One of the noteworthy developments in recent days has been the move in retailers. The group attracted strong buying support Wednesday after Macy’s Inc. (M) reported upbeat sales and outlook. Shares of Macy’s Inc. jumped over 10 percent. The SPDR S&P Retail ETF (XRT) rose 1.6%, bringing its MTD gains up to nearly 4 percent. Now the question is whether the rally has more legs? Below is an update look at a trade in XRT.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – SPDR S&P Retail ETF (weekly)
Our “U.S. Market Trading Map” painted XRT bars in green (buy) – see area ‘A’ in the chart. XRT has been on a tear in recent days after the early 2018 correction found support near the 4-year moving average. This week’s upside follow-through confirmed…Click here to read more.
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