“The recent sell-off could be a sign that this bull’s getting long in the tooth,” Cramer said Wednesday on CNBC’s “Mad Money.” “Garner’s betting that the S&P 500 can give you one last gasp higher from here, followed by a truly savage sell-off.”

September is known for getting off to rough starts and closing the month with additional weakness, but there is generally some stability in between. Thus far, despite the dramatic nature of the moves, the price action is in-line with seasonal expectations. However, we have noticed a few technicalities that suggest an incredibly bumpy ride going into the end of the year. While there could be some short-term upside in the S&P as it catches up with the NASDAQ 100 and seasonality comes into play, the risk of being long and wrong is growing substantially and becomes deafening if the S&P approaches 3,700.

It is well known the NASDAQ 100 has outperformed the S&P, mostly because the broad market’s performance has largely been driven by a handful of tech stocks that were in the right place at the right time to benefit from the behavioral shift in society; meanwhile, sectors such and banking and energy have been left behind. If the S&P continues to hold support near 3,280 as it did in the overnight futures session, these weak sectors could play catch up allowing the S&P to continue closing the gap on the tech-heavy NASDAQ in the coming weeks but the coming months could be troublesome.