If there's a tweet that encapsulates you know, retail as a whole and uh really makes you just ponder uh the greatness of man, it is it. Is this one? Let me just start off with this: it is critical for humanity that we expand our civilization to uranus. I wanted to start off this video on a high note, guys welcome back to uh amish trades, where we walk fast and don't use gas. I like to defend it by saying that i'm not a five survivor expert, so they're gon na say the green salt.

Let's get into it today, i'd like to go over the charts. We had a beautiful beautiful day across the market, uh and amc and gamestop really had some nice strength behind them. Uh. I think there's a very specific reason as to why i'm gon na talk about it uh, but it's just a hint uh.

I i think that that yesterday's video might be worth a nickel ta might be worth a nickel uh and i wan na dive into that. So uh, the big thing that i'm gon na do is we're gon na go over the the amc chart the spy chart uh and give you some updates in terms of what i think is going to happen moving forward as we prepare ourselves for uh. What i think is going to be a little bit of a rally a little bit of relief within this bear market uh. So let's do that.

You know what happened today. Well, you look at the spy. You look at the grand scheme of things uh and we got a nice move to the upside uh. You look at this on the 15-minute chart.

You're gon na see that there was a pretty light volume day, uh for the spy, and then you get this huge pump uh the minute that all the pharmacy news comes out, a huge pump in volume. You get a big pump up, big pump down uh, and then it finishes the day, pretty green. We finished up .88. Now the spy is down about point eleven percent uh for nvidia, then to come out with uh what we can only assume to be not great earnings.

I mean they're down about 6.72 in the after hours and that is reflected across the broad market. Uh spy is also down uh, and this is reflected in other names. Amc kind of got dragged a little bit in the after hours alongside it down about two percent gamestop down a little bit in the after hours got dragged alongside that down 1.8 percent uh in the spy you get the picture right, but the the big takeaway is That the market reacted positively to the the 5c notes that did come out here today, uh and that's important. But what is also important is to take a look at the the in between stuff, the zigzagging back and forth back and forth back and forth uh along our way to what i think is going to be.

This bear market rally uh, as we did touch a pretty critical level reject off of that level. Now, what we have drawn out here is sort of a falling channel right, falling level of resistance, falling level of support and you've got a whole bunch of other lines that are kind of drawn in between here. These these different white lines that i've drawn are sort of uh, different paths that i think this can take in yesterday's video, i highlighted the circle range, which was uh right where this uh this line meets right and rejected off of that now. Coming off of that, i want to give credit where credit's, due dave, uh composite dave on twitter, he's got a youtube channel as well.

I i talked with him a decent amount uh. He drew something up pretty similar uh and i think you may end up seeing that path. You know, i think, at the end of the day, you are going to touch this fib level uh before you touch that fib level. I think that this is a real potential that it rejects off of this comes back down to test about 392..

This is where i think we have differing opinions. I think he thinks it's going to go lower, uh, in which case i think, it'll bounce up and you're gon na break this level and uh test out this fit before continuing for more downside uh. I don't know what fundamental news is going to come out uh when this, when this time comes and when we we reject off this fib, but there's something pretty unique. That happens, and i think this is actually worth discussing and thinking about pretty uh pretty explicitly and it's the idea that that charts at times uh are sort of predetermined.

Like news is almost planned to come out at specific moments in time for a chart, i can think of two. You know separate scenarios, i think about penn penn, for example. Uh was a stock in which dave portnoy got slapped with a hit piece about uh allegations right as some controversy. Some things that uh would would put the company in a bad shoe, and it was at a time in which the chart was sort of setting up for the opportunity for a major major uh sort of drop, a a huge push by bears.

And, coincidentally, when that happened, there was a whole bunch of puts that loaded up the day before. So, if i was to pull a pen, you can see this this sort of massive drop down that you got on the daily candles and uh. That would be right here, huge huge, huge, huge, huge bar of volume that ended up dropping 21 percent on the day of the day before lots of shorts pile drive into the position. Well same thing happened with tesla right.

Elon musk got slapped with a whole bunch of allegations. You got a huge pump in volume when uh the allegations come out the day before a whole lot of puts were loaded, uh to be taken advantage of, and then tesla dropped. Six point: four: two percent off the allegations uh. I say this because it these the tracking that the spy and that amc and that game stop and then all sorts of other names in the market have been following.

I always somehow seem to have fundamental news economic news that backs the move either up or down almost like. It is predetermined, like the news is planned before uh the chart even reaches a specific level. Uh some refer to this as a composite man, but uh. I think that you're gon na see that happen.

I think you're gon na see a huge pump from an economic perspective. Saying hey, look, we're recovering things are good, maybe the fed comes out and says they can be a little more dovish and then bam. We get slapped with some other form of economic news once he tapped that fib and things continue for more downside. I think it's possible uh.

I think, if you break this, you've got the best case scenario. I find that to be less likely, but if we do end up breaking this falling level, we break that fib. Are you coming up and test? This you've got a realistic possibility of of getting a full-on rally, in which case it may not end up being a bear market rally, but uh continued upside. Now i i find that to be less likely, we're gon na take it a step at a time, but i wanted to go over that and the chart, so it can give us an idea of what what amc's looking like now.

I've said this forever i'll say it again: amc will make nice moves when the spy rallies and when the spy turns green when the broad market starts turning green. I do not think it's a coincidence. Granted we do have some great great great uh, fundamental news. That came out of gamestop.

You know: there's lots of dates coming up uh that are going to affect stock price potentially. But it's not a coincidence that the spy was green got a nice nice rally. Today, you saw emc gamestop have decent moves. I think, as a whole, they generally track each other uh, especially when you are in a fearful market, as we are right now.

So with that being said, i do want to give some some looks at the chart and show you guys what i'm seeing uh, because i think this right here could be the beginning of a two ish week out nice move out of amy. I think you can see a really nice move out of her uh, the reasoning for it is that charts like to follow trends and patterns and here's one right here, every time it taps this, it likes to come back up to this line. Tap line tap. Well, you can kind of see where i'm going with this two tap two tap one tap one tap two tap well, we might get a nice two taps out of uh amy coming into this and it was a freaking beautiful day up.

Fourteen point three: four percent game stop off about almost thirty. I think it was up twenty nine percent on the day uh, and this is starting to look like it may actually end up tracking the line that i've had drawn out for some time right. Game. Stop sort of coming back up to that wedge, trying to reclaim that that pretty critical level amc trying to do basically the exact same thing if you were to draw this out and look at how this uh sort of lines up with some different levels.

Well, this is about what you're, looking at tap tap, tap, tap, rejection and now you're looking for a reclaim of uh, this particular line to hopefully come up and reclaim here, that's really where we're at uh you, if you can come up on amc. These are levels that i'm watching for if you can come back up on amy and reclaim this 16 and a half 15 ish mark you're. Looking uh you're, looking pretty good you're, giving yourself a really fair shake for an opportunity to come back up and continue to follow the pattern in the trend that amc has followed for quite some time and that gamestop, quite frankly, has done as well. I mean i can pull this chart up and show you the exact same thing uh.

What you're gon na find is that there's there's a very similar trend here. You know every time it taps this line. It likes to come back down and follow uh another corresponding sort of falling level kind of wild, and it really is charts, are kind of up it makes you realize uh how how crazy of a world we live in. Maybe it's some illuminati.

I don't know if this is like some uh, some top one percent circle jerk and but it it is some nonetheless uh and it's been pretty well respected. I mean, if you look at this, you can see every time it taps this line. Uh typically bounces back up, then it comes back up to this level and you just see this happen over and over and over and over and over and over, and it sort of follows this trend pretty religiously. So you'd expect about the same thing here.

Reclaim this uh this wedge pattern that we have here come back up to the triangle, hopefully get a bounce and then reclaim this line and hopefully break it. I mean that's. The ideal situation is to break that level, which case you get some nasty nasty momentum, but one step at a time right, uh. This is a good step in the right direction and something to keep your eye on.

I i think that amc gamestop could have a nice couple weeks as long as the spy can continue to follow through on the levels that it's tracking right now. What do, i think is going to happen with the spy here? Well, rejection off of uh this this level i was just showing you before uh. I think you do end up seeing it come back down testing about here, 392 bucks to come up and break that 400 mark and give you that uh that fib retrace. I think it's pretty possible.

I really do i'd be genuinely surprised if we don't get that fibre trace we'll find out uh, but that's about how things are looking and i guess that's what i've got for the video. So i want to leave you with these parting words uh, and i i tweeted this out, and i think that this is a really good way to encapsulate it. Amc right now has a short interest of 22. It's got a free flooring, loan of 32.

It's got a cost to borrow of about 4.29, it's got a days to cover in the threes uh, which means that if you take short interest divided by the three month average daily volume, it would take you about three and some change days to get every single Short share out of this stock if they were to cover every single day, with the same consistent volume, average uh, there's been a quiet accumulation happening on both sides, accumulation happening within the short side. Uh lots of shares piling up on that short position. There's been an accumulation happening on the long side. You can see this by looking at the obv, which i've talked about religiously in the past.

It's uh, basically a metric to measure accumulation of a stock. Here, look at amc right now. You look at this on the daily. What you're going to find is hey.

This has been very heavily accumulated. There's lots of people buying this thing, uh they're, not selling it. Maintaining nice support, maintaining the relatively the same amount of buyers. There's been accumulation happening on both sides and what i would consider to be a tug of war uh that, for the last couple of months, has been uh sort of favored towards downside towards bears, and i think that this quiet accumulation from the long side is patiently Waiting for this market to get its ass back in gear and to turn around and when that thing comes uh, you guys are gon na be happy.

I think this is genuinely the secret sauce is when the bear market ends and when shorts don't have a leg to stand on. Considering uncertainty, considering uh the state of the economy, uh you're gon na watch recovery happen. You really are this. This uh this accumulation and on shorts, is, i think, pretty goofy, especially for a company, that's fundamentally improving quarter after quarter after quarter and uh, the the first earnings call that comes out that says that amc is cash flow positive on the quarter.

I think you're gon na be pretty damn happy so uh enjoy today. I hope you guys enjoyed today uh but know that there's more to come man, there really is uh zuma perspective. When you look at the world and you look at the state of the economy and everything sort of uh in shambles, you know what the reasoning is today was a good reminder that there will be life to come. That's what i got for you guys i'll catch y'all later appreciate you much lovely taps, peace!.