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Market Pro: This Is An Epic Moment In Markets

If there's one thing the Fast Money traders can agree on - it's that the market appears to be at an inflection point.

The question is - of course - will the S&P break higher igniting a massive bull rally or is this the end of the line?

Seems like a good time to check in with Oppenheimer's chief market technician Carter Worth and see what patterns in the charts suggest.

Worth tells us, "This is an epic moment in the markets" and that he's looking at the perfect 3 month advance from the August low right back to the April highs.

How the market responds to this reference point is critical.

"The market backed and filled and then backed away – that was all healthy", he says. "Now, if the market rests at the high that will be bullish."

However, that's not to say we're out of the woods - we're not.

"If we keep the steep angle going we set up for a pronounced give back," Worth cautions.

If you're looking for some kind of market tell - Worth suggests watching the financials. He's among the many strategists who thinks the rally can not sustain unless the banks participate.

Technically, "The financials have to come to life and validate the strength of the advance," he says.

In other words, keep an eye on the XLF - "it needs to get above $15.50 to confirm the rally," he says.

"If the financials don’t do that ultimately I think the market will succumb."

For an indepth look at the charts used by Carter Worth please watch the video.


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Trader disclosure: On November 4, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Cortes is short (AAPL); Cortes owns (GOOG); Cortes owns (K); Cortes owns (TSN); Cortes owns (CLX); Cortes owns U.S. Treasuries; Cortes owns U.S. Dollars; Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Finerman's Firm Is Short (IJR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (IWM); Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm Is Long S&P 500 Puts; Finerman Owns (AAPL); Finerman's Firm And Finerman Own (BAC); Finerman's Firm Owns (CMI); Finerman's Firm Owns (M); Finerman's Firm Owns (MCD); Finerman's Firm Owns (SKS); Finerman's Firm Owns (HAIN); Finerman's Firm Owns (YUM)

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