TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer thinks investors should be watching the semiconductor space led by Micron Technology (MU) and the retail space led by Macy's (M) on Wednesday.

[The semis and retail] are enough to mount a rally provided that bonds stay tame, but that may not be possible," Cramer said. 

For exclusive investing insight from Jim Cramer, get 24/7 access to Jim's charitable trust portfolio with a free trial to Action Alerts PLUS!

More from Video

Market Movers: Tech Earnings

Market Movers: Tech Earnings

Vincent Viola: We're in a Post-Peak Demand Period for Oil

Vincent Viola: We're in a Post-Peak Demand Period for Oil

Are We Looking at a Fourth Industrial Revolution? Jim Cramer Breaks It Down

Are We Looking at a Fourth Industrial Revolution? Jim Cramer Breaks It Down

Binge This: Why Jim Cramer Watches Netflix Stock

Binge This: Why Jim Cramer Watches Netflix Stock

What the Fed Needs Is a Millennial, Jim Cramer Says

What the Fed Needs Is a Millennial, Jim Cramer Says