Tom DeMark Picks Top in S&P 500
Online Producer
A confluence of daily, weekly and monthly indicators suggest a precise top in the S&P 500, according to market timer Tom DeMark.
Founder and CEO of Market Studies, DeMark shared a chart with CNBC's "Fast Money" that showed "serious and negative consequences" for the stock market.
According to his analysis, the S&P will peak at a level of 1,567.40.
StockMonster's Guy Adami noted a contradictory call.
"What he's saying is exactly the opposite of what Louise said last night, which is why it's very interesting," he said.
On Tuesday, Technical analyst Louse Yamada said that technical indicators in the Dow transports suggested that the stock market was heading higher.
"I'm sort of in the Tom camp," Adami said. "We'll see."
(Read More: A Dow Theory 'Buy' Signal: Louise Yamada)
Trader disclosure: On March 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short PAY; Karen Finerman is short SPY; Karen Finerman is short IWM; Brian Kelly is long BOVESPA FUTURES; Brian Kelly is long HONG SENG FUTURES; Brian Kelly is long GOLD FUTURES; Brian Kelly is long EURO FUTURES; Brian Kelly is short Copper futures; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long MBI; Tim Seymour is long VALE; Tim Seymour is long PBR; Tim Seymour is long RIO.
