Wyckoff on the Meme’s – Going into OPEX

I am making this post to let everyone know my thoughts regarding the way that GME, AMC, and BBBY are positioned for tomorrow headed into Quad witching day.

• Review of the Day

Compared to the broad market, all three stocks did very well. Individually, on the daily chart, GME is remaining immediately below it’s volume shelf, AMC is actually just above it’s volume shelf, and BBBY is struggling the most with multiple immediate deep volume shelves above it.

What this means is that AMC is positioned the best (on the daily time frame), GME is positioned very well (especially considering the impressive manner with which it closed the day; see the volume candle at the bottom of the screenshot here), and BBBY is not far behind (considering it’s rally into the close, as well; see the volume candle at the bottom of the screenshot here).

Outside of this, as of yesterday, the skew for all of these tickers was indicating that they would likely face bearish sentiment (more positive value actually indicates more bearish sentiment). However, as of today, they are all skewedin favor of bullish sentiment.

For those of you scratching your heads saying “what does skew mean?” It is a measure of the total implied volatility to both the upside and to the downside. So, if the total implied volatility tells you that a stock is likely to move wildly in a general direction, the skew tells you which direction that wild swing is likely to move toward.

• What does all of this mean!?

Ultimately, I suspect that the broad market is likely to remain flat or even perhaps ralley tomorrow given that it is Quad witching day, the SPY rallied into the close, and that the price action naturally gravitates toward the point of control (POC; red line flowing from the strongest volume shelf). I suspect that this will serve to propel our beloved Meme Stocks toward Valhalla… All we have to do is break away from our own volume shelves, and then, they are gone! 🤞 🤷

Let me know if anyone has any questions. I’m happy to help. I am learning alongside you and so, I appreciate you making me think critically. I welcome negative criticism. 🙂

Tl;Dr – Tomorrow’s OPEX looks great for our Meme Stocks. The broad market is likely to remain flat or ralley tomorrow, thereby helping our movement.