On Tuesday, stocks formed a“golden cross"—which occurs when the 50-day moving average of the S&P 500 rises above the 200-day moving average.
While it is considered a long-term bullish signal, “Mad Money” host Jim Cramer consulted some highly regarded Wall Street technicians to find out what it really means for the market.
“Don’t take all of this golden cross stuff too seriously,” he said. “It’s not a reason to go crazy and buy the S&P 500 hand-over-first, but I regard it as a nice confirmation that you don’t have to be totally out of your mind with cock-eyed optimism to be bullish about this market.”
To see Cramer’s full “off the charts” report, watch the video.
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