MED puts in a double top. Bad news for stocks.

I mentioned Medifast (MED) in my most recent list of US all-time highs and I said I was watching to see if it could make higher-highs or if it would fail and put in a double-top instead. Well, today we have our answer: Double top. This is quite bearish. MED has been among the most resilient stocks of the past few years, which has been exemplified by its recent charge back after a huge sell-off. It still sits above the 50 and 200 day moving averages but this is a very bearish development. Here's the chart:


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