The market is 'off to the races': Ralph Acampora

Stocks opened higher Wednesday after taking a breather in the previous session. But that's not coming as surprise to one top technician, who believes the market could be well on its way to retesting old highs.

"[The past few sessions] have been the best action I've seen in many months," Ralph Acampora told CNBC's "Futures Now" on Tuesday. "We slowed down a little [Tuesday], but I think that's a good thing." The closed slightly lower Tuesday, snapping its five-day winning streak.

Acampora, who predicted major problems for the market in late July, said the charts are now showing signs of a bottom, and he believes the worst could be behind us. "I was very concerned after the August 24 sell-off," said the director of technical analysis at Altaira Limited. "The rallies that [immediately] followed were not impressive." Since Aug. 24, the Dow and S&P 500 are up a respective 7 and 6 percent.

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But as stocks have shown renewed signs of life in recent sessions, Acampora is now convinced the S&P 500 may have just completed a double-bottom formation, where it retested the Aug. 24 low, held it and bounced higher. Technicians often look at these patterns as a bullish reversal in trend.

"If you're looking at the S&P 500, the number that is important is that September 17 high of 2,020," said Acampora, who is often referred to as the godfather of technical analysis. "If we take that out, we're off to the races again and I think that's going to happen." That's 2 percent higher than the current price of around 1,980.

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For Acampora, the next couple of trading sessions will be critical, as he expects the S&P 500 to consolidate before putting in a new short-term high.

"I think the odds are we go higher here and not lower," he sai.