On Monday investors were starting to wonder if sentiment in the market had starated to change.
The S&P 500 suffered its worst day since June on Tuesday, with Caterpillar spooking investors after it reduced its forecast citing sluggish global growth.
Other companies including FedEx and Norfolk Southern have issued similar forecasts, which in turn have also spooked investors.
Weak outlooks, however, are hardly the only negative catalyst in the market.
Pros are also worried by commentary from Philadelphia Fed President Charles Plosser who said the latest monetary stimulus will not do much to boost economic growth or lower unemployment, explains trader Steve Grasso, director of institutional sales trading at Stuart Frankel.
Also, Grasso says pros don't like that protesters had clashed with police in Spain as the government prepared a new round of unpopular austerity measures.
“That’s no good,” says Grasso. "It reminds the Street that Europe could flair at a moments notice."
And trader Tim Seymour, founder of EmergingMoney.com, added that there are other reasons to think sentiment in the market had shifted.
"The market sold off on news that wasn’t entirely unexpected. That’s not a good sign, either” he says. "And we had good news on housing but that didn't seem to matter."
"Around 1440 in the S&P, the market is at an inflection point," says Grasso. "This is where the pros will either sell or buy. I'm bearish."
Posted by CNBC's Lee Brodie
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Trader disclosure: On Sept. 25, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned by the “Fast Money” traders: Josh Brown is long AAPL; Josh Brown is long WFC; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLF; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long SBUX; Josh Brown is long XOM; Mike Murphy is long WFC; Mike Murphy is long TGT; Mike Murphy is long LEN; Mike Murphy is short KBH; Mike Murphy is long TWI; 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; Jon Najarian is long call spreads in AKAM; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in DHI; Jon Najarian is long call spreads in LEN; Jon Najarian is long call spreads in FIO; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long GLUU; Jon Najarian is long STSI;
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