Video summary
SoFi stock is currently showing strong momentum as it approaches a potential breakout above the $19 mark, trading up over 3% alongside a broader market rally where major indices and Bitcoin are also performing well. The analyst notes that while Bitcoin has recently hit highs near $81,300, it has not yet fully cleared the critical resistance level of $82,500 to $83,000 from May; however, once Bitcoin cleanly breaks through this barrier, related stocks like Robinhood and Coinbase are expected to surge significantly. For SoFi specifically, the technical setup appears promising as the stock is establishing higher lows on shorter timeframes and consolidating after a significant rebound from its post-earnings dip in late July, suggesting that the selling pressure has been absorbed and pent-up momentum is ready to be released.
The primary catalyst driving this potential explosion in SoFi's price could be its inclusion in the S&P 500 index, which is scheduled for rebalancing in just a few days during September. The stock has already met the necessary requirements for such an inclusion, and if added to the index, it could provide the final push needed to break through current resistance levels and propel the share price toward $20 or even $25. The analyst emphasizes that the stock has been chopping sideways without giving back its gains from the post-earnings rally, indicating a solid bottom has likely formed, and now the market is waiting for an event like the index rebalancing to trigger a parabolic move upward.
Beyond SoFi, the video briefly touches on other notable stocks in the tech and crypto sectors, highlighting Robinhood's impressive 7% gain fueled by positive cryptocurrency trends and Nvidia's steady rise ahead of its earnings report. While AI-related names like ARM Holdings and memory chip manufacturers such as SK Hynix are rebounding, the speaker maintains a cautious stance regarding semiconductor stocks due to the potential volatility that Nvidia's upcoming results could introduce to the sector. Additionally, Mercado Libre is mentioned as a strong performer outside the AI space, having recently broken through the $2,000 share price level with expectations of further gains in the near future.
In conclusion, the overall market sentiment remains bullish with a focus on breaking out of key resistance levels across various sectors, from Bitcoin to fintech and semiconductors. The analyst encourages viewers to monitor these developments closely, particularly the September rebalancing event for SoFi and Nvidia's earnings report, as these events could dictate short-term price action for many growth stocks. While there is excitement about potential parabolic moves, especially for SoFi if it clears its psychological barriers, the speaker advises maintaining awareness of broader market risks, such as a pullback in Nvidia that could temporarily weigh on other AI and chip-related equities.
Read the full video transcript
So, SoFi stock looks awfully close to
breaking out here, guys. Up over 3 and
1/2% on the day, just under $19 a share
as every index in the US market is up.
Oil's down, the VIX is down, and we have
Bitcoin trying to break through 80,000
dollars. So, guys, we have to break down
SoFi, the charts, where my head's at,
overall what I'm doing in this market.
So, hit the like button, make sure to
subscribe, join my Patreon if you want
to keep up with my portfolio updates, my
trades, investments. And if you want to
be a part of my private Discord, all
that's linked down below in the
comments, in the bio, or go to
stossurfest.com/patreon. And
now, let's dive into it. So, again, SoFi
is up over 3% trading just under $19 a
share as every index it is not crushing
it. We're not seeing a crazy green day,
>> [clears throat]
>> but we are up across the board. The Qs
are up over 0.6%. Russell's up 0.3.
S&P's up around a quarter percent.
Here's the Russell up 0.3 as the Dow is
up 0.1, 0.2% barely as it's up around 71
points. And we have Bitcoin pushing
80,000
dollars. In fact, I think we hit 81. Was
that this morning or last night? Yeah,
last night we hit 81.3 on Bitcoin. And
believe it or not, even though it's up a
lot, it's still not fully breaking out,
which we talked about in the last couple
of videos, right? Bitcoin needs to take
the highs out from the beginning of May,
middle of May. We hit about 82, 83,000.
We're still not above that. In fact, you
could argue
we got rejected there as we failed to
break out
>> [clears throat]
>> overnight. Uh but it's safe to say now
we've filled the gap on Bitcoin that we
talked about a couple weeks ago from 65
all the way to 82. Now this is the real
breakout spot. I have no doubt in my
mind Bitcoin will eventually break this,
but in the very short term if it does
break it,
in the very short term, let's say in the
next couple of days Bitcoin cleanly
takes 83 out, all these Bitcoin related
stocks, maybe not all the stocks, but
>> [clears throat]
>> a lot of those are going to go nuts.
We're already seeing it. Robinhood's at
111, up 7% on the day. We have Coinbase
up 3 and 1/2% Circle Internet Group 3-4%
up, and those are set to go even higher
in the very very short term if Bitcoin
cleanly cuts or breaks out, cuts
through, whatever you want to call it,
82.5 to 83K. We'll see. What do you guys
think? Let me know in the comments. But
overall, very solid green day for the
market
and SoFi trading up over 3% and now
we're starting to see this is breaking
back over the moving averages on the
4-hour chart. We're noticing on the
5-day 5-minute a higher low got put in
this morning at $18. We held the closing
price as well from Friday or that or
yesterday, excuse me.
We hit 1820 at close yesterday. We held
that pretty much, you know, on the dot
today and rallied off of it. So we're
putting in higher lows and on the
30-minute chart it looks very choppy. I
mean, we're all over the place, quite
frankly, but we're testing the breakout
spot, $19. That's one of the breakout
spots, 19 to 20 bucks here on SoFi.
You're noticing it on the 1-hour time
frame as well. The fact that, and I said
this before, I'll say it again, the fact
that SoFi has been, you know, chopping
around all August is actually a very
good sign. Notice how SoFi tanked after
earnings in the end of July. It got to
1480 and then rebounded all the way back
to 16, 17 dollars over the, you know,
two, three days after earnings. And
since that point, really, I mean, it saw
another pop on the 4th of August, 3rd,
4th of August.
And since that point, we've kind of been
gathering ourselves, consolidating,
digesting the earnings and we haven't
given back the gains from the days after
earnings. In fact, we're good chunk
higher from where we were right before
earnings. The stock was at 1680, 75
right before earnings and now we're up
13% off that point. That's a very good
sign in the short term that again,
we might have bottomed. The balls are,
you know, consolidating here, getting
ready for that next move. We're putting
in these higher lows. This looks like
it's about to break out, you know, I
don't know if it's tomorrow, I don't
know if it's next week, but I'm seeing
the signs, guys. I'm noticing the signs
here. We can see we haven't really taken
out 15 dollars on the downside and
listen, we haven't taken out 20 bucks on
the on the upside either. So, we're
trading sideways here, but we keep
getting squeezed
towards the top of this channel. It kind
of just looks like we're ready to
finally break through. It's there's so
much pent up
kind of momentum waiting in the stock.
Um, you know, it keeps kind of pushing
towards 18, 19. It's getting rejected,
but the balls are coming in fighting. It
keeps pushing towards 18, 19.
Eventually, it's going to blow.
Eventually, the the lid's going to blow
off this thing and the, you know, it's
it's going to go to 20, 25. That's what
I'm thinking. And it's coming sooner
rather than later on SoFi in my humble
opinion, guys. And I'd love to know what
you guys think. Uh let me know in the
comments as always. Um this is a stock
that obviously I've been watching.
Um and the reality is what could push it
through
it is potentially an S&P 500 inclusion.
You know, that could push SoFi through
this point. It's met all the, you know,
requirements. Now we're going to see
come September that next rebalancing,
right? If it gets added or maybe the the
time after that, who knows? That could
be what blows the lid off this thing.
But September's just a couple days away.
That could be the catalyst here in a
couple [clears throat] weeks, that next
rebalancing in September, that could
push this thing um a lot higher. What do
you guys think? Let me know in the in
the comments. Um and again, hit that
like button. Make sure to subscribe if
you haven't done so already. I
appreciate you guys uh for tuning in as
always. And hit that follow button. I
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You're not hitting that follow button. I
need you guys to do that. Thank you.
Without you, this would not be possible.
And I appreciate all your, you know,
daily support, weekly support, however
often you guys watch. Um you guys are
great. So, let's go over now a couple
other stocks I'm watching quickly. I
don't want to make this video too long
again. Robinhood's ripping 7%. I'm not
surprised. We were calling this out, um
you know, well all the way back in
April, May. We were calling it out in
the high 60s, low 70s. And just about a
week or two ago when the stock was in
the low mid-90s, we were calling it out.
So, Robinhood is ripping as crypto is a
tailwind. We've covered that, not
surprising. Um a lot of these AI-related
stocks are rebounding a little bit
today. Uh we have Nvidia up 2% heading
into earnings tomorrow, which we covered
in my previous video. Make sure you guys
go check out Nvidia. Stocks like ARM
Holdings up 1 and 1/2% not bad. Netflix
cleanly cutting 80 bucks. That's nice.
Uh but it's not fully breaking out yet.
Keyword is yet. On the one-year chart,
we're still in a downtrending channel.
We're right under the 180 SMA. This is a
big spot on Netflix on the charts. If
it's able to break out of 85
90 bucks, this could be running um even
further, but we're not there yet. Keep
that in mind. We have stocks like SK
Hynix today rebounding, memories
rebounding. Um it looks like
>> [clears throat]
>> it looks like our SanDisk callout from
yesterday, guys. Hold on, let me get
some water.
Excuse [clears throat] me. Our SanDisk
callout from yesterday did pretty well.
We called out SanDisk at 1430, 1410.
Boom. For a quick little rebound trade.
Now it's back over 1,500. I like it. And
maybe it's got more juice to go, but I'm
being a bit cautious with a lot of these
memories, semis, picks and shovels. Um
you know, any of these stocks in the AI
trade, I'm being cautious because of
Nvidia's earnings. Because listen, man,
Nvidia is the top dog. If this stock
somehow pulls back 5, 10 dollars a
share, couple percentage points, um
that's not going to be good for the
other AI names in the short term, in my
opinion. Depending on guidance, we'll
see, you know, who knows. Uh but it
could bring down semi stocks
temporarily. Um if Nvidia does get
pulled back or pulled down a little bit.
And Mercado Libre, outside of the AI
space, is looking very good. Every day
recently, it's been building, it's been
building, and now it's finally starting
to take out 1,900, 1,950. We're up
another 2% on the day. We're right at
2,000 a share.
And I think, honestly, uh we're going to
break through it cleanly here. We
actually did break out of 2,000 a couple
of days ago or not day hours ago. Um and
uh I think it's going to happen again
pretty soon here. So, what do you guys
think? Let me know in the comments, hit
the like button, subscribe. Again, join
my Patreon if you want to keep up with
my portfolio updates, trades,
investments. If you want to be a part of
my private Discord, all that's on
Patreon, guys. Link down below in the
comments, in the bio. Go to
stossurfest.com/patreon.
I'll see you in there. And with that
being said, cheers. Have a great rest of
your day. I'll see you later.