While many investors are banking on the Fed or strength of the U.S. economy to drive the next bullish phase of the stock market, Cramer is not. In fact, he says that much of the strength in the market lately is coming from China.
"I can tell you that a lot of riding on better numbers out of the People's Republic," the "Mad Money" host said. (Tweet this)
Could it be possible that the Chinese government's actions are rebooting its economy?
Cramer saw various signals of hope that it could be revived. First, Morgan Stanley went positive on two of the biggest companies in the mining sector, BHP Billiton and Rio Tinto. This was astounding to Cramer, as Morgan Stanley has disliked the mining sector for ages. Now two stocks that are total bellwethers of Chinese constructions roared.
But what happens if the Shanghai stock market opens for business, and it gets hammered? The Chinese government has been propping up its stock market with money raised from billions of dollars in bond sales, including U.S. treasuries. However, Cramer thinks that cannot last much longer.
After all, what else could explain the stunning decline in Yum Brands earnings? Cramer shared his perspective on the other side of the trade. At the moment, this market hates growth. Whether it is the high-growth semiconductor stocks or the health-care stocks, Wall Street abhors them.
So, if China falters, Cramer expects to see a rotation out of the mineral, mining, oil and heavy industry stocks and right back into the high-growth names.
"China holds the key to figuring out where the next bull phase is coming and where the next bear phase might be. It's not the Fed, it's not the U.S. economy — it's China," Cramer said. (Tweet this)
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The company behind KFC, Pizza Hut and Taco Bell was screaming in pain on Wednesday, when Yum Brands plummeted 18 percent following a large earnings miss. However. considering the damage done, Cramer was surprised that the stock only dropped that much.
"Given the ridiculous timeline of information coming out of the company, I'm actually surprised its stock wasn't down even more; that's how bad the story and the dissemination of the woeful news truly was," the "Mad Money" host said.
While Yum is a large international company, its driver has mainly stemmed from China. For years, investors have ridden the wave of growth in the People's Republic, simply by buying shares of Yum.
Yum revealed that not only was KFC terrible, but Pizza Hut had hit a wall and has descended alarmingly fast. Analysts then began to not only doubt the ability of management to forecast, but to also execute.
"In short, Yum Brands has crushed the dreams of both the activists and the momentum players, leaving everyone holding empty boxes of pizza and KFC," Cramer said. (Tweet this)
Cramer now considers this stock to be radioactive, for the foreseeable and maybe unforeseeable future.
Read MoreCramer: Yum is just empty boxes of pizza & KFC