Cramer's 'Mad Money' Recap: April 22

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The Dow Jones Industrial Average and the S&P 500 are not the only indicators that matter, Jim Cramer told students in a special live "Mad Money" show on Wednesday from Ohio State University.

Cramer told students at the Fisher College of Business that market breadth is one of the most important indicators of the market's overall health, and that when there are more stocks going higher than stocks going lower, the market's in really good shape.

Cramer said that while today's late day sell-off may seem like a bad thing, the market's breadth tells a different story. In fact, he said, there were more stocks in the S&P 500 that were higher today, while there were twice as many stocks higher than there were lower on the Nasdaq.

He said it's a bullish sign to see strength in so many sectors. He said there was strength in telcos, with AT&T (T Quote) and Verizon (VZ Quote) both trending higher.

There was also strength in the industrials as evidenced by General Electric (GE Quote). Even the banks were doing well, with Wells Fargo (WFC Quote), leading the charge.

"This is what good breadth looks like," said Cramer.