Something just happened in the market that makes Cramer takes pause.
"On Wednesday, for the first time in four years, Macy's reported sales and earnings that were disappointing and the company's too good, too well run, and with too big a breadth of merchandise for me not to worry about the implications of this shortfall," Cramer said.
The Mad Money host believes these results call the health of the consumer into question.
"I think we have to recognize that there are real headwinds out there," he said. "There was the sequester. Some people lost jobs others found their benefits were cut back.
Also, the payroll tax holiday expired, which effectively acted as a tax increase for all Americans.
On top of that, consumers now face rising interest rates on mortgages and loans, as well as higher prices at the pump.
"And there are scary headlines about potentially higher health insurance premiums," Cramer said. All told, "it's almost shocking that the consumer's spending at all."
Because the US is a consumer driven economy, Cramer worries that weakness could ripple across many areas of the market, from restaurant stocks and travel stocks to the automakers and more. That bodes poorly for bulls.
It gets even worse.
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