A vicious sell-off swept across Wall Street on Monday sending all major U.S. indices dangerously close to bear market territory. The Dow, S&P 500 and Nasdaq each dropped more than 2 percent as many large cap technology stocks saw heavy losses. The indexes are now down 13, 14 and 18 percent from their respective highs.
Amid all the carnage, 84 percent of stocks in the S&P 500 have fallen into a correction or worse — loosely defined as a decline of 10 percent form a recent high. And with many of these stocks continuing to fall, one technician warns it could soon get much worse.
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Most troubling to Worth is that many stocks have broken through their so-called uptrends — a key pattern that technicians use to signal a turning point in a stock's direction.
Worth pointed to the chart of Disney, Apple, Under Armour, the Dow Transports, Salesforce.com and Skyworks as examples of stocks that have recently broken through their uptrends and have since failed to recover.
"Trends are hard to stop and they are hard to reverse once they break," said Worth.
Now that it's been nearly nine months since the S&P 500 has made a new high, and less than 10 percent of the index is in within reach of making a new high, the Cornerstone Macro technician expects losses to accelerate.
"Make the bet that something's not right."