Cramer thinks that market is becoming almost euphoric. However, when the euphoria comes to an end – and it always comes to an end – the next move lower could hurt.
Cramer said that there are fundamental catalysts looming that are somewhat ugly and in an overbought market, they could do some real damage.
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For example, China's annual industrial output growth eased to 9.9 percent in the first two months from a year ago, that below market forecasts. In fact, China is looking at its slowest year of growth since 1999.
Meanwhile, Moody's cut Britain's debt rating saying the $2.5 trillion economy faced years of sluggish growth and debt would continue to rise until 2016. That may create political turmoil in the UK because British finance minister George Osborne had has repeatedly vowed to protect Britain's top credit rating.
Cramer also pointed to events in North and South Korea as another potentially negative catalyst. And he reminded there's always the potential for the Fed to step back.
Any of these next negative catalysts could send investors scrambling for the exits.
