NEW YORK (TheStreet) -- The current selloff after the U.K. referendum to leave the European Union has many wondering where the bottom is for global markets.
Ralph Acampora, Director of Tactical Investments at Altaira Wealth Management, sees Brexit as a single catalyst that is not quite enough to indicate that the market has bottomed out.
"I think if we're brutally honest with each other, we have no idea where Brexit is going to go," Acampora said on CNBC's "Closing Bell" today. "I think most technicians, at least I am, are looking at the next important climatic low."
Both the Dow Jones Industrial Average and the S&P 500 were neutral for the past two and half months and Acampora believes Monday's close broke that direction.
"We are now in a down trend," Acampora noted before warning the talk he hears from other technicians is that the current trend is only minor. He is not negative long term and wants "an entry point" into the market but has not seen any action that "indicates that we're near an entry point."
"I think we need to see more fear in the market police and probably see some more downside pressure in the prices. And once that manifests, I'll become much more aggressive," Acampora added.