“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
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