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Cramer said the S&P Proprietary Oscillator, a paid metric he's relied on for years, is topping "10," an extremely overbought condition. That means that discipline is needed to start trimming positions and taking profits.
The bull may wind down slowly, for which everyone is hopeful, but there are a few trouble spots investors need to keep an eye on. The first of which are the banks, with JPMorgan Chase(JPM) - Get Report reporting Thursday. Cramer said JPMorgan could disappoint, which would send the markets lower, or it could post earnings that are too strong, which would make the rest of the banks look weak and subsequently send the markets lower.
Tech is another trouble spot, with Cramer's FANG growth tech names being eclipsed by another FANG, Diamondback Energy(FANG) - Get Report . It's not a good sign when an energy stock is up 36% for the year while the best in tech are lagging behind.
Finally, Cramer said the Federal Reserve might be an issue once again, as a few Fed governors are scheduled to speak in the coming days. If anyone mentions that Brexit isn't as bad as we had feared so interest rate hikes may still be in the cards, then look for our bull market to stop dead in its tracks.
Half Year in Review
Continuing with his "Half Year in Review" series, Cramer took a look at the two largest sectors in the S&P 500 with the most unimpressive results, technology and the financials.
The average tech stock finished the first half of 2016 up just 1.3% on average and the results were very mixed. Companies like Intuit(INTU) - Get Report were able to rally 15%, while other application software names, like Autodesk(ADSK) - Get Report , finished off 11%. There were some pockets of strength, Cramer said, includnig the semiconductor equipment makers, but no leadership, with big names including Action Alerts PLUS holdings Apple(AAPL) - Get Report , and Alphabet(GOOGL) - Get Report drifting lower.
The financials were even worst, Cramer noted, averaging down 4.1% for the half. That makes sense given the Fed had promised four rate hikes in 2016 that now seem to have vaporized. There were also far fewer initial public offerings and mergers for investment banks to latch onto.
The winners among the financials were mostly real estate investment trusts, with Iron Mountain(IRM) - Get Report up 47% and Digital Realty Trust(DLR) - Get Report soaring 44%. Shares of Legg Mason(LM) - Get Report were among the worst performers, falling 24% for the half.
Natural and Organic
Every time you think the natural and organic food trend has peaked, think again, Cramer told viewers. Just look at the incredible turn happening at General Mills(GIS) - Get Report , a stock that's up over 25% so far in 2016.
General Mills did an amazing thing, Cramer continued: It listened to its customers. The company began removing artificial colors and flavors from cereals like Trix and Lucky Charms, and made them gluten free. The result? Cereal sales made an abrupt turn from a 6% decline to an increase of 8%.
General Mills also sold off legacy brands such as Green Giant and invested in natural brands including Annie's, which it purchased in 2014.
General Mills is not alone, Cramer concluded. Look at the takeover bid for WhiteWave Foods (WWAV) , an Action Alerts PLUS holding, or the resurgence of Whole Foods Market (WFM) and it's easy to see that natural and organic foods are here to stay.
When a stock gets downgraded and doesn't flinch, investors should take notice, Cramer told viewers. That's why Cramer took notice of Randgold Resources(GOLD) - Get Report back in March when the company received five downgrades, but still continued to head still higher. In fact, shares of Randgold are now up 35% in recent weeks.
Why did the analysts get it wrong? Cramer said after a good run in the stock, many analysts felt the easy money had already been made. They worried about seasonal pressures and the company's ability to deliver after an 11% production cut in the first quarter.
But Cramer said few analysts factored in that Randgold's production issues were only temporary, and the company has a long track record of being run well. Being among the few players that operate in the most difficult regions of the world, Randgold is uniquely able to ramp up production when demand is greater, such as the recent Brexit fiasco.
With shares up 35%, Cramer said he'd wait for a pullback before beginning a position in Randgold, but he also reiterated that gold has a place in every portfolio.
In the Lightning Round, Cramer was bullish on Blackstone Group(BX) - Get Report , Equinix(EQIX) - Get Report , Radius Health(RDUS) - Get Report , Cirrus Logic(CRUS) - Get Report , Kinder Morgan(KMI) - Get Report and Calgon Carbon(CCC) - Get Report .
Off the Tape
In his "Off the Tape" segment, Cramer sat down with David Bladow, co-founder and CEO of the privately held BloomThat, the online florist and delivery service that aims to upend traditional florists by dealing directly with farmers.
Bladow said it took three years to develop relationships with flower growers across the country, but BloomThat is not at a point where it makes money on every transaction. Customers simply download the BloomThat app, pick their items, then sit back and relax.
In areas like Manhattan, flowers can be delivered within 90 minutes, Bladow explained, but for other areas, most orders are delivered the next day.
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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, GOOGL and WWAV.