Acampora tells MarketWatch that the action under way in the stock market reminds him of the 1987 crash. Prominent market technician Ralph Acampora says the stock market is in bad shape and it’s worse than many on Wall Street investors appreciate.

A pioneer in the field of chart-based trading, Acampora said the technical damage that has resulted in the Dow Jones Industrial Average DJIA, +0.97% and the S&P 500 index SPX, +1.09% erasing all of their gains for 2018, and the Nasdaq Composite Index COMP, +2.01% falling into correction territory—usually characterized as a decline of at least 10% from a recent peak—will take months to repair. Read More.