The run to 11/7 was a classic gap fill trade to the 10/18-19 gap, in part driven by shorts covering. Like wise, the 11/8 move was also gap fill in the opposite direction. So with the classic trading targets satisfied, the logical direction was to attempt to retest the 11/7 high. But so far this has failed to reach, and now rolling over and breaking down the rising support trend. As today's high meets within the classic definition of the double top range to the 11/7 high.
As a side note, we found it odd that Cramer Nation was looking to $JACK as a read on $CMG. $CMG has already reported its QTR. And it wasn't good. But neither was $JACK.
We are now expecting a retest of the $255 mark at a minimum.