Wolves picked up seven points from the opening three games and twice briefly held top position.
But three successive defeats, including an inept performance in the 3-0 home reversal against QPR, have seen them slip back into mid-table ahead of Saturday's home clash with Newcastle.
McCarthy admitted: "You can't say if you've lost three on the bounce, that there's no negative reaction.
"It would be crazy to ask anybody to believe otherwise but it's the amount of it (negative reaction) that's important.
"There's disappointment and frustration and I guess a bit of anger between all of us not at each other, but with themselves, for not performing as well as we could.
"I know that because I used to get it as a player as well. There has to be some negative reaction, but not the sort that will cause some seismic shift in how we're going to play.
"There's always pressure to get good results at home, but it's become more important because we've lost three on the bounce. It's time to get some points."
Wolves toppled the two Manchester clubs, Chelsea and Liverpool last season and did the double over Tottenham during the previous campaign.
But McCarthy has stressed the importance of his team picking up points from the sides around them rather than toppling the Premier League's leading clubs.
He said: "We put up a good show in the second half against Liverpool last weekend but we're still not expected to beat the top six teams.
"It's not that we don't try or don't think we can beat them. We did it last season.
"But it might not be the case this year. It's lovely when you do it but I'd take 12 wins against all the others around us all day long.
"This season we might beat more teams around us and end up not having to rely on beating Man United, Man City, Liverpool and Chelsea."
Striker Steven Fletcher has fully recovered from the groin problem which restricted him to a substitute's role at Anfield last weekend.
Full-back Richard Stearman is battling to overcome a badly bruised toe and, if ruled out, youngster Matt Doherty will deputise.
Source: Team Talk
Source: Team Talk