Charts suggest the S&P 500 is poised for a short-term bounce, says Jim Cramer

'The charts, as interpreted by Carolyn Boroden, suggest that the S&P 500 is poised to give us a bounce,' the 'Mad Money' host said Tuesday.

"The charts, as interpreted by Carolyn Boroden, suggest that the S&P 500 is poised to give us a couple of days bounce over the next week-and-a-half, with a real possibility that that bounce started today," the ""However, she also believes this is relatively short-term in nature — not a reason to buy stocks, but maybe a really good reason to reposition and get into areas that are more defensive and less dangerous," Cramer added. "So, lighten up into this rally.

Below is a daily chart of the S&P 500 featuring the Fibonacci timing cycles that Boroden has identified.Boroden identified 8 Fibonacci timing cycles coming due between yesterday and Thursday. Cramer said that while Boroden believes this means the market could find a temporary bottom, other parts of her technical analysis suggest there could be more downside down the road.

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