AMC Entertainment Holdings stock ends the third week of March up 12.46%.
The theatre chain company saw gains of 4.02% on Friday alone.
The stock had lower volume than average but still managed to outperform the market.
AMC Entertainment Holdings stock also ticked upwards of 1.58% after hours.
Is AMC about to see a reversal from its month-to-month declines?
Welcome to Franknez.com – AMC ended the trading week up just over 12% and 4.02% on quadruple witching day. This is bullish.
Let’s dive right into it!
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Price increases despite lower-than-average volume
AMC’s current average daily volume is 44.7 million.
Today the trading volume was significantly lower at 31 million.
Despite being a much lower trading day, AMC Entertainment Holdings stock closed at $15.80.
AMC is up 12.46% in the past week and more than 13% this year.
The company announced on Tuesday it had acquired a 22% stake in silver and gold mining company Hycroft (HYMC -2.17%).
The news boosted AMC’s share price by approximately 7%.
It seems AMC is aligning more with the fundamental values that typically tend to drive stocks in the market.
And for AMC this is a good thing.
After all, more than 90% of the company’s float is owned by retail investors so the momentum will be there when it needs to be there.
S&P 500 shows promising runup
The S&P 500 closed today up 1.10% and 5.61% on the weekly chart.
The SPY or VOO, shows us the overall market as it tracks the top 500 companies in the U.S.
It is currently down -6.95% on a year-to-date basis which reflects how the markets have been trading since the start of 2022.
However, looking at the past month and 6 month charts we can see the S&P 500 slowly begin to pick up with 2% and 3% recoveries.
And by the look at the 5-day chart things are looking rather bullish.
The SPY could see a little bit of retracement going into the next week.
But I don’t expect any sort of retracement to last long and it’s very possible the market has already found a bottom.
We can expect small and mid-size cap companies to follow the S&P 500’s bullish trend line very soon.
Is now the time to buy stocks?
If you’re basing market trends on the SPY, then the data shows us bullish moves may be around the corner.
In that case, now is the time to add to your portfolio.
Stocks that have been falling sharply since the beginning of the year are going to be reaching price levels from earlier this year.
I anticipate new all-time highs will be the result of this comeback.
What do you think?
Leave a comment down below.