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Wynn Resorts Bucks the Broad Market Decline — Here's How to Trade It Now

There were very few stocks not taken down in Friday's broad market decline. The number of stocks above their 50-day moving average dropped from over 60% to under 35%, a breadth indicator that reflects a high degree of participation in the pullback.

One stock that was seemingly unaffected was Wynn Resorts (WYNN) . Wynn saw a 2.75% advance in the Friday session and was up 6.5% on the week.

Wynn has not been immune to the decline in Macau gaming revenues over the last two years. In fact, it experienced a 75% drop in share price from its 2014 high to its 2015 low. This year, it completed a double bottom on the chart and broke above the long-term downtrend line and then...