CNBC's Jim Cramer on Monday said the benchmark S&P 500 could be at a pivotal moment this week.
"The charts, as interpreted by Mark Sebastian, suggest that we're approaching a decisive moment here.
If the S&P 500 can avoid a major decline this week, he's feeling optimistic about the future – on the other hand, if it gets clobbered, he sees a heck of a lot more downside," he said.
To explain analysis from Sebastian, who is the founder of trading education company Option Pit, Cramer examined the daily chart of the S&P 500 going back to January 2022.
Zoom In Icon Arrows pointing outwardsWhile the VIX and the S&P normally move in opposite directions, they've both moved up since January 13, according to Cramer.