KEY POINTS
  • "The bad news is that the charts, as interpreted by Mark Sebastian, suggest that today's rebound is just a temporary reprieve from what could be a bigger sell-off," CNBC's Jim Cramer said, citing research from a volatility expert.
  • "But once the last leg lower runs out, well, then, he thinks we could get a real, buyable bottom," the "Mad Money" host said.
  • "For weeks, Sebastian's been waiting for the other shoe to drop, and he thinks this is it," he said.

Investors should expect more downside in the market after stocks bounced from a multiday losing streak, CNBC's Jim Cramer said Thursday.

The benchmark S&P 500 index rose 1.15% during the session after pulling back from Monday's close.