What's going on matt, it's me moon gang and welcome back to another dumb money update for today, monday august 30th. We have quite a few things to talk about. I will obviously be focusing on both amc and gamestop, but there's a few other things. I want to touch on so with that being said: let's hop right into it for a little bit of foundation, amc closed out the day at 43-33, which was a nice gain of 6.1 percent and jimmy closed up the day at 209.20, which was gain over two Percent now, before we get into the technicals and the details of both of these moon stocks very very quickly, let me go through a little a little bit of a laundry list.

I want to point out crypto right here, so bitcoin broke out, followed its trend line down bounced off of 4700 kind of trucking its way back up to 4900. That's what i would be watching on btc and then, on the other hand, we had ethereum that broke out held a little bit stronger, bounced off of 3150 and it's now pushing 3381, so i would be looking for a breakout there. I think this had to be one of the most humorous articles written about me uh. This came across on binzinga today, uh corsar gaming shares spike to session high.

Now up 2.8 traders circulate call from youtube trader, matt gore's that he has stock on his watch list. Today, on today's stream i was like oh crsr, i mean i was buying stuff for my new pc setup i was at best buy. I saw and they're like hey, it's pretty popular, so i've known about it. I am a fan of investing in the esports arena.

So i've known about this stock and some people pointed out how it was moving and it has higher short interest. So literally, i just threw it on my watch list right now. I do not own crsr. I think it's hilarious.

This made news, but in more of a serious like note, because someone buys or sells or literally puts it on his watch list. That is not a buy or sell signal for you. Please remember not a financial advisor, but i'm not even really, specifically speaking for me. Do your own dd have conviction in your own trade.

This would be an insane reason to buy or sell a stock. If you guys want to know more about the stock, i can make a standalone video on it, but just because i put it on my watch list that in no way means that you should be buying the stock. More interesting news, sec chairman says banning payment for order flow is on the table, so a controversial practice that has brought in billions of dollars to brokers and high frequency training firms is in the crosshairs for the sec and could be eliminated entirely in an interview with Barons on monday, sec, chairman gary gensler, said that a full ban of payment for order flow is quote on the table. Gensler says the practice has an inherent conflict of interest.

Exactly what we've been saying as an ape nation, community market makers make a small spread on each trade, but that's not all they get, and this is the more important part they get the data they get. The first look: they get to match off buyers and sellers out of the order flow. That may not be the most efficient markets for the 2020s right here. There's such an asymmetric data advantage for the the duopoly citadel securities and virtue because of the payment for order flow process and, honestly, even beyond that many brokerages right now end up just with without even pfof.

They end up sending a lot of their orders to this duopoly and they have such a data advantage, which is for me. I think this payment for order flow is damaging not only because of what's going on with the inherent conflict of interest, but it is damaging to the lit markets. It's widening the spread and it ends up costing billions of dollars per year to things like pension funds, retirement funds etfs it is damaging to the overall market beyond just like them having more data. So this was kind of interesting because, right after this got dropped by behrens, robin hood took a hit.

Today it was down 6.9 percent hanging out at 43.30. If it goes below this recent low of 42.44, i think there's more downside. Yes, of course it might catch itself at its ipo high of 40 25. But below that i mean we're talking the mid to low 30s, so might be worthwhile, and i know i'm just saying to put it on your watch list that doesn't mean buy yourself but uh, depending on how much people really weigh out this banning of payment for Order flow could be damaging to robinhood and it makes sense because payment for order flow represents a huge amount of revenue for the company which, in its last quarter, already had a pretty sizable loss.

So that's what's going on really with crsr and hood robinhood, but very quickly for the overall market. I think it is noteworthy to point out that the s p 500 managed to hit a new all-time high today. So if you happen to be invested in this or if you have calls or something like that, it's time to ride the trend, let price discovery play itself out. Of course you can do fibonacci extension and that's like one technical thing you could play out for it, but really the trend is your friend in terms of the russell 2000.

I like to pay attention to this, because amc is the biggest stock within this particular index. Looking strong today, it gapped up and then ended up selling off, but really not that bad. So i still think 228 229 is in the like. It's definitely possible.

So that's my first watch in terms of resistance with the first support being 224 and a half 225, but look for this breakout and a continuation from 229 up to 233, and i do believe that this will bode well for amc and here's. A look at amc's daily chart before we get into this very quickly. Today they borrowed 1.5 million shares against amc, with the net borrow being almost three hundred thousand. The short interest is currently 17.3 percent.

Utilization. 93 shares on loan 107 million. Very very quick reminder: the trend is just higher and higher, now higher ever since early to mid mid-june. All the way up till now, the shares on loan going up the estimated short interest going up the average age of shares on loan the number of loans.

Everything related to the positions, betting against this stock ever since really at the latest mid-june until now has been going higher and higher and higher. So here is a look at the daily chart for amc. Obviously, we were watching this trend breakout all the way back. On august 23rd, ever since then we ran up to 48, which is where it had support and resistance.

In very early july. It got knocked back down, found support kind of front running this support right here at 39, bouncing around in the 39s and now swinging back around. This is, by definition a just it's a beautiful, beautiful cup and handle. Let me draw this for you right here.

We have the cup we're looking for the handle and we want this test right here before we get the explosion higher cup and handle. Is it guaranteed to break out this way? Absolutely not. Nothing in the stock market is ever ever ever guaranteed, but with this, if you google cup and handle a big you followed by another, you i like to refer to it as the dutch tulip, it is gon na be a bullish one. The odds are in your favor, it's like being dealt a very good hand in blackjack or poker you're not guaranteed to win, but it is looking strong.

So i want this follow through basically to 48 and then from there we know we have some resistance from 50 to 52 and on top of 52, we're honestly talking all the way about up in the 60s, and i do think that the enthusiasm will follow through To that point very, very excited the other very important thing i want to bring up here. Besides the fact that we have this bullish trend, the cup and handle volume had a nice spike gave us here. It came down when the stock came down and i want the volume confirmation, as we follow through to this target of 48, but potentially more interesting right here. This is the recent daily chart on amc.

We have the cup, we have the handle and we're looking for. The explosion higher - this is a little bit of the rewind on amc, i'm talking march 18th, all the way up to may 18th the cup, and then it got beaten down for a couple days. It took three days on day four. We saw some excitement, so he was beaten down for three days day now day.

Four, so obviously history doesn't have to repeat, but there is a saying in the stock market. History doesn't repeat, but it often rhymes now i'm in no way guaranteeing this, but i'm pretty excited because if this particular history here from basically march all the way to the explosion in early june rhymes, i'm more than ready for that more than excited and beyond the Fact that we have the cup and handle set up, and then we have this just the major resistance at 1460, which i would now say is probably in the region of really the mid-46s more things are lining up in the fact that this movement, where it got Really crazy aligned with the memorial day weekend and, as you know, don't forget this upcoming monday a week from me posting this video the markets closed again for labor day. So now we have a lot of strange things that are overlapping and uh. It could just be a coincidence or it could truly be history rhyming, but right now i mean we've seen this from basically most of june.

It consolidated. Then it sold off all the way until mid-august. Ever since mid-august, we can see it, we could see it in the macd, we could see it in the rsi and we could see it in the price action and the volume momentum is obviously changing on amc for the better in a very bullish, apish manner. We're just looking for the follow-through for the past two weeks.

I've been preaching this entire concept, we're looking for the momentum follow-through on amc right now we are getting it. We just got to see how high it can truly bring us in terms of gamestop. Today, net neutral they borrowed 132 000 against it. The short interest is 13.15 utilization is 35.

Shares on loan is 7 million, not exactly the same, but pretty much from the start of the july. These numbers are kind of going higher slightly. Turning up not such an obvious trend, but it doesn't matter such an extreme amount when remember or text. This goes for amc jimmy any of these other ones.

This says these top numbers have 85 of transactional legal, legitimate volume, so we're missing. 15 percent of the overall picture of the legal, legitimate picture and 100 of the illegal picture, the nefarious picture, because those by definition are not reported. So please please keep that in mind, but gme still people are never gon na forget what gme did in late january. So as soon as this thing really starts moving, in my opinion, it's gon na prompt a lot of enthusiasm because people like it's not that long ago that we had a huge, huge explosion in gme, and today i was getting pretty excited because of what we were Seeing it was getting pretty close to some interesting levels so jimmy at 209 20.

I love how it's holding on to 200 multiple days back on august 24th, we exploded above 200 and then it served as support support support and then today we didn't even really get close to it. But what i was talking about in the weekend update video is this is right here. What i just drew is a bullish pennant. We have the flagpole lower highs, higher lows and today we're pretty much like.

I was excited because i thought we were breaking above it. I wanted to close above it. I would have liked a bit more volume, but today we're right at that trend line. I see no reason why the bulls aren't in control and like push this forward tomorrow, but watch this breakout and specifically watch for a break of roughly the 217-ish area.

You want to break above it, but not just like ascent trading above it you want to close above it, you want to have nice volume above it, that is, by definition, a little bit more of a confirmation. Besides the fact that we just poked our heads above it, for example, today we hit 218 19 as a high, but it didn't hang out there. It didn't get out there. The market didn't accept it.

So that's what we're looking for of this bullish, pennant and really you could apply that exact same logic to amc on the cup and handle before we got above 46. We hit 48 in some change, but it didn't hold there. It went up and the market rejected it. We want market acceptance of these new levels to really be like.

Yes, we truly have this technical breakout, but on a higher level for amc and jamie kind of the same thing that we're seeing the momentum change, you see it in the higher volume. You've seen it in the macd and you see it in the rsi and really over the past week, we're seeing more and more chatter, even on social media. The amount of people who are reinvigorated re-excited for both amc and gme. So i'm excited for the remainder of this week.

Obviously, but i think right here, we just need that momentum follow through. So let's see how that all plays out with all that being said, i would love to get your thoughts on both amc and gme. In a comment below, are you as excited as i am, or do you think that i'm missing something about the current bullish, apis momentum? So let me know your thoughts in a comment below and until i catch you next time for me and share best of luck in the markets, you.