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CNBC’s ‘Mad Money’ host and a former hedge fund manager Jim Cramer offers a bearish outlook on the S&P 500 index for the balance of this year.

Key quotes

“The index could get ugly in the future and is braced for a fresh plunge.”

“The S&P 500 could be riding into a “make-or-break moment.”

“If the S&P can do that and then take out last week’s highs, up about 40 points from here, then Boroden thinks we can resume the recent rally. In that case, she says, the S&P could tack on another 200 to 300 points from these levels.”

“If it can’t break through last week’s highs at 3,100. Boroden thinks you need to prepare for pain because the near future could get ugly.”

Cramers’ comments are in reference to the S&P 500 technical analysis published by FibonacciQueen.com’s market technician Carolyn Boroden earlier this week.

Boroden predicted the S&P 500 would fall further at the start of March. The index crashed later that month.