The major casinos continue to weaken, with LVS MPEL leading to the downside in recent weeks and threatening major topping out patterns on a multi-year basis, perhaps out of concerns in Macau.
The issue then becomes whether the market may be hinting at larger concerns, perhaps at here in the U.S. in Las Vegas with the consumer.
Either way, a good tell will be the action in the likes of MGM WYNN, to see if they, too, break lower.
I remain short Wynn Resorts, inside 12631, seen on the daily chart below continually probing well-defined prior price support.
A basic tenet in technical analysis is that the more support is probed the more likely it is to eventually fail. Here, buyers have yet to stake their claim on this most recent test, despite previously showing up like a blackjack player to double-down on 11.
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