"GE is one of the most frustrating stocks that we have ever encountered," Cramer said on "Squawk on the Street." "This is the one to watch. It has been behind."
After a rough session on Friday, industrial behemoths Caterpillar and Cummins rebounded in midmorning trading on Monday. If GE can follow suit, it will say a lot about the health of the global economy, Cramer said.
"I look at this GE call and I say it's kind of the soul of this market," he said. "If this stock can go up, then what people are saying, you know what, I kind of believe in the industrial, I believe that GDP is going to get better worldwide."
—By CNBC's Drew Sandholm
DISCLOSURE: When this story was published, Cramer's charitable trust owned General Electric. It did not, however, own Caterpillar or Cummins.