“We’ll be in some more pain before we get” to the bottom, the “Mad Money” host said Wednesday.
"That means we need three days of successively lower lows, with lower closes, before the downside is truly exhausted," Cramer said."In other words, DeMark's expecting one last leg lower before the weakness in tech runs out of steam."
DeMark is seeing a similar pattern playing out in the broad S&P 500. Here's a look at DeMark's analysis on the benchmark U.S. stock index since September. The S&P 500 is also currently at countdown 10, meaning it needs three days of successively lower lows to possibly reach a bottom. The S&P also is at a 10 on DeMark's buy countdown, Cramer explained."Again, that means we need three days in a row with lower lows and also lower closes before the selling exhausts itself," he said.
Put the two pieces of analysis together, and DeMark believes the selling on Wall Street is"not over yet," Cramer said."We can see the light at the end of the tunnel, but we're still in the tunnel."from technical analyst Carolyn Boroden, who predicted that the S&P 500 will soon have a temporary bounce.Disclaimer
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Charts suggest the S&P 500 is poised for a short-term bounce, says Jim Cramer'The charts, as interpreted by Carolyn Boroden, suggest that the S&P 500 is poised to give us a bounce,' the 'Mad Money' host said Tuesday.
Baca lebih lajut »
Nirvana’s ‘Something in the Way’ Debuts on Multiple Charts After ‘The Batman’ Synch.Nirvana's 'Something In The Way' debuts on multiple charts after TheBatman synch
Baca lebih lajut »
Europe A Key Destination For Russia's Energy Exports (Charts)Europe is a key destination for Russia’s energy exports. In 2021, Russia was the largest natural gas-exporting country in the world
Baca lebih lajut »
Markets React to the Fed in 4 ChartsStocks pared their gains and Treasury yields rose after the Fed said it will raise its benchmark interest rate. Here's a look at market reaction, in four charts.
Baca lebih lajut »
Charts suggest the S&P 500 is poised for a short-term bounce, says Jim Cramer'The charts, as interpreted by Carolyn Boroden, suggest that the S&P 500 is poised to give us a bounce,' the 'Mad Money' host said Tuesday.
Baca lebih lajut »