Charts show stocks could be in trouble as a new month of trading arrives, says Carter Worth
(Check out Carter's worthcharting.com for actionable recommendations and live nightly videos.) The May rally could be in trouble as a new month of trading approaches. The two unfilled up gaps in the S & P 500 SPDR ETF from earlier this spring are "an issue" for the market and will more than likely have to be "answered." A sell-off down to the May 9 unfilled gap (at the 567.50 level) and a filling of said gap would represent a 3.05% decline for the market (from current levels). A drop to the April 23 unfilled gap (at the 529.30 level) and a filling of said gap would represent a 9.56% plunge for the market (from current levels). By our work, both unfilled gaps are "in play" this summer. DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
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