Cramer last spoke with Boroden in late February, when she stated that the market bottom on February 11 was a significant landmark, and there could be a lot of upside going forward. Her call, proven correct by the subsequent rally, was based on the utilization of Fibonacci ratios.
These are ratios that were discovered by the medieval mathematician Leonardo Fibonacci. He found that certain ratios occur in nature, including pine cones, snail shells and flowers. They also occur in stock charts, too.
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Boroden uses the ratios to spot levels or period of time where a stock or index could be likely to change trajectory.
When reviewing the Feb. 11 bottom, Boroden found there were a series of hurdles that the S&P must cross in order to climb higher. Back in February, Boroden stated that investors must watch out for the 2,132 –2,157 range as a ceiling of resistance. As the S&P approached those levels a few weeks ago, stocks fell.
Thus, that area is a crucial hurdle that the S&P must jump over, if it is going to regain its momentum.
Boroden saw the next hurdle in the weekly chart of the S&P 500. Looking at the previous upswing of the S&P that occurred before this one, it lasted for 10 trading weeks. The 10 trading weeks also occurred in the week ending on April 22.
Boroden also noted various Fibonacci timing cycles that suggested the bull move had run out of steam for now.
"Put it all together and it is clear that the recent pull back in the S&P 500 was very much about the charts," Cramer said.
In order for Boroden to be more bullish, the S&P must clear its intra-day high made on April 20, at 2,111. However, the longer that fails to occur, the more vulnerable she thinks investors are to a potential downside.