Think this is the bottom? You’re not alone. A widely followed tech analyst doesn’t think the market will get much worse.
According to Asbury Research technical analyst John Kosar this 11-year low in the S&P 500 should be a point of support - in other words stocks should bounce off it.
"The latest data continue to suggest that an extended decline from here is unlikely without at least a appreciable, 1-2 month corrective rebound first," wrote Kosar, President of Asbury research in Chicago, in a note to clients.
If this looks familiar it’s because Fast Money Series Producer John Melloy first wrote about Kosar's note in his blog. And just like Melloy promised we were so intrigued that we invited Kosar onto the show to defend his position.
Following is a summary of his main points.