Charts show the S&P 500 could be due for a correction, Jim Cramer says

Because of this, there is good reason for investors to be more cautious about their portfolio, CNBC'ssaid Tuesday citing technician Carley Garner. The S&P has added more than 650 points, almost a 28% run, since its December lows that came during the market-wide meltdown in the fourth quarter.

One thing that Garner bases her argument on is the correlation between seasonal trends in the S&P 500 and market sentiment. The technician highlighted that the S&P over the past 15 years has often peaked in July and fallen through late August, Cramer said. "People like this market, which is not what we want to see," he said. "You could argue this means that the market has more upside, but Garner's more concerned ... that the fear and greed index has been making lower highs and lower lows, which suggests that the potential upside here is probably limited, at least for the time being."

Furthermore, the relative strength index , a momentum measurement, is nearing the overbought threshold of 70 and the Williams %R oscillator, another momentum indicator, is already in extreme overbought territory at 99, Cramer said.

On monday 7/15, he says buy banks, then one wednesday he says markets due for correction and today 7/19, he says he like Finks idea of melt up and equities underinvested. jimcramer jack, watever works

I've been hearing that for the last 3 years. hodl $BTC

We ve heard this for more than a year. And when it happens... “see!! I told you so!!!”

Marty Zweig,please.

Cramer is usually wrong.... therefore...

Yeah about 30pct lower should do the trick

Didnt follow context of her/Ur forecast 4this, 6months? But are ya finally jumpn on the crash bandwagon jimcramer ?😋 U kno itll b more than the standard correction(10%) tho.😉 Moved my 50% core sell by date back a month frm May 18-22 2020 to June 12th Crash2020 2-6mnths aftr

If 10 stocks wobble, you’ll have bigly correction. Brilliant.

No worries folks it’s just another day of computerized organized on WS, any day now the computers will wipe out all of June & July in a blink of an eye, and the cnbc carnival barkers will all put up their fear “bear Getty images” the fbi sec is obviously stupid or paid off.

Just like buying $LYFT at $80+ was a great idea.

Code for, it’s going way HIGHER!!!

Were surrounded by all the signs of a looming global recession but stay positive! Someone has to hold the bags at the end of the day...

Don't be a chart monkey. Invest and let it ride.

Media manipulation , please enough respect our brains .

maybe if Wallstreet wasn't letting an orange idiot lead them around on a string like a bunch of puppies this would have passed by now.

Yesterday it was buy, buy buy. Today a correction. But CNBC loves the phony

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