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Chart Center: Classic Correction Alert

Monday, 4 Apr 2011 | 5:48 PM ET

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.

Correction Alert?
A look at what the charts say about the markets.


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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
Accounts Managed by Kanundrum Capital are long gold
Accounts Managed by Kanundrum Capital are long silver
Accounts Managed by Kanundrum Capital are long wheat
Accounts Managed by Kanundrum Capital are long oil
Accounts Managed by Kanundrum Capital are long natural gas
Accounts Managed by Kanundrum Capital own (MCP)
Accounts Managed by Kanundrum Capital own (EBAY)
Accounts Managed by Kanundrum Capital own (MON)
Accounts Managed by Kanundrum Capital own (DBA)
Accounts Managed by Kanundrum Capital own (VLO)
Accounts Managed by Kanundrum Capital own (ATW)
Accounts Managed by Kanundrum Capital own (RDC)
Accounts Managed by Kanundrum Capital are long (FXY) puts
Accounts Managed by Kanundrum Capital are long VIX calls
Accounts Managed by Kanundrum Capital are short (JJC)
Accounts Managed by Kanundrum Capital are short copper
Accounts Managed by Kanundrum Capital are short (XLF)
Accounts Managed by Kanundrum Capital are short (SMH)

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (NCRI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & IRL
PLC

For Dennis Gartman
Funds managed by Dennis Gartman are Long Corn
Funds managed by Dennis Gartman are Long Copper
Funds managed by Dennis Gartman are Long Soybeans
Funds managed by Dennis Gartman are Long Sugar
Funds managed by Dennis Gartman are Long Crude
Funds managed by Dennis Gartman are Long Nat. Gas
Funds managed by Dennis Gartman are Long Australian Dollars
Funds managed by Dennis Gartman are Long Canadian Dollars
Funds managed by Dennis Gartman are Long Gold
Funds managed by Dennis Gartman are Long Swiss Franc
Funds managed by Dennis Gartman are Short Euros
Funds managed by Dennis Gartman are Short British Pound Sterling
Funds managed by Dennis Gartman are Short 10-yr u.s. treasuries
Funds managed by Dennis Gartman are Short Canadian Bond

For John Stephenson
First Asset Management owns (SLW)
First Asset Management is long silver futures
First Asset Management owns (SLV)
First Asset Management owns (PAAS)
First Asset Management owns (SSRI)
Stephenson owns (SLW)
Stephenson is long silver futures
Stephenson owns (SLV)
Stephenson owns (SSRI)

For Tim Seymour
Seygem Asset Management Owns (EEM)

For Mike Khouw
Cantor Fitzgerald is a market marker in (INTC)

For Craig Berger:
FBR Capital Markets Is A Market Maker In (MXIM)

For John Mauldin
**No Disclosures

For Joe LaVorgna
**No Disclosures

Comcast Is The Parent Company Of CNBC
Comcast Is The Parent Company Of NBCUniversal
GE Owns 49% Of NBCUniversal
GE Owns 49% Of CNBC



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