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First, the S&P proprietary oscillator, a paid indicator that Cramer uses to understand when it's safe to buy stocks in a decline, hit negative six, a level that has historically signaled that it's time to start picking at stocks.
The oscillator's reading means investors should be "'money in,' meaning that at the end of the day you should be putting more money to work than you're taking out," the "Mad Money" host said. "I think the oscillator could be telling the truth and it's only natural that the negative readings produce a bounce."
Second, October is coming to a close, which tends to lighten selling pressure because it tends to be the end of the fiscal year for deep-pocketed mutual funds.
"Today and tomorrow tend to be seasonally strong days," Cramer noted.
Third, the stock market opened lower Tuesday morning, a welcome sign for Cramer since almost every opening rally in the last few weeks has been decimated by the bears. Instead, a "not-so-hot opening" helped stocks soar higher, he said.
Fourth, groups that have been stuck in "bear market mode" managed to attract buyers, with some defense stocks and semiconductor plays finally climbing higher after weeks in the doghouse, Cramer said.
Finally, in "a classic sign that a bottom may be at hand," Wall Street put a positive spin on weak earnings results from Masco, a company that makes household fixtures. Shares of the manufacturer closed roughly 7 percent higher.
"A quarterback could find five open targets today," Cramer said, using a football analogy to make his point.
"The oscillator's negative six reading, the end of the horrendous month of October, a down opening that didn't hurt anybody, a couple of bear markets look like they may be morphing into bulls, and we had a positive interpretation of the negative earnings from Masco," he continued. "Five receivers wide open; let's see if tomorrow's game [makes] a long-awaited winning streak."