What's going on moon gang, i'm matt and i'm coming at you through the interwebs to talk about amc and gme with another dumb money update and in this particular update video. I really want to focus on why i personally believe that the apes are winning. Let me repeat that one more time the apes are winning right here, amc closed out the day at 43.96 and jimmy closed out the day at 199.65. Both were slightly down but don't forget.

Yesterday, amc ran 20 and jimmy ran 27 a little bit of a pullback. Today, in no way bothers me, in fact, i'm going to show you how this is pretty similar to action we've seen previously and the fact that we're consolidating at such a new high value. I think that is absolutely amazing. Before we get into that just so, you know the overall market did hit a new all-time high today at 449..

This is the sp y, the etf, the exchange traded fund that tracks the s p 500 index. I fully believe that this will keep kind of melting up all the way to 450, but don't forget that there's that jackson hole symposium for the federal reserve and powell will be speaking. I believe on friday of this week, but overall the market is looking strong and more specific. To really amc here is a look at the russell 2000.

This is important. It's a small cap index and why we talk about it is because amc is the largest company within the russell 2000 and right here we had a nice technical breakout. I was calling out resistance at 224 and that's we undershot it a little bit today. We hit what was it 223.97, so we undershot the 224 mark by about three cents.

So i want this continuation. I love this breakout of 221 looking very strong. We want this to continue to push upward because that'll be more of a a tailwind for amc to continue it higher and higher and higher all right and now, let's talk about amc before we get into the chart here, though, very quickly with ortex. Today there was a bar of 1.7 million shares against amc, which was a net of 400 000 and the short interest is 17.

So even with this, you can be like hang on. The utilization is still around 91.. This shares on loan 105, but if you've been paying attention to it, why did the right here this new yellow line? Why are we seeing a drop in the estimated short interest? Well, this comes back here to the exchange reported short interest. This was released yesterday, august 24th, but remember the data was valid for august 13th.

So if we look at august 13th, the blue line is what was reported and then the purple line was ortex's estimation. Vortex was estimating 98 million, while the report was 92.4 million, so they were off by what about 5.6 million shares. So ortex was overestimating so from yesterday to today they had to recalibrate their model because whatever their model was saying, it was slightly over. Hence why we saw the drop and that's exactly why we saw drop in short interest, but really shares on loan.

Didn't change utilization didn't really change. I just wanted to explain that and it can. This is a sword that cuts both ways as you're about to see with amc where it did kind of the actual opposite. But overall, these are the numbers, and i just want to explain it that it really was in no way indicative of short's covering now.

Let's talk about the technicals on amc, here's amc's daily chart. Yes, we had this major technical breakout and today was a slightly red day, but here's what i want to bring your attention to. First of all, we still have very very nice volume way better volume than we've had in quite a while. I mean honestly we're looking at volume that we had back in like the mid june time, so we see excitement some energy coming back into amc, and here i don't want anyone to be bummed out of.

Like oh hang on, we have one. We have one red day. That means we're somehow losing. No, no, no remember what happened back here, all the way leading up to june 2nd.

We had four very nice green days and then we actually had a red day where it dropped from 32. All the way to 26, then we had a day where it did absolutely nothing, and this was right after the memorial day weekend and then we exploded. So am i saying that this is a perfect pattern and we have to look at this and it's going to play out like that? No, no! No! No! I'm trying to illustrate the point that it's very much okay in one monstrous move to have a couple days that are not some mega green bars. So right here.

The way i would look at it is similar to how we did before we saw a nice nice movement and then yeah. It wasn't the best they weren't exploding like these two days on may 28th and on june 1st. But what we did see is some form of a consolidation. The market was accepting it at the new high value, like yeah, there's a little bit of a decline, but the point is: is that the bears were not pummeling it back down to the ground.

In fact, people were trying to decide what they want to do, and people who were on the fence like well, who am i going to bet on, or am i going to bet on this at all? But overall it is a okay. After an explosion to consolidate and look for another rip and in fact shout out to tdg to true trading group mike, we were talking about what is a great ideal scenario. I asked him. I was like, if you didn't know anything about the narrative, if amc and jimi and you're looking at amc's chart.

What would you like to see - and he said he wants to see this - actually consolidate at the new value and form more of a kind of a bull flag where we see here, i can actually just show you here's the two hour chart. He said he wanted to see lower highs. Some higher lows form some of the somewhat of a pennant like just a triangle, and then eventually we bounce off the bottom of the pendant. We break through the top line and rip up to the next resistance.

At 50.. 50 to 52 is very, very important, but first we obviously had to get over this double top just north of 48. The other thing i want to point out to you is on this run. Of course i was there with you.

I want this to rip rip rip the more green, the better i'm right there with you, but don't forget that at a certain point the technicals were super super overheated. Look how overbought this was. You can't typically continue this type of momentum for too long. So right here it's it's more of a breather right now, we're no longer in the overbought territory, we're opening it up we're just breathing a little bit, but overall, don't forget to have a drop of 30 cents point six.

Eight percent! We didn't even drop a cent after a 20 rip right now. I'm telling you wall street is scared. The fact that this is not beaten down. This is great great great and in fact we still have a crazy good support at 42.

before it was huge resistance, and now that we're breaking out above it and holding it, i mean i'm still looking that that would in my book we do have a little Bit of support at 43, but i'm mainly watching at 42, so my game plan for the remainder of the week is breaking out of 46 and then right above 48, and i would love to see that test of 50. in terms of gamestop. Today there was a net return of pretty much net neutral, borrowed shares of 182 000 short interest of 13.28 utilization of 38 and shares on loan of 7.16 million. So previously, when i was talking about amc and the recalibration on ortex, we'll look at this one, it came out the same day.

It was released yesterday, but it was valid for august 13th and at this point, ortex was underestimating game stops short interest, so they were estimating 6.2 million. When really the exchange reported short interest was 7.5 million shares, and this is exactly why let me show you the yellow one. We see a dramatic upswing from yesterday to today, because they had to recalibrate their models and that's. Why really? With the shares on loan and the utilization being roughly the same, we saw about a jump in two percent in the short interest.

So this has nothing to do with the actual shorts. It's more of a recalibration model because remember one of the biggest issues of being a retail trader is the fact that the data is not readily available to us. We're always working on delayed data, and we don't have anything, that's nicely up to date, and that goes for a lot of things. Shorts, ftd reports, so many things that the sec and finra has it's given to us at a very, very delayed rate.

So it's one of these things where, as a retail trader, when we don't have that much information, we try to extrapolate and make the best guesses we can. But of course it's never going to be perfect unless you're, really a market maker or someone working in a prime brokerage, or you somehow have insight to all the hedge funds. We do the best we can as retail, and it's one of those things that there's just a huge lack of transparency and here's. A look at gme's chart very, very, very similar to amc on the two hour, but before we do that, i want to show you the daily well also it's still very similar.

So we have the trend line breakout of this wedge and then we also have the resistance of 164.. We ripped past 188 ripped past 200 got all the way as high as 227 and then today, right now we're just reaffirming this very nice key psychological level. At 200., it's incredibly important and past this. Just on the larger time frame, i would say 225 because that's where we've seen previous resistance and then pass that i would recommend paying attention to 240..

But in terms of the two hour, this looks very, very similar to amc's we shot up, and now it's just another day of consolidation. The bears the people, betting against the stock cannot beat it down granted. It did not have day two of an explosion, but right here it's telling us that this isn't just simply a pump and dump where it goes up and comes immediately back down and went up, and now the market is accepting it at the new value. Once again, the technicals were very, very hot.

The rocket's engines got a little overheated and now we're just taking a breather we're no longer in the overbought territory, which opens up more room for the next run. Obviously, if we're talking about amc or jimmy, i'm not guaranteeing a run, i am not a financial advisor, i'm not a fortune teller, any of that. I'm just reading the technicals and trying to relay why this is exactly why i think the apes are still winning because we exploded it up and they're not pushing it back down. The market is accepting the new price of amc and gme.

This is an absolutely bea beautiful day to be an ape. Things are looking very, very good and i am beyond excited to see how the remainder of this week plays out because we're starting to see more money flowing to the option chain. If you didn't check out my update video yesterday, you got ta see that because that's what relates to a gamma squeeze, which is basically market makers and premium sellers having to buy a bunch of shares and then, of course, we're here because we're talking about our short Squeeze and with more and more enthusiasm and excitement, and it getting more popular and even youtube views or, if we're seeing an uptick in google trends, people on the fence, who might not know about this story at all are starting to say, hang on. This seems fun and they might want to partake in the festivities, but overall amc jimmy i'm very happy with what is going on.

Of course, i want it to be more green, but hey, there's always going to be another trading day for us. That's what i have for you amc jimmy. Let me know your thoughts in a comment below if you want to help me out with the algorithm, you know what to do and until i catch it next time for me and chair best of luck in the markets.