As CNBC's Jim Cramer sees it, the stock market is in the middle of a full-fledged stand-off between the bulls and the bears.
But the bears were already reeling from the official start of the U.S.-China trade war that came just after midnight on Friday, in which the two nations exchanged $34 billion worth of tariffs.
And while Cramer was astonished by how many jobs were being created without a serious uptick in inflation, he couldn't get too bullish considering the damage that tariffs could still do to the U.S. economy.
"Is our economy strong enough to keep on trucking even in the face of these negatives? I think we’ll get some real insight into that as companies start reporting next week," the "Mad Money" host said.
With those opposing forces in mind, Cramer turned to his weekly game plan. And while Alcoa's earnings usually come first, this time, the tone-setting will come from PepsiCo's Tuesday earnings report, he said.
"I expect the stock to trade lower, but this company has a lot of levers" that could help the soda and snack maker bring out value, he said.
He added that his charitable trust, which owns shares of PepsiCo, would hold onto the stock despite concerns that a weaker-than-expected quarter could decimate the stock "because there are so many strengths that are being masked by carbonated beverage declines and market share losses to arch-rival Coca-Cola."