Gamestop uh was looking beautiful phenomenal actually uh. Quite the the spectacular setup. It was was you know sort of testing out about that 150 152 dollar range and all a sudden in the blink of an eye. It looked like a knife dropped the thing all the way down 13 bucks to a low at the time of about 137 dollars.

I want to discuss that today because it looks kind of it looks kind of questionable. We can talk about sort of what happened from a technical level. A chart perspective and then also what was likely sort of the culprit behind that push down uh. We'll also go over the amc chart.

The spy chart and just kind of keep this short simple sweet to the point. I am going to be coming out with a video talking about tesla. Relatively soon. But i do need some more time for that i just mentioned that because i talked about it on stream before we get into it guys i'm going to trade straight.

We're going to talk fast no it's classic representing. I'm going to surprise more experts so please see where to say they're going to salt uh. Let's just get into it so this is what i'm referencing right. If you're looking at the gamestop chart.

What you're going to find is this huge huge push up right about 139 pushed up to one right around 152. Which if you were to measure out in terms of price range is a pretty significant gain. I mean you were up at that point nine percent on the day. Which is uh a big push where out of basically.

What seemed like nowhere you got a massive rejection push all the way back down to 137 and then it sort of just flagged down for the rest of the day uh. I've seen some comments on this i've seen people talking about it on twitter. I've seen people talking about it uh you know on in discord in a whole bunch of different places. And i think it's a combination of two things that likely happen today number one uh.

The answer that nobody wants to hear. But i do think is significant so i am going to discuss it is gamestop. I was overcooked right. It tapped this what is uh known as a supply zone essentially.

If you were to think about algorithms. And where algorithms like to buy and sell stock there's zones in which an algorithm would be triggered to buy and sell stock a certain way uh gamestop. Did in fact hit that uh supply zone right rejected off of that came back down. Re tested a couple different trend lines and couldn't quite find the strength.

But number two is an important piece to this and that is how this is sort of accomplished and how it's done see this was not a accidental move. It's not just as simple as technical analysis means. This rejects right here. There has to be a catalyst a a seller a push that can make this sort of drop.

I mean i haven't seen a drop that gnarly that fast in quite some time in the span of that's a. Fib i don't want that and the span of 1150. All the way to 1305 so in the span of about an hour and five minutes you watched a drop of about 10. That was a nasty flush and in order for that to happen either a sellers that are holding the stock have to step in out of nowhere.

And say you know what 152 is about as much as i'd like for this thing right now or two you have short sellers that recognize this algorithms that recognize this being a critical mass point in which you can see a pretty good size push up to 160 ish 162. Which is uh the holy grail line by the way uh and did not want that to happen right that's sort of what happened here this was a very purposeful legitimate uh driven push down by whoever doesn't want to see gamestop over that 152 dollar mark not an accident uh your guys's concerns are legitimate. I wanted to add the perspective as well on the point that uh the technical analysis here the the the supply zone does line up with that and is likely the narrative that these short sellers are running with in terms of our gamestop is looking. Though it is prime that it does look pretty solid.

You see uh. It is pulling back right now if you look at this on the daily chart the rsi uh down here in purple. Where the relative strength indexes gives you an idea of overbought oversold. There's a lot of room to go to the upside.

Still right this isn't a very big push in perspective to where gamestop has sort of been in the past and if you want to look at this on you know this sort of time frame. The four hour time frame. You are still looking at this overall up trend. I'm going to draw this out just so we can see this here really quick tap tap tap you always look for at least three touch points to signify respected level of support or resistance.

We do get them here's a tap here's a tap here's a tap holding up to what is appearing to be a bullish triangle now. I've talked about this before. But a bullish triangle is different from a rising wedge. Because it has a horizontal level of resistance to draw that out really quick just to show the difference this would be a rising wedge.

Which is typically a bearish reversal signal versus a bullish triangle having that flat top resistance line in which you'd expect to push to the upside. We do have that alongside may i add uh the breakout. You did get a pretty decent chunk of volume uh during the consolidation period you did see the pullback and volume overall that is typical of uh those types of patterns. So gamestop doesn't look bad it looks pretty good uh.

This is an example right this is an example. What happened today is an example of the very stuff that pisses off retail investors pisses off the apes. Why is it that a line. Why is it that 152 dollars uh designates that much selling pressure that much of an algorithm kick that much of a short seller presence.

I don't know. But these are the sort of things that should make you feel some energy make you feel some sort of way because that's who you're up against and if you win. That's who you also beat right uh and i think that's a hell of a motivator and that's what i wanted to bring up uh with that being said uh that's as much as i'm gonna talk about gamestop charts that looks pretty good amc in a similar boat uh today had about the same rejection. It does have a head and shoulders pattern.

If you look at this right now here's the head here's the shoulder here's the shoulder still respecting sort of the macro. Bullish trend. That exists uh which i want to make painfully clear. You do have this rising support line rising support line rising support line.

All of these date from 17 june uh. 7. July. And if you're gonna come back all the way back.

Here to may you see 11 may as the beginning of this rising support line. And really what you're looking for is just continuation and respecting of these overall support levels. Because that is the relative strength amongst. The the shaky market that sort of exists right now so i did bounce.

Today spy bounced into the close uh and it actually looks pretty good it came at a very key clutch moment as it sort of uh juked out the bottom of this demand zone at 373 dollars and bounced its way back up to all the way to 379 hanging just beneath this falling resistance line. You break that and spy's got some more room to run and will likely retest that 100 390 mark uh. Which doesn't sound that special right. But considering the fact that there's a lot of doom and gloom and worry about a 100 basis point hike.

Which is a full percentage point interest rate hike that's uh aggressive to say the least that's going to have a big impact on the way the economy works and banks lend out money uh. This is pretty good. This is a lot of strength in the spy. Considering everything sort of happening behind the scenes and the most recent inflation.

Missed. And what i mean by that is expectation was eight point eight percent. We actually got nine point one percent for inflation. There is a lot of relative strength in the market.

Considering all these things down point two four percent on the date for the. Spy really isn't that bad when we were down 17. Basically at the open so uh not bad. It's not it's not looking bad all in all i wanted to touch base on amc and gamestop right.

Let's just uh keep this short keep it simple to the point these are the levels. I'm looking at amc 1662 momentum next one right here at uh this falling resistance point. Which lines up pretty well with another momentum level 22. I think if you break 1662 amc's got a lot of sky.

A lot of runway to reach here. Which will then bring you to here. If you can follow through with the volume. The momentum and the same bullish sort of presence that we've seen over the previous uh couple of weeks.

So that's what i'm personally watching for for amc. It still has a long ways to go to the to get to that holy grail trend line uh. Which is at about that the 28 29. Ish.

Mark. You break that you look pretty good game stop less overall room that it has to run. It has to go up about eight to ten percent to get 162 bucks. Another uh 18 dollars.

You look pretty good you're right. There. You're right in the mix of it uh able to touch at least the holy grail trend line that dates for gamestop all the way back to january of 2021 you break that things look pretty good all in all the the takeaway message that i wanted to give today is this i wanted to give you a reminder because we haven't seen a flush like that in quite some time that sort of flush uh is a reminder to what we have seen what we have witnessed what we have dealt with over the previous year and a half nearly two years now. Which is crazy to say can't believe it's been that long but uh these are the people you're up against algorithms institutions banks hedge funds market makers everybody in the other corner wants every possible person against them to give them their money don't forget that don't forget how watching that makes you feel that's what i got to say uh my uncle mike's here so i'm gonna i'm gonna hang out maybe get some food and some stuff and i'm gonna catch you guys uh.

Later i'll be on twitchtv. Forward slash anti juicer tonight between seven and eight eastern. If you like to stop by that'd be awesome catch you all then appreciate you much lovely taps and peace.