What's going on moon gang, this is your labor day weekend. Dump money update for amc baby now in this particular update video, we'll be talking about amc's fundamentals, specific to the box office and spoiler alert they're, crushing it we'll be doing a quick breakdown of the technicals and, of course, we'll be taking a look at the short Interest and the related data point values so with all that being said, let's hop right into it. Let's get rocking so to give you a little bit of foundation on friday when the market closed amc was at 44.02, which was a drop of 36 cents and by the time the market closed up after post-market trading. It was at 4411.

over the past week. Amc's up 7.8 over the past month, it's up 31 and from the start of this calendar year. Until this exact moment, it is up just under 2 000 before we really get into this. Let me just a quick teaching lesson.

This technical structure that we saw in the 15-minute chart for amc on friday right here we see this shoot up in price. It went from 4310 up to 44.80, then it traded downward in this channel and then it popped from there so right here this is a pretty common technical pattern referred to as a bull flag. So, basically, here's the flag pole when it trades upward the flag itself is the downward channel two parallel lines and what you're looking for, whether you're a day trade or swing trader it it's kind of tough, because it depends what time frame you're, actually seeing this structure On but anyway, if you're a bit more conservative, you could try to buy it at the bottom of the flag. Um with here.

That's the caveat of you really don't know how long it's going to build out or if you're, a bit more aggressive. You could pay attention to breakouts from the top trend line and that might represent a change of trend. Also, one quick note: when it comes to a bullish, pendant setup, you might be hearing things about called a measured move. So, basically, you would look at the size of the flag.

So would we go from 43 10 to 44.80? That's a dollar! Seventy! What's the base here, let's call it 4250, so that would bring us to what 4420 as a measured move. So basically you're. Looking for this length and then when it finally starts to reverse course, you're looking for it to go that same length and we hit what 44 15 so off by five cents, we closed that 4411 off by nine cents. So in this particular scenario it worked out.

I'm not saying this is my favorite thing to do, but i'm just saying i saw more people talking about measured moves, so that might be something that you could use, or at least better understand for the time being, but before we get into more technicals. Let's talk about the fundamentals and to clarify, i still don't think amc is a fundamental play. The reason i think it's important to talk about it and see what's going on is because the people who are betting against it, the bears the snakes, are looking at. The fundamentals of amc: they think it's fundamentally overvalued, so it's important to better understand the mind and the mindset of the people we're going against.

So when you get headlines like this, it's kind of bad because it's weakening their thesis, marvel's, shang, chi, snares, 71.4 million in domestic opening. Second highest of the pandemic. Marvel's sheng chi and the legend of the ten rings garnered an estimated 71.4 million at the domestic box office this weekend. This is the second highest opening for any film released during the pandemic and the highest of any film released over labor day weekend.

Smashing records love. It internationally xiangxi tallied another 56.2 million in ticket sales, bringing its estimated global total for friday, saturday and sunday to 127.6 million. So right there very, very good. In fact, it was so good check this out venom.

Let there be carnage, release date moved up two weeks after shang chi success. Sony has moved up the theatrical release date for venom. Let there be carnage by two weeks to october. First, according to its website, the earlier date for the hotly anticipated venom sequel follows a box office smash for another marvel comic book adaptation, disney song chi and the legend of the ten rings.

Four day box office results came in at 90 million for chongqi after the movie, racked up 75.5 million in the first three days in theaters and finally to wrap this part up. These numbers indicate fans willingness to turn out for some movies in theaters. Even amid coveted concerns so right there i want. I specifically highlighted this because so many people are betting against it and speaking illegally of the ape movement and what's going on with amc or being like, hang on, why would you buy it? People aren't going to the movies the box office is dead.

Why? Why would i be invested in a stock like this? First of all, we know from the high level they don't understand our movement, because it's to me it's not a fundamental move. It's more of a a massive overarching psychological fight for market transparency and fairness. But anyway, if we are going to discuss the fundamentals right here, their fundamental thesis is wrong. Their thesis is why would people go to the movie? Theater people aren't going to the movie theater yada yada yada, we've heard it all before, but factually that's a good narrative for them, but the facts, the data they do not agree with that thesis.

So that's why i think it's important for us to stay updated on all of this, but right there congratulations, amc, uh! It did very very well over the labor day weekend in terms of its box office results. Now, let's take a look at amc's daily chart for a little bit of the bigger time frame. So if you've been watching any of these update videos, you know that i've been just yammering on about the cup and handle that we're seeing and we're still technically in the cup and handle and right here. Obviously we wish it broke out right on this third test, but if it takes a bit more time a couple more days, we've been in this play for pretty much half a year a couple more days.

If i have to wait that much time, i'm patient enough to do that and you'll be able to see it in a smaller time frame when we switch over to the two-hour chart. But right here it basically is consolidating we're kind of also seeing that in the volume the volume is dropping off. So what i'm looking for moving forward, of course, we'll be talking about these areas of demand, aka support and then we'll be looking at the areas of supply, aka resistance, but overall just look at where we've come like. Of course we had that explosion in june and from that place we're still up, but also even check this out in the start of august, like a month ago, we were sub 30 at one point and we're now trading at 44..

So this is still that important thing of when in doubt, zoom out and right now, just in the handle portion it. It really is just overall some consolidation volume's a little bit tired, so we're looking for that to base we're looking for a really some nice direction. Movement upward - and i think that's when you're going to really start to see some of these shorts, sweat and some of the apes who are on the fence get a bit more excited and in terms of the exact levels, i'm looking for the support that was created. Kind of over the past two trading days, i'm watching for amc to hold 42 and below that we know we have strong support at 40.

and in terms of breakout, i wanted above 45., i'm still beating my drum about the importance of breaking above the mid-46s and Then right here, the low 48s are probably like they're, pretty evident that we need that technical, breakout and above that i think 50 will act as a strong, psychological magnet and, above that you don't know where it's going to go. But i do believe and we're about to see this in the data that once we get into this region between 50 and 60 62. This is where we could estimate that a lot of the current shorts took their position and at first they were like okay, sweet we're in profit. They held out they're like oh, that was scary, but we're back in profit, but now that it's starting to track back up think about the psychology for them hang on they're, seeing their p l, their unrealized gains, start to disappear and imagine them going negative.

I think that's when they're going to start to sweat, hit the buy back button to cover their position and that's when we're going to start to see. Slowly but surely, like. We saw in early june an increase in volume, an increase in volatility and really you're going to start to see these giant range bars range as in the distance from the low to the high on a daily chart. We're going to start to just see more and more enthusiasm and energy in the stock, and for that to happen, we just need to break out out of this current period of consolidation right here.

What i have in this white rectangle is the handle of the cup and handle this is the two hour chart. So, basically, ever since what august 24th august 25th we've been range bound range bound between 40 48 right now, we're pretty neutral. The rsi is smack dab. In the middle at 50., so there's not much directional momentum in terms of the relative strength index, but what we are seeing is a bit of momentum in the macd, the moving average convergence divergence for both the rsi and macd.

If you want to know more about them, i do have standalone videos on this channel, but anyway we had this bearish momentum and it's starting to change as in there's less bearish momentum as we're tracking up more and more bullish momentum and we're looking for that crossover. I do personally believe that the crossover will be aligned with a breakout above 45 and then right there. We have the nice traction to the mid-46s and really we're looking at this low 48 breakout, so pay attention to the macd, because i think that will, whether it's someone on the fence, a retail trader, investor institutions or even algorithms. I think people are paying attention for a larger time frame.

Macd crossover with a small technical breakout. I say small as in not a major level, ie 45 to get some traction up to the mid-46s, then the low 48s, and then i think the party is fully fully fully on so overall in terms of what we're seeing in the fundamental developments. Looking pretty good for amc um, at least it's weakening the thesis of the people who are betting against it right now, the chart's good! Not that long ago we were sub 30 right now, we're consolidating in the mid 40s i'll. Take that and right here.

Let's take a look at what's going on with the data related to amc, so this number these numbers all did update just so you know it's like kind of a labor day thing uh. So, on friday morning, we started off with a short interest just below 18 right now we're just below 19. So that's an increase. The utilization was 90.8, we're currently sitting at 90.9.

So that's a small increase and also the shares on loan. This is an interesting one. On friday, we were at 112 million, now we're at 118 million a six million increase, that's pretty notable when you're talking about 112 to start with so right there, because we did see an increase well. First of all, that does raise the proverbial ceiling of where we could go in the event of a short squeeze, but it also explains the recent drop in the average age of shares on loan, because we had such a sizable block that just started so right now.

They're age, zero or one days so that's going to drop the overall average, but we're still sitting at 53, and i'm just bringing this to your attention, because that is really what ties us back to. Okay, the basic idea, the quote: unquote: average that the shorts got into it and that's why i'm saying okay above 50! That's when i think a lot of the shorts are gon na start to sweat, because that's when they see their p, l go from a small green to red and to hopefully a lot of red pretty soon for the people who are currently betting against it. But across the board, the short interest, the shares on loan and utilization for amc up up up, and that, like i said, just raises the proverbial ceiling of where it could go in the event of uh short squeeze the gamma squeeze and fomo buying. And, of course, all three of those playing into each other and really building it up in, like a more of not even a linear manner, definitely like more of an exponential manner.

Fundamentals: trending in the favor of amc as a business, the technicals consolidating at a very nice high level, we're looking for that breakout of 46.50 and then the low 48s and then really 50 and in terms of the shorts and the short data they're. Just getting more and more bearish and that just raises the ceiling so going into this shortened week right after labor day man, i'm just so excited i like, i truly am um. I know right now we're still seeing a little bit of consolidation and we just need that consolidation to end and we need some excitement and enthusiasm to come and we'll see that in the volume, picking up and you'd never ever know how this is gon na end And i just the way things are like kind of trending and reading the tea leaves. I guess uh cautiously optimistic cautiously, cautiously optimistic, but remember i'm not a financial advisor more importantly than that, i'm not a fortune teller.

So please do your own dd. Please do your own research, but for me as for me, i like this stock. So with all that being said, i would love to get your thoughts on amc in a comment below. If you want to help me out with the youtube algorithm, you know what to do, and until i catch you next time for me and chair best of luck in the markets, you.