How High or Low Will the S&P 500 Go?
Over the past few days, the charts seem to have turned against us "with a vengeance," Jim Cramer said Tuesday on CNBC's "Mad Money." Last week, the S&P 500 dropped below its 200-day moving average — a classic sign that things are going wrong, he said.
Right now, Cramer said the S&P 500 is hovering around some very important levels and opted to look delve deeper into the charts to get a technical read on where the markets may be headed. With the options market pricing in a 14 percent move for the SPY (the S&P 500 exchange-traded fund) by the end of 2012, the S&P itself could go as low as 1,100 or as high as 1,460.
So, what's the bottom line? To find out, Cramer went “Off the Charts” with the help of Tim Collins, a highly regarded technician on Wall Street. Watch the video to see the full report!
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