Wolverhampton Wanderers are currently nine points away from the play off spaces.
Wolves have won just one of their last seven matches, and they were beaten 4-1 by Sheffield Wednesday in their most recent outing.
Wolves were tipped as one of the leadings contenders for promotion before the season started, but Jackett admits his side’s chances of even making it into the top 6 look very slim now.
"I think it's very tough, looking at the last two performances,” he said.
"Before then I was saying things could go either way. With the right type of run we could have done that. Certainly the last two results have changed that.
"We're very much now, and I know this is obvious, looking over our shoulder."
Wolves’ recent form has been worrying, and their defensive issues have returned in recent fixtures. The Midlands outfit did seem to have tightened up their backline when they signed Mike Williamson on loan from Newcastle United, but since he has returned to St. James’ Park they have struggled.
Wolves have let in seven goals in their last two matches, and even though they have shown signs of promise going forward, they have given themselves little chance of getting results.
Jackett is now under serious pressure at Molineux, and he will know that the team need to get some points from their games against Reading, Charlton and Brighton over the festive period.