CNBC's Jim Cramer said Monday the recent rotation of cash within S&P 500 has been good for the index.
"When you go through the charts, you'll see a lot of stocks that are damaged, but in the end, the big caps look good," Cramer said on "Squawk on the Street."
"We've seen an incredible rotation out of health care, out of retail after the VF Corp numbers and into industrials, into technology; the financials have held up well," Cramer said.
VF Corp, which makes North Face and other apparel, reported quarterly earnings per share and revenue that missed Wall Street estimates last week.
U.S. equities rallied last week, with the turning positive for 2015, with industrials and technology gaining about 4 percent each. Health care, however, fell about 1 percent in that time.
"These rolling bear markets, as I call them, … have actually been very positive for the S&P overall," Cramer said. "When you go through the charts, you'll see a lot of stocks that are damaged, but in the end, the big caps look good."
Stocks opened Monday trading narrowly lower.