Chart Center: Classic Correction Alert

Chart watchers are keeping a close eye on the S&P. And they’re a little concerned by what they see.

The S&P 500 again met with tough resistance near 1,333, a level it has been unable to close above since mid-February.

1,333 is considered a key level because its double the 12-year low hit in March 2009 and is not far from 1,344, the S&P's 2011 high and its highest since June 2008.

What should you make of it?

Brian Kelly thinks its entirely possible we could see another sell-off like we had earlier in the year, simply because chart patterns often repeat themselves. He wouldn't be surprised if the S&P trades down to 1239.

The usually bullish Joe Terranova is turning cautious. Although he still sees plenty of opportunities in the market he says, “now you have to drill down."

Guy Adami thinks the market’s will probably test 1350, but adds that at some point “higher prices at the pump will have a significant impact on the markets.”

Tim Seymour doesn’t buy the bearishness. He thinks the global recovery is in tact and expects the market to grind higher.

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Trader disclosure: On April 4, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AA); Seymour owns (AAPL); Seymour owns (CSCO); Seymour owns (F); Seymour owns (GE); Seymour owns (MOS); Seymour owns (SBUX); Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (INTC); Adami owns (MSFT); Adami owns (NVC); Adami owns (BTU); Terranova owns (C); Terranova owns (JPM); Terranova owns (UPL); Terranova owns (PBR); Terranova owns (TCK); Terranova owns (CNQ); Terranova owns (CVI); Terranova owns (AKAM); Terranova owns (XOM); Terranova owns (BAX); Terranova owns (VRTS); Finerman and Finerman's Firm own (AAPL); FInerman's firm owns (BMW); Finerman and Finerman's Firm own (CMI); Finerman and Finerman's Firm own (BP); Finerman's Firm owns (GM); Finerman owns (GOOG); Finerman's Firm owns (JPM) and (JPM) leaps; Finerman owns (JPM); Finerman and Finerman's firm owns (MSFT); Finerman owns (RIMM); Finerman's firm is short (IJR); Finerman's firm is short (IWM); Finerman's firm is short (SPX); Finerman's firm is short (XRT); Finerman's firm is long S&P 500 puts; Finerman's firm is long RUssell 2000 puts; Finerman's Firm Owns BMW

For Brian Kelly
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For Dennis Gartman
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For John Stephenson
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