What's going on moon gang, this is your friendly neighborhood ape, reminding you when in doubt, zoom out, if you happen to be paying attention to both amc and gme, i understand why today's intraday action really could it. It took the wind out of some people's sails and in this video i really want to be diving into what's going on, and i want to be explaining how i personally think that really not much has changed so on this particular dum money update. I will be hopping into amc, gme their technicals and also be giving you the short interest data update numbers. So with all that being said, let's hop right into it, alright, so for a little bit of foundation for this particular video amc closed up the day at 43.69, which was a drop of 7.3 on a volume of 82.5 million shares, which was a decrease in volume.

Relative to yesterday and for gme, it closed out at just just below 213, which was a drop of 2.4 percent on a volume of 4.4 million, which was actually an increase from gamestop's volume yesterday before we hop into really these technicals. Let me just give you a little broad market overview. The s p 500 traded by the ticker spy hit a new all-time high today, so ding ding ding ding ding winner winner chicken dinner. Some people are asking where this could go to at this point.

When you hit a new high, you do have to let price discovery play itself out, but one tool is the fibonacci extension and looking at that, you could target almost 456. I would say, is one reasonable level that you could watch next uh. 450. 166.

We're kind of in between that so yeah, let's draw 455 456 in terms of the s p 500 in terms of the russell 2000 like paying attention to this, because amc is the biggest stock within the russell 2000. Looking strong, strong, strong, we shot up re-tested. This support at 224 bounced off of that. My next target is still basically 229, the high 228, so russell 2000, looking good and for a quick crypto update aetherium is ripping higher higher higher, as i'm filming this currently traded at 3750..

Look at this we're dancing around at some previous support, currently acting as resistance, but my next target is legitimately 4 000 - that key psychological level also some technical resistance but past that truly watching 4 380. The current all-time high for ethereum. So if you're in this congratulations now, let's talk about amc, i guess before we get into the technicals just so you know the data. Today there was a net return of 216 000 shares and for amc, that's pretty close to neutral on a borrow of 1.62 million shares short interest of 16.87 utilization 92 and shares on loan at 105 million reminder right here.

Uh, the average age of shares on loan is now still very, very close to two months 57 days, and you can still see this beautiful trend of the shares on loan ever since early june, just trending up up up and right now we are coasting at 105. In terms of amc's daily chart, so the technical is getting a little bit interesting. I'm calling out this cup and handle and honestly today, today's high was 47.85. I'm not gon na lie, i'm pretty surprised.

It didn't at least tap 48. I thought that round dollar value would have acted as a magnet uh. It makes sense. I had to take a little bit of a breather just because the rsi was very, very hot and we'll dive into that in a second, but i'm surprised it didn't hit here.

So, in terms of the daily view, the low from august 25th served as support today. So that's the main support. I'm watching is just north of 43 and then we know we have quite a bit of support between 40 and 42, but for tomorrow the remainder of the week, i'm watching this 43 region. Looking for that, help a bounce off of that, and then this uh, hopefully a test and a breakout of the low 48s.

So that's my first support. That's my first resistance and then after that breakout i'm watching 50 and then from there 53. in reference to the rsi. So it made sense that had to take a little bit of a depth the r side.

The relative strength index is one of the most common technical indicators and it's a momentum indicator. It has values of 0 to 100 and when it gets very high, that's a lot of bullish momentum and over 70 it's considered to be overbought. The opposite is true. When you're below 30., that's a lot of bearish momentum and it's considered to be oversold a lot of day traders swing traders out there use this as kind of a reversion tool like all right.

Look at super super high, maybe it's time for a break. Super super high, maybe it's time for a break, so i think we were running into a situation on amc where the technicals were just a bit too hot. I thought that the bounce would have happened closer to 44.5. I was just watching this consolidation.

This consolidation, these previous highs and with that okay you're, going to be off by a little bit, but now we're in a situation where the rsi is actually oversold. So i'm thinking it's going to react in an opposite scenario. I mean the last time we were this low look at it. We were right here, uh day of consolidation, and then it ended up ripping and you could check this on whatever time frame you're most comfortable with, but the bottom line is right.

Now amc as of september, 1st is definitely oversold, i'm looking for dip buyers to step in and start pushing this back up north um. In the meantime, i do want to see a test of the round values. 45. 46 46 25ish has become pretty important, but i'm really the line.

The major line in the sand is currently in the low 48s for the overall cup and handle breakout before we switch over to jimmy. One final thing, like i said when in doubt zoom out. This is true for amc. This is true for jimmy.

Just remember, where we've been don't let one bad day kind of mess with you emotionally think about this ever since we really started moving, it's still up 42 and that's from august 12 to now one red day. One drop of seven percent does not out do overdo all the things we've done in amc in the large time frame and more of a smaller time frame. Amc is still looking good. One red day is not going to mess everything up even on the most recent crazy run uh in early june there was still a red day in there.

It's okay and i get it it's fun. When stocks go green, green, green, just go burr non-stop, but you're. Not going to get that, that's stocks do naturally ebb and flow, and right now we had a day that it wasn't fun. Obviously i wish it was higher higher higher, but this is it's a good lesson.

It's a good pill for all of us to swallow, but i just don't want anyone to get freaked out of the sense of one red day that does not make or break us the same way. One green day does not make us one red day does not break us. Keep that in mind please and from a technical perspective, beyond the fact that okay he's just saying that he's still fine, the momentum is still green. If you look at the macd here, we are still in this overall bullish uptrend.

Ever since this trendline breakout, the momentum switch. Amc is looking good from a technical perspective, so i just wanted to give everyone a calming voice, a reminder there when in doubt, zoom out amc, looking good and as you're about to say. Honestly. Gme is still looking good before these technicals just for the numbers.

A net return of 193 000 shares today on a borrow of 94.. The short interest is 12.44 utilization 35.5 and shares on loan almost 7 million. The average age of these shares on loan is 36 days, so they've been in that for over a month. So here is gme's daily chart.

Recently we had this amazing day on august 24th. Then we had a bullish. Pennant, remember the flagpole lower highs higher lows we broke out yesterday and today we were coming up to 225. It was resistance, it got rejected at resistance.

Sometimes that's what happens at resistance. We were rejected there and i like how we were able to hold above this trend line in a weird way. You could almost think of it as reaffirming this trend line and once again, if we check out a similar time frame on gme, it got to the point that it was oversold on the rsi buyers stepped in and they started pushing it back up. But here's what we have it's just very high rsi, very high rsi, overbought overbought, and then the stock went even higher today and we had bearish divergence on the 30 minute time frame.

Stock up up up up the rsi did not follow suit. It didn't make a new high, that's bearish, divergence, at least on this time frame, and it ended up selling off. I mean that's how it happens. That's why it's called bearish divergence.

So with it. These are the technicals. You can read intraday to kind of pinpoint places that might be better places to add to your position, optimize your risk to reward, and here same thing i was hoping that it would catch itself at 215 and ended up going all the way down to 208. 208 was very important way back in august 26, 27 way back.

Okay, a couple days ago, 288 was important. It bounced off of that. So i like that. It acknowledged that level of support and then we balance right now we're trading at 211..

I want to see the follow through, but once again similar to amc very low, i'm looking for buyers to basically step in on the smaller time frame, weakness and get it back up, because the technicals were a little too hot, now they're a little too cold and I'm looking for the the flow to push it back up so with 225. I want that breakout and then from there i am still watching 240. Once again in terms of the macd, the momentum is still there. It's still in the bullish apis, favor uh we're seeing all the green, the momentum's there and once again same as amc one green day doesn't make us one red day does not break us when in doubt, zoom out.

Look how far we've come ever since we started this recent run on gme, it is still up 44. Looking a-okay, i wouldn't get too crazy, focused on one day a drop of 2.4 when we're up 43 pretty much on the month, uh i'll. Take that i will definitely take that so overall patience, patience is key. Let's see how things continue to play out, but right now we're looking good, at least in my non-financial advice, opinion um.

The technicals now had a chance to cool off which gives us right here. If this is our base, we're now kind of gearing up for that next move. But we just need to ensure that the momentum that both of these stocks, amc and jimmy have had over the past about two weeks. We want to see that continuation and the follow-through, but both of them on a very small time frame oversold.

So i'm looking for a bounce, the remainder of this week with all that being said, i would love to get your thoughts and opinions on amc and gme in a comment below. If you want to help me out with the algorithm, you know all that good stuff. All that engagement does help me out, and until i catch you next time from me and share best of luck in the markets, you.