What's going on moon gang today is thursday september 2nd, which means it's another great day to be in ape. Welcome back to another dumb money update on this particular update, video i'll, be talking about amc and gme their technicals, the short interest data related to both of those - and i have one interesting theory that i want to share with you about amc. So with all that being said, let's hop right into it. Okey dokey aren't choking.

So just so, you know, amc closed out the day at 44.38, which was a gain of 1.58 and on the week it is now up 10.10 and gme closed out the day at 213.52, which was a gain of 0.26 and on the week. Gamestop is up just over four percent before we get into those two specifically just so you know the overall market, the s p, 500 trading on the ticker spy hit a new all-time high. Today, this isn't a relative one. I'm saying the entire stock market, the most common barometer for the entire market, hit a new all-time high with respect to a different index, the russell 2000 right here we have iwm, which is the etf that tracks it and it had a very good day, not a New all-time high, but we're seeing a lot of strength ever since or excuse me august 20th.

It's just up up up and away and the reason we talk about this one is because amc happens to be the biggest stock within this particular index. So we're seeing a lot of strength there, it's currently at resistance uh if it can get above this, i want to see a follow through to the 232 233 region and honestly back to the s p. 500. I do think that this will keep coasting up to closer to 455 56.

Before maybe we see a little bit of a breather here is a look at amc's daily chart before we get into that just very quickly. The numbers so right here the borrow change was massive. Today the net borrow was 404.25 million shares on a borrow of 4.5 million shares, that's pretty crazy short interest up to 17.76 utilization. Almost 93 shares on loan, taking this into account, probably back above 100 and i'd probably say 10 million, but we'll see when this updates actually in the morning.

A couple of things i do want to bring to your attention right here is the average age of these shares on loan pretty much at two months. It's at 57.5 days and over here uh one of the things i have up. We were talking about some of the fails to deliver. Remember with this.

We see these massive spikes overall, all right, obviously, at the end of the june amc specifically had a lot a lot of ftds and right when we saw it that's actually when the price was dropping and what i kind of find interesting about. It is as it's going up again. They started growing recently ever since, like the price, actually the action bottomed out and now that we're going up we're seeing more of these. So just weird things and yes, we're not as high as we previously were in june.

But the growth people have been pointing out that it's a higher percentage, but no matter how you slice it. We know that all naked shorts are an ftd, not necessarily the other way around. Not all ftds are naked short, but either way the percentage-wise and really even magnitude. You should not be seeing this uh.

That tells me that something is going wrong inherently in this system, to see all these millions of ftds, but anyway, those are the numbers. Your ortex update for amc and right here, here's a quick look at the daily chart, so we're still paying attention to the cup and handle that i've been droning on about now for probably a good week two weeks - and we still have this support right here at The low 43s, we have an additional support at 40 and we're still looking for this breakout in around 48 to 48 30. uh. So not much has changed there, but i do want to point out there's a good chance after today, you're going to hear more of this analysis of a hammer candle and that's actually just kind of what this looks like now.

In my definition, this really isn't one. It has too much of a wick on top like back here on august 20th. This was a better hammer candle, but if you're hearing anything about it, it's right here it's just this is the this would be a perfect hammer candle and it commonly means that when you see the downward price action, and then you see a hammer candle, you look For that reversion, on the other hand, if it was trading upward - and you see a similar one - then it when you see this uh this one in this scenario would be called a hanging man, the first one is a hammer candle. Basically, when you see these big wicks, think of like okay, a reversion so, for example, how that would be applied to amc right here is it was trading downward.

We see the wick, but then people bought up the weakness and hopefully that leads upward and maybe for this part, hang on. I might be getting into a little bit too much of it right here. Let me throw on my tinfoil hat, make sure it's not too too tight uh, but one of the things we noticed on stream today was a lot of similarities, so this is the two hour chart on amc. If you compare august 26th to yesterday september 1st, both of these were red days and for the first, we ended up closing down eight percent and then the one that we had most recently.

This was a decline of 7.76. What's crazy is the very next day was a consolidation and the reason i'm pointing this up to you right here? Is you see when the rsi just gets a little too hot? It sells off like the rsi overextended, we had a video selling off the rsi overextended a day of selling off both of these august 26 and september 1st, both of them it's very similar drop and then, after the drop, the rsi cooled off was pretty much neutral And we have a day of sideways training and in fact back on this first one it was a gain of 1.3 and then today we had a gain of let's see how this 1.56 so once again, very very similar. So let me just quickly recap, for you, both of these days of running up uh recently was two days before that it was how many ever other days our site got way too hot way too hot they sell off. They sold off to the same degree, rsi neutral a day of consolidation that helped with the rsi getting neutral and with neutral it was a slight gain, and what that led to is that these two days, today's action of september, 2nd and yesterday's action of september 1st.

If it really is mirroring the august 26 august 27th time period, that might mean i don't know if it's going to be two days, but overall it's kind of setting up previously. We saw some bullish action from that. So right now my current theory and i'm not calling for prices or the duration, but overall i am calling for a pretty short-term bullish wave. I don't know what that will or won't lead to, but i just wanted to point out the similarities, because we've been doing that recently with the march to make up and handling and that explosion, and we all know about the holiday memorial day, led to uh two Trading days after that, we then had the explosion right now, we're coming up to labor day, but on stream, we're noticing more and more similarities and honestly we're even seeing this in more recently, just in this cup formation we're seeing a lot of similarities so fingers crossed.

I'm not a financial advisor and for this stuff, with my tinfoil hat. More importantly, i'm not a fortune teller, but i'm just pointing out hey. There is a recent, a recent pattern that could really be explaining some bullish action and for me i mean i would love two days of an explosion. Maybe it's more.

Maybe it's less. I don't know, but right now, with the rsi being neutral and basically the sell-off stopping. I am bullish going into tomorrow to end out the week and then right when we come back, remember we're trading on tuesday next week, labor day monday market closed just so you know we're going to restart trading on tuesday with lee love, love love to see some Follow through on that, so amc just wanted to give you my tinfoil hat theory of what's going on but uh for this one. I am specifically bullish in the short term over the next handful of trading days, with respect to gme a net return of a hundred thousand on a borrowed.

Sixty thousand short interest of twelve point: one eight percent utilization of almost 35 and shares on loan of 6.66 million, and just for those of you who are curious, how long they've been in the shares on loan about 37 days now, with reference to gme? It's a different pattern, but still a bullish one. So we've been talking about how it exploded, lower highs, higher lows: that's a bullish, pennant we're looking for the follow through on august 31st. I very much like this. It closed on the top side, but then it was rejected at 225, the site of previous resistance, not only at the end of august, but also all the way back here.

If we're talking about the june time frame today, once again, they tried to push it under, but they couldn't and it got bought right back up. That means that they tried to show us weakness in the morning. They tried to dump supply on us in the morning, but there was too much demand and they pushed it right back up. So basically, what this is telling me the bulls, the apes.

The buyers are not willing to let amc or gme drop. That's why we're getting these bottom wicks and that's think about what that means. Psychologically, they see the price people are like hey, that's a nice discount, i love shopping on a discount, they buy it right back up and now all this is really done is on the smaller time frames like if you're looking at the one hour or the 30 Minute, the 15 minute this has allowed the rsi an opportunity to cool off overall the technicals and opportunity to cool off and now, if we can base and develop more momentum, i would be looking for this breakout at 225 and pass that i would be paying attention To 240, with a major support being at 208 and then a huge support being at 200. overall right now kind of a scrub of the day i mean amc was up.

1.6 percent gamestop was up 0.26, so i like that they're, both green any green day, puts more pressure on the shorts. Obviously, not only is their portfolio down a little bit more, but don't forget they're still paying that cost to borrow fee. But overall, i think we're you can feel that momentum on a shorter time frame, switching they sold off both of these yesterday we're swinging back, and if we can build that up, we might get those mega breakouts that we've been looking for on amc and gme. So with all that being said, i would love to get your thoughts on amc and gamestop in a comment below.

If you want to help me out with the algorithm, you know all that good engagement, stuff and until i catch you next time for me and share best of luck in the markets.