"We're going to see the S&P make its way down close to 1,860 or 1,875 and so," Gartman said on CNBC's "Fast Money."
But despite a drop of nearly 2 percent in the S&P and the , Gartman, editor and publisher of The Gartman Letter, remained positive on the market.
"I see nothing wrong with what's happened today," he said. "The bull market hasn't ended."
Last week, Gartman said that El Pollo Loco's soaring IPO was a sign of the market top as it reminded him of the frenzy around the dot-com bust.
—By CNBC's Kristin Cwalinski