In Mad Money's technical analysis segment "Off the Charts" Monday, Jim Cramer revisited the S&P 500 analysis of Real Money Pro's Carolyn Boroden and also looked at the Nasdaq 100.
"It's the most bullish I've heard" Boroden," Cramer said.
The fundamentals "are all over the place," so it's a good time to look at stock technical analysis, he added.
Below is what Cramer had to say about the charts:
The last time we talked to Boroden, she talked about the SPX via the monthly chart and daily charts and told us that the market was vulnerable to more of a downside correction.
She told us that if the rally at that time was only corrective, that the decline should resume by the first week in February with the dates she was watching as Feb. 2-5. We did end up seeing an important high made on Feb. 1 and another shot to the downside.
As that decline started to unfold, she posted on Twitter on Feb. 11 and told us to watch for a tradable low due to the fact that she then had a cluster of Fibonacci time cycles that suggested this could occur. (You can go back to her Twitter feed on Feb. 11 and find these charts.)
She said she did not know if the market would make a low then, she just knew the Fibonacci cycles, along with some key price parameters, were suggesting that possibility.
She said the cycles on the daily chart were enough to call a possible low, but when she also looked at the weekly chart parameters she found an interesting confluence of time relationships that were suggesting to her the February low might be more important.
One of the main cycles was the 100% projection of the prior high-to-low swing of 14 weeks projected from the November 2015 high. Notice that the low on Feb. 11 was made 14 weeks down from this high, which is exactly the same as the prior larger swing of May 2015 to August 2015. The other cycles that came are illustrated on this next weekly chart.
She saw the confluence of seven Fibonacci time cycles that came due starting the week ended Feb. 5 and ending the week of Feb. 19. So, even though the daily charts are still hanging below the 200-simple moving average on the daily chart, she says there is a case for this low potentially being more important, and is watching to see if key resistance tests in this market can now be cleared on the upside to support this scenario.