If the market hits this level, it’s off to the races: Acampora

Here’s why Altaira’s Ralph Acampora is bullish on stocks heading into 2017
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Acampora: Market ready to break out

The godfather of technical analysis is fed up with Wall Street's market jitters, saying regardless of earnings, the election and the Fed, the market will soon return to new highs.

"I am as frustrated as everyone else is in the last several months," the director of technical research at Altaira Capital Partners explained Tuesday on CNBC's "Futures Now." "However, I think we're going to end up at all-time new highs around 2,200."

That move upward would represent about a 3 percent increase from current levels for the S&P 500.

Now, in order to achieve this breakout, Acampora believes the index has to move above 2,170. But getting there, given fundamental hurdles, may prove to be difficult. He explained that the first step is establishing a bottom, which he feels has already occurred.

Acampora highlighted the October intraday low for stocks, when the S&P 500 hit 2,114.72, as an important base for equities before the end of 2016.

"We've been hovering above it. I think we'll hold there. Now, once we get the uncertainty out of the way, I think everybody will take a deep sigh of relief," noted Acampora, who believes that after investors move past election-related tension, stocks will take off in a market absent of political fears and buoyed by strong earnings.

"The earnings are fabulous and have surprised a lot of people," he added.

Thus far, of the 196 S&P 500 companies that have reported quarterly earnings, 74 percent have come in above estimates, according to Thomson Reuters. Furthermore, according to the firm, if things continue at the current rate, earnings per share will be up 1.7 percent from last year's third quarter. On average, earnings have come in 6.8 percent above estimates, which is significantly higher than the long-term average of 3 percent.

"In a world of negativity, I want to focus on the positive, because there's plenty out there," concluded Acampora in an off-camera CNBC interview.

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