TheStreet.com's Jim Cramer says yesterday didn't deliver a giant down close, just profit-taking. It may signal a new bullish pattern to watch.

You just want it to close down, get clocked, remove the water torture. But what's really happening is we are working off the overbought condition in a fine fashion.

It's a natural thing in this market, after a big move, to give it all back and then some. However, that has not happened this time. We have had a series of small declines, nothing monumental and we may have to recognize that we are in a new pattern where we have profit-taking but no more.

I was over at Stockpickr.com yesterday -- I try to check in a couple of times a day -- and was not surprised to see questions in the Answers section about what is wrong with the steel stocks. To me, the steels are exhibiting classic bullish behavior, a great run followed by a small pullback -- true bull market behavior.

Now, here's the test: the comp sales. We had some bad numbers, especially from outfits like Target (NYSE: TGT) (Cramer's Take) and Kohl's (NYSE: KSS) (Cramer's Take), and I don't think it will matter! Wal-Mart (NYSE: WMT) (Cramer's Take) guided up, and I think it could power over $55.

I have been negative on this market, but I like the way it bounces off when it is down big. Have to recognize a new, more bullish pattern when you see one.

RELATED LINKS:

• Retail Sales Cool at Many Chains
• Cramer: Why We Need a Pullback

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in the stocks mentioned.