Technical analysis Bob Moreno, who called the bottom in December, predicts the S&P 500 is on its way to plummet 10%, CNBC's Jim Cramer says.
host said a colleague of his at RealMoney.com is warning that "we're really cruising for a bruising" beyond the 1.56% decline Tuesday by the index.that the market had more room to run, warns of a possible plummet in the large-cap index.
According to FactSet, the S&P 500 posted a closing high of 3,025.86 in late July and failed to break past 3,010 in September, a potential peak. Moreno, Cramer said, determined that to be a "double top," which is a bearish technical reversal pattern. "Unfortunately, he doesn't see that trading floor ... holding either," Cramer said. "If the S&P breaks down from the current consolidation pattern, we could have not a little but a lot more downside."
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