• CNBC's Jim Cramer said he sees reason for optimism after the S&P 500 on Wednesday was able to bounce off its lows and finish the session basically flat.
• However, Cramer cautioned that the market could fall further due to another spike in bond yields or a surge in oil prices.

CNBC's Jim Cramer said he sees reason for optimism after the S&P 500 on Wednesday was able to bounce off its lows and finish the session basically flat.

That market saw what Cramer called an "intraday bounce," where the major indexes started the day worse off and then came back, cutting their losses. However, Cramer said it is possible for the market to fall further due to another spike in bond yields or a surge in oil prices.

"Did today's intraday bounce mean a lot?" he said. "Well, yeah, it kind of did. Here's the bottom line: Because for once in the last four weeks, the bears, who have been having a jolly good time of it, finally had something to fear. And that, alone, means there could be a rally, at least as long as nothing whatsoever happens to the bond market or oil tomorrow."

Cramer noted that the market's struggles this month fit within seasonal patterns — with September being the worst month historically. But as the calendar flips to October, he suggested conditions may begin to turn.

"There's too much history of that happening to ignore the seasonal pattern," he said. "You can't afford to ignore history. That always makes for bad choices, even if interest rates are much higher and oil's soaring."

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