Cramer blamed the algorithmic processes that direct machines to sell stocks and buy bonds when Treasury yields approach 3 percent, noting the influx of good earnings reports that happened ahead of the weekend.
With that negativity in mind, Cramer turned to the stocks and events he'll watch in earnings season's fullest week yet, which will include the most eagerly anticipated report of the year from Facebook.
The social media giant's report will hopefully answer a slew of investors' questions: How badly did the Cambridge Analytica scandal hurt business? Has growth drastically slowed? Have expenses gone up due to new cybersecurity measures?
"The stock's real cheap now, and if there's been no lasting impact, this is a bargain," Cramer said. "Otherwise, though, expect a test of its lows, which would take it down 15 points from here."