I think the path of least resistance is still down. No doubt the market is making us question that view. It always will.  And I will change my view, if I have to, based on the information the market is constantly providing. But quick, sharp reversals are standard fare in a larger downward push. And I still believe that is what is happening here. I would say at this point that the S&P should not be making new weekly highs after Wednesday — if it is that would be one of the things that could alter my view.

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The attached chart is LVS Las Vegas Sands. The market has made a lower yearly low last week, before reversing back up. We have to be aware that if the market looked below and found no sellers that this could be a bottom. Even if the SP 500 goes lower, the market is perverse enough to form a low in LVS. So far it is too soon to say that, but we have to be aware of the possibility over the next day or two.