Macy's underperforms broader marketAnother chart that caught by eye as a big negative mover on the StockCharts Technical Rankings. I will look for confirmation for the price to move out of the symmetrical triangle that is forming but given its recent underperformance of the S&P I am again biased on the short side for this trade.
Macy
Macy's Going to Celebrate!This stock is ready to rise after we had a low volume test on the daily. Macy completed the downward cycle with 3 clear levels of drop, followed by an accumulation phase, then a breakout and a clear rejection of the top edge of a value area. You can see that levels are balancing higher now.
Fundamentals are going to drive this market to insane levels, you can't fight the Feds, you just have to follow their instructions to stay long and make a fortune.