Friday's jobs report is more important than usual

Cramer said the week's employment report will be more important than usual. The market has been higher ever since the Federal Reserve reversed course in January and cut back on the number of planned interest rate hikes, he said. Fed Chairman Jerome Powell into tightening again. He said it's unnecessary because inflation has been "mild." "I hope Powell won't be gone – he finally seems to have a good deal on things – but he goes back to his old mindset, it could be "Let's go deadly given the run we've had," Cramer said.

Because the economy has been heating up, "peril awaits," Cramer said. He expects there to be some profit taking leading up to the jobs report. He also predicts "inflation hawks" will call for higher rates to fight off "imaginary" inflation, which could "cause at least a hiccup in the averages."

Cramer thinks the economy can handle one rate hike this year. [1

9659002] "We've been up for awful long time. We're probably due for a break, especially with the unemployment number on the horizon," he said. "Don't get me wrong, I still like this market…. And I would like to buy the dips, but … we've been up for 11-straight weeks without a dip, so

Disclosure: Cramer's charitable trust owns shares of Kohl's, Amazon, and Salesforce.com

Questions for Cramer?
Call Cramer: 1-800- 743-CNBC

Want to take a deep dive into Cramer's world? Hit him up!
Twitter – Jim Cramer Twitter – Facebook – Instagram

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com