This week was absolutely horrendous, as Wall Street went into chaos on Friday with the averages plunging to lows not seen in years. According to Jim Cramer, this week was so tough because major big picture issues are still in charge.
Investors were stressed, wanting to know if the Fed will move or not, will emerging markets roll over and spill into other countries and is there a big default lurking in metals in oils that they haven't thought about?
The Shanghai Stock Exchange has moved to the top of Cramer's list, and has become the first thing he checks in the morning. According to the "Mad Money" host, the Shanghai Composite must stay above the 3,500 level. Otherwise, investors worry that China's nine-month rally could be reversed.
It seems to Cramer these days that "ours is not a reason why, ours is just to sell or die," has become the motto of the market. And if the Shanghai Composite continues to get crushed, then the U.S. market will continue to get hammered along with it.
"My suggestion to whoever's running the bureau of higher stock prices over in China right now? Let the market come in a little bit every day for the better part of a month or two. The gentler the slope, the less damage," Cramer said.