GME struggles to break 200-day moving average.

$AMC Entertainment(AMC.US)$ $GameStop(GME.US)$
GameStop stock continued its push higher last week and ended the day on Friday with a strong showing as it pushed ahead by nearly 4%. The move was helped by a broad return to risk-on themes as the Fed moved to tamp down expectations for a 100-basis-point rate rise.

This led equities to calm down and risk appetites to broaden ahead of the earnings season. This move has now flowed out into more risky assets, and we note Bitcoin posting a 7% gain this morning. That would lead to a rally across the meme stock universe and see GME stock push further ahead.

GME stock has been moving comfortably ahead, the only stumble being in early July when it was announced that the CFO was leaving. A top-level executive departure is never a good look for any company, but GameStop announced a new CFO soon after.