If you think recent market rallies are a signal that the worst is over, think again.
According to Oppenheimer chief market technician Carter Worth there's more downside ahead and the rallies like the one we had on Tuesday aren’t good for the market. “As long as hope is alive the bear market is very much in tact,” he tells Dylan Ratigan on CNBC’s “Closing Bell.
Worth is very bearish overall and has been for quite some time. “The single critical data point is where we are now versus where we’ve been,” he says. “The market is right now at the March lows in the S&P and the presumption is a big break to new lows.”