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Another pullback could push the market to keep rallying
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Technology and oil stocks have rebounded after the fourth-quarter sell-off and investors should be conscious of how much farther they could run, Cramer said.
He looked at chart patterns provided by commodity broker Carley Garner, co-founder of DeCarley Trading, to see where the stock prices could be headed. Technical analysis examines the price history to determine when to buy or trade a security.
“Oil and technology have led this market higher for months and now the charts, as interpreted by Carley Garner, suggest that they’re running into some resistance,” the host said.
Cramer highlighted that crude and the tech-heavy Nasdaq 100 have been trading in near lockstep over the past 180 sessions — peaking at the same time in October and bottoming at the same time in December — although tech has bounced harder.
“But she thinks both groups could have, alas, one more hurrah, with oil having more potential upside,”
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