Watchout for big correction in Dow and S&P500 after Triple Top and Double Top Formation.

Today jobless claim and chain store retail sales number came out good, which prevented stock market from big sell off. Stock market is still at such high level that nobody will buy at this level. Today advances were 36% and declining were 54% and unchanged were 10%.  Big hedge fund manager are taking out money and supporting stock with large market cap like AAPL, CRM, CAT, WYNN, PCLN, ISRG, CMG, MA, V, REGN, GOOG, ICE, WTM and this market won't sell off till this stocks have big drops. All this stocks are in overbought for past two month.  Tomorrow comes out the most economic data of this month and it could be big game changer. Nonfarm payroll is expected 201k while previous month it was 227k. Unemployment rate has become irrelevant as the participation rate have been dropping. 

Dow has now formed triple top which could lead to big drop in coming days. A correction of 8-10% is expected. You can read more about triple top reversal http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:triple_top 

The first breakout point to watch out is 12993 followed by 12800. At the same time, if dow is able to break 13153 it could go higher

Triple Top in Dow Jones Industrial Average. Breakout point for upside is 13153 while breakout point for downside is 12993.

S&P500 has now double top formation and we could see again 10% drop in coming days. Technical Breakout point for upside is 1404 while 1390 for downside. You can read more about double top http://www.taguide.com/chart-patterns3.html

Double head and shoulder pattern in S&P500, Breakout point for upside is 1404 while 1390 for downside

Triple top or Double top doesn't work if FED or ECB start running their "FREE MONEY" printing press.