Market Data 
- GME, AMC meme stocks gain more than 100% in premarket.
- Prices descend to +50% to +80% gains in regular market on Tuesday.
- Keith Gill continues to post video clips on social media, hyping up his retail followers.
- GameStop recorded more than 17 times the usual volume on Monday.
GameStop (GME) and AMC Entertainment (AMC) are at it again on Tuesday. Both stocks more than doubled in Tuesday’s premarket as more retail investors piled into 2021’s favorite meme stocks.
Shares of both companies have since receded to between 50% and 80% gains in the regular session, due in part to a number of exchange halts resulting from extremely volatile price action. In the first half hour of the regular session, for instance, GME stock plunged rather suddenly from $64 to $45.
The broader US market is advancing gingerly on Tuesday morning despite April’s US Producer Price Index printing slightly higher than expected at 0.5% MoM. Economists had averaged a 0.3% forecast prior to the release.
GameStop & AMC stock news
Very little of substance has happened since Monday’s incredible gains for both meme stocks. GameStop gained 74.4% on Monday with more than 17 times the usual level of volume. AMC stock gained slightly more on Monday at 78.4%.
The only news of note is that since Keith Gill reignited the meme stock fury over the weekend by posting a meme. Gill was the adopted leader of the meme stock craze in 2021 that launched first GME and then AMC into a series of historic short squeezes that eventually caused a hedge fund short-seller to close its doors.
Since Sunday’s return from a self-imposed hiatus on social media, Gill has been posting hype clips from various films and television shows, including Breaking Bad, Snatch, Gangs of New York, Peaky Blinders, Tombstone and The Good, the Bad and the Ugly
GameStop & AMC stock charts
GameStop stock has already lifted momentarily above former resistance circa November 2021 surrounding $63. That break tells us that there’s a very real chance that bulls make it to the next point of possibility in the $86 to $87 range.
Support, if there is any, looks to be somewhere in the high $40s based on previous upward lunges during the Spring and Summer of 2022.
GME daily stock chart
AMC stock has formed a new range high on Tuesday with a push above the $11.17 high from October and November of last year. Above there is a demand window ranging from $13.50 to $13.90.
Then there are the two sides of the gap down from August 2023 at $16.60 and $19.40. Without any fundamental reasons for buying other than memes, expect bulls to target several of these levels.
AMC daily stock chart
