With the S&P 500 edging back on Tuesday after failing to break above Monday's intraday record high of 1,858.71, Jim Cramer digs deep into the market to decipher what's going on.
And after parsing through all the sectors of the S&P, he's found at least 4 developments that he doesn't like.
But chances are they're not what you think!
For example, they're not the lackluster results posted by Macy's and Home Depot.
"I'm ok with those. They were supposed to be lackluster. The winter's been bad," Cramer said.
"I don't have a lot of concerns about the multi-year demand for aircraft and Starbucks CEO Howard Schultz and his terrific team have dealt with the wild ride of coffee prices for decades."
In fact, Cramer likes the preceding price action, even though it's negative, because it's also rational. Cramer loves a rational market.