Cramer sheds light on Boroden's analysis of the S&P 500 chart: "She sees this as a watershed moment"

Prominent market commentator Jim Cramer analyzed a chart by Carolyn Boroden to point out that the S&P 500 is at a critical point where it could rise or shorten its upward trajectory, according to CNBC .

"The charts, as interpreted by Carolyn Boroden, suggest that the S&P 500 could experience near-term turbulence if it cannot break above last week's highs," said said Cramer, according to the report.

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Cramer used a daily chart of the index to explain Boroden's analysis. He noted that the S&P 500 is approaching a significant hurdle that could limit its ability to rise further.

The market commentator explained that the S&P 500's recent rise from its mid-October lows is of a similar magnitude to its late-2021 to early-January 2022 rally." She's not saying the toast rally. But Boroden is saying the S&P needs to get over that hurdle — it needs to get past last week's high," Cramer said, adding, "In short, she sees this as a watershed moment. for the S&P 500, at least in the short term."

Price Action: The SPDR S&P 500 ETF Trust SPY has gained more than 10% since early October, while the Vanguard Total Bond Market Index Fund ETF BND has gained 1.2%. Market participants are now watching Federal Reserve Chairman Jerome Powell's scheduled speech on Wednesday at an event hosted by the Brookings Institution in Washington. Investors and traders are also eyeing personal consumption expenditure and payroll data.

Cramer said on Monday that a strong jobs report could cause the Federal Reserve to start talking about huge rate hikes.

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