Jim Cramer expects the June market lows to hold and mark the bottom

Cramer thinks the bear market bottom is in and that Wall Street's June lows will be a floor for stocks.

The closing low for the S&P 500 this year was on June 16th at 3,666.77. Since then, it has risen about 13%.

While acknowledging that the market could test June's lows, the host said that he liked where we are now. He said that the June low will hold when the market gets through a rough September.

Cramer said he came to this conclusion because of what has happened outside. He pointed to the fact that both the 10-year Treasury yield and the per-barrel price of crude oil topped out in June.

• The 10-year Treasury yield notched an 11-year high of nearly 3.5% two days before the S&P 500′s June 16 low.
• West Texas Intermediate crude, the U.S. oil benchmark, also has rolled over since early-to-mid-June, when it settled north of $120 per barrel on multiple days.

Cramer said that the illusion of a bottom has not been shattered since the June lows and that most companies that reported earnings in July and August did well. He said there's been "very few true disappointments."

The June lows will hold if there is no spike in oil. I said they would hold. When the Fed starts selling its own bonds with reckless abandon, the trial will come. I am confident that the lows will hold in September.

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