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So far, this year has brought weak earnings, issues of valuation and stress in the oil patch. But unless the Federal Reserve provides clarity on where it stands with rate hikes this year, Jim Cramer said it is going to be very hard for the market to find a footing.

"When you drill down, the proximate cause of much of these problems comes back to the Federal Reserve and its compulsion to raise interest rates into a tumultuous environment," the "Mad Money" host said.

Janet Yellen is slated to speak on Wednesday, and that is when Cramer thinks investors will realize just how important the Fed is to this market.

"There is so much that needs to go right for us to get a bottom in stocks, but I still think it starts with the Fed," Cramer said.

So, stay tuned. Cramer thinks if Yellen gives clarity on Wednesday and confirms that the Fed will stay data dependent and it is too soon to raise rates — it could trigger the rally many have been waiting for.

German industrial output plunged unexpectedly in December and exports and imports also fell, data showed on Tuesday, in a sign that Europe's largest economy ended 2015 on a weak footing.

Industrial output fell by 1.2 percent on the month, the strongest decline since August 2014, data from the Economy Ministry showed. The figure fell short of the consensus forecast in a Reuters poll for a 0.4 percent increase.

Economists polled by Reuters had expected exports to rise by 0.5 percent and imports to go down by 0.5 percent.

For 2015, Germany registered a new record trade surplus of 247.8 billion euros, up from 213.6 billion euros in 2014, the data showed.

Crude oil prices rose on Tuesday, with U.S. crude shrugging off big drops in Japan's stock market and eroding some of the previous session's losses that were driven by festering concerns about global oversupply.

U.S. crude was up 33 cents at $30.02 a barrel at 0720 GMT, after rising as far as $30.30. The contract fell about 4percent for the third day on Monday, finishing at $29.69.

"Once again we have got a weaker U.S. dollar and I suspect that's where the bulk of the support is coming from," said Michael McCarthy, chief market strategist, CMC Markets in Sydney.

The U.S. dollar fell against the Japanese yen as sentiment towards most risk assets turned bearish amid concerns about banking stability.

Still, the glut in world oil markets is unlikely to abate soon, with a Reuters survey showing U.S. crude stocks likely rose by 3.9 million barrels in the week ended on Feb. 5.

Industry group American Petroleum Institute on Tuesday releases its weekly inventory reports followed by official numbers from the U.S. government's Energy Information Administration on Wednesday.

"The fundamentals haven't shifted. The market remains in surplus, and while that's the case, it is very difficult for prices to sustain any gains," McCarthy said.

There is also little sign of any coordination on production cuts among big producers outside the United States after weekend talks between OPEC members Saudi Arabia and Venezuela yielded no concrete result.

That dims prospects of any initiative on curbing supply to boost prices, including from producers such as Russia, analysts say.

"Hopes of a coordinated supply cut from OPEC and non-OPEC members continue to fade," ANZ said in a research note on Tuesday.

Reference: CNBC, Reuters