Toppish Patterns - Get ready to ignite short positions

Things really change fast in the financial markets. As of close of 13 Dec 2011, it seems more likely that the markets are setting up for lower prices to come. Many leadership stocks are exhibiting toppish patterns and looks likely to roll over anytime. Tricky situation.

Click on chart to enlarge (Dow Jones Index)

Click on chart to enlarge (Apple Inc)

Click on chart to enlarge (LVS)

Click on chart to enlarge (CF)

Click on chart to enlarge (Chipotle Mexican Grill)

Get ready to ignite short positions!

Apple Inc. - As the leader goes, so goes the market?

Apple Inc. looks poised to test its 50day MA on the weekly chart this week. On the daily chart, Apple is in the midst of forming a potential H&S pattern. Price action had already broken its neckline and is now testing its last major support at the 200day MA.

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On the weekly chart, Apple had a potential double top formation with spikes in volume. A break of the crucial $357 level which happens to be the neckline would see sellers coming in.

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