Whole Paycheck in Aisle 40

Looking at a multi-year chart of WFM, or "Whole Paycheck," as it is affectionately known as, note the significance of the $40 level, especially after this earnings gap lower.

As they say, price has memory. And the prior 2007 bull market top for Whole Foods actually occurred in 2005, as the stock peaked several years in front of equities in general.

Is the same thing happening this time, again, with WFM making no new high since 2013? That may be a bit of a stretched to argue that type of correlation, let alone causation. 

But, on a standalone basis, if WFM loses $40 this summer it would add credence to the idea of a WFM multi-year top. Simply put, bulls need to defend it and prevent losing their Whole Paycheck from this bull run in the name.