past year.