Wait for the market to decline more before putting cash to work, Jim Cramer says

Cramer told investors to wait for the market to retreat before they buy.

The host of the show said that the stock market is too high and that they have to let the averages come in. There are a lot of good things that can happen.

The major averages are on track for their best month of the year, despite declining on Tuesday. Walmart slashed its quarterly and full-year profit estimates because of inflation.

The Federal Reserve's expected rate increase announcement and a jam-packed slate of earnings from mega-cap tech names this week could rock the market.

The Russia-Ukraine war and Covid lockdowns in China are weighing on the market.

Cramer said that investors won't have a good idea of where the market's headed until after the Fed announces its rate increase and they should be careful in the meantime.

He said that if a stock goes down hard in a certain sector, the rest of them will also go down hard.

Cramer's Charitable Trust is a shareholder in Walmart.