The Overbought in a Downtrend Setup

Chipotle Mexican Grill represents the type of setup which "should" work on the short side again, as it is overbought (upper Bollinger Band) in a clear, ongoing downtrend (declining longer-term moving averages). 

Still, if the setup is too easy for bears, as it may have been this morning with the indices, then perhaps it will simply continue to grind up and stave off a rollover for now.

Put another way, CMG may be a good tipoff as to how last the current bounce is in the market, for a variety of reasons beyond being one of the prominent growth leaders in the market for many years. Back under $510 should set in motion a few toes in the water on the short side now, especially with the headlines dying down about the stock and some latecomer shorts already squeezed from $400.