$M can continue correlate with $SPYCorrelation trading strategy idea analysis.
The market was very volatile all the last three weeks.
There are a lot of freshly formed support and resistance levels.
Also, there are some older levels, which were formed in 2008.
So it is a very good time for correlation trading.
I showed my vision of correlated moves in my previous ideas.
Today I am going to show you a possibility of correlation trading of $M.
Now Macy's is a very cheap stock with good enough correlation with SPY.
Look on the $SPY and $M charts.
Actual corresponding support&resistance levels look so much alike.
We can expect future similar moves.
Following the correlation trading strategy, it is reasonable to wait for correlated level breaking.
When $SPY and $M simultaneously break their resistance levels, It will be possible to buy $M.
When $SPY and $M simultaneously break their support levels, It will be possible to short $M.
Do not view this idea as a recommendation for trading or investing. It is published only to introduce my own vision.
Always do your own analysis before making deals. When you use any materials, do not rely on blind trust.
You should remember that isolated deals do not give systematic profit, so trade/invest using a developed strategy.
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