Carmax Inc

The medium-term downtrend in KMX remains intact, evidenced by lower highs and lower lows under flattened EMAs and the 200 SMA. Supply dominance is reinforced by heavier volume on down-days and failing rallies into the 9/20 EMAs and August resistance zone. Short-term timing favors bearish execution now as price rejects resistance and momentum indicators trend lower. We seek to engage bearish exposure near EMAs and resistance before any potential relief rally.

• ↑Q1 FY27 sales $8B (+6.2% YoY) driven by competitive pricing.
• ↑Retail gross profit per unit at $2,407, highest on record.
• ↓Q1 gross profit $854M, down 4% YoY, compressing margins.