Hey traders,
Yesterday I showed you how the big names — Nvidia, Microsoft, Meta, and Broadcom — are starting to slip even while the S&P 500 looks fine on the surface.
So the natural question is: what happens if that weakness spreads?
The Pullback Scenario
Now I’ll be straight with you — these exact levels came from my partner Jeffry Turnmire on our Market Masters show.
Jeffry’s the technician between the two of us, and every Wednesday and Friday at 11:30am Eastern we break this stuff down together.
I like to bring you the practical side of trading it — but when Jeffry points out levels like this, I pay attention.
Right now, SPX is still above its short-term trend line. That’s kept me bullish.
But if those leaders can’t regain their footing, the index could break lower — and that’s when you’ve got to know the key levels underneath.
- Near-term support: around 6345.
- Deeper line in the sand: If that level breaks, we could head down to to 6150.
- And if things slip further, 6,000 on the S&P 500 is a real possibility.
Why These Levels Matter
Markets don’t fall in straight lines. They move from one “known” level of support to the next.
If we break the first floor, odds are good we test the next one. And if we get down to that 6,000 handle, you can bet the algorithms will kick in — program selling that can push prices around even more.
The Bottom Line
I’m not waving a crash flag here.
The big picture trend is still up. But when leadership narrows and seasonality turns choppy, it pays to map out where the trap doors are.
That way if we do see a heavier pullback, you’re not reacting in panic — you already know the roadmap.
Make sure to tune in to Market Masters today at 11:30am Eastern. And if you miss it live, you can always catch our replays right here.
Trade well,
Jack Carter
P.S. There’s a select list of stocks that has popped every August for 10 years straight. And I’m sharing the list right here!
