🔥 August 29, 2024 PREMARKET Updates: SOFI, NVDA, AFRM, PDD, CRM💰 GDP is TODAY 📈

what is going on welcome back to training stocks today is August the 29th I want to give you a quick pre-market update go over some of the hot movers and what big money is doing today before we get into any of that make sure guys hit that thumbs up and with that let's get right to it so starting off with data points you do have a couple that people need to be aware of today uh so that's GDP coming out in 22 minutes as well as initial jobless claims both of which have the ability to really move the broader market tomorrow you do have pce as well so that again will have the ability to really move the market and instantly be correlated with interest rates uh being cut so definitely it's going to be a crazy roller coaster even yesterday you did have nvidia's kind of earnings even though they were kind of a very on the key metrics a very big beat just the merg did narrow and I feel like a lot of people just started to look at it as a kind of just too high so I think in general you kind of have Nvidia going down slightly but the broader Market sees it for a very strong positive and you can kind of see that based on a lot of the Futures all are green so NASDAQ is up 31% S&P .3 Dow is up 62 so I think even though Nvidia is going down like I said I think the market got the green thumb uh for it to move higher the fear and greed Index right now is at 52 so no doubtedly assuming GDP and also initial jobless claims come out better than anticipated it could really touch that greed section meaning people's appetite for risk is going to be increasing so generally that's what the market likes right moving on to actual companies Sofi so as you can kind of see no actual news today no SEC filings so merely piggybacking off of the broader Market what is really driving SOI higher though is affirms earnings so uh definitely shows that you can make money in this market and people are still out there obtaining loans uh even at higher price points or interest rates so yeah kind of interesting given the circumstances I do feel shorts are going to be returning a little bit of shares today so right now A 17.89% of the free flow is being shorted so like I've said I think it is all going to come down to the day and what they do but most likely given like I said the optimism now assuming GDP and even tomorrow pce doesn't come out and isn't a big flop then yeah shorts definitely could return to probably around that low 17 range so stay tuned for that right now with it at 757 it is exactly on this pivot point or this R1 right here so 757 so just watch for it to stay above or below that next strong supports are going to be 739 and then resistance is going to be 768 so we'll just have to wait and see what does happen whether Sofi goes through a very positive I guess recovery or if it does just break down due to manipulation um so something to keep in mind Nvidia so they are down as of right now around 3.5% like I said a lot of their key metrics are good uh margins did narrow slightly but they are still a cash cow and they even announced a buyback a further buyback so it's kind of crazy this is a beast of a company you have a lot of different spectrums viewpoints on this some people saying it's a bubble some people saying that it's the next big big thing so what's your guys' thoughts on that one thing that I wanted to point out that I find very interesting Nvidia is not a squeeze play by any means as I've stated in the past but pre-market shorts are increasing 4.35 million so that's already happening as soon as the market opened like first thing so yeah uh definitely though in comparison only 1.27% of the free flow is being shorted so still not a squeeze play but it's interesting to see that shorts are increasing 4.35 million as of right now with it at 121 it is trading between these two points so the S3 and S2 uh S2 so 122 and change is going to be the next strong resistance Target 120 is going to be the next strong support in my opinion even though Nvidia did hit I think it was 150 I believe or 116 after hours yesterday so it has the ability to really go down I do feel that there will be some level of recovery possibly touching this S2 but then again I could be wrong and this could just flop as soon as the market did or does open because you also have to factor in shorts are increasing 4.35 million right now as soon as the market does open they'll probably bring all their ammunition that they have so we'll just have to wait and see so just kind of take of some of the strong support and resistance points I'm looking at the 4 Hour just so you know on the one day these are some of the strong uh support points at this stage so 118 105 97 and 84 clearly 84 is not going to be touched today but still a firm did have kickass earnings like I said the earnings did signal that despite higher interest rates people are still out there obtaining loans and for the most part paying them so it it's kind of a very unique circumstance and I think this is a little bit more positive than nvidia's earnings because this shows consumers are very strong so I think definitely that's something to keep in mind it is somewhat heavily shorted so 10.1% of the free flow is being shorted if you want to consider that a lot but 23.12 million shares overall are being shorted shorts have been actually returning quite a lot over this last little bit so the high was roughly around 19 20% so yeah definitely shorts of realize that this company is actually moving in the right direction as you can kind of see pre-market is definitely doing fairly well so with it at 38 and change is trading between or even Above This R3 looking at that one day chart so moving to the one we just take note of some of the strong support and resistance points so just watch for this 3681 for to be the support on the flip side it's yeah it's very very high right now based on the technical so you kind of just have to take all that with grain PDD so this one is up 2.12% despite there being no news no SDC filings I think it's just been hit way too hard and so this is now value investors getting in so that's just my interpretation of course based on that uh short interest 4.65% so nothing really crazy shorts have really doubled down over this last little bit as you can kind of see it went from around 3.95 to where it is now still not a squeeze play so just be aware of that but with it at 91 and change it is trading between kind of right below this S3 so just watch for 9126 to be that next strong kind of pivot point for PDD in my opinion I actually might buy this um or yeah because it it is very very low and assuming like I said I think GDP might cause in volatility the biggest one is going to be pce coming out tomorrow this definitely is I know it was kind of Justified that it went down but this is more of a very good value play for a swing trade so something to add to your watch list and last but not least CRM so Salesforce it is up 4.18% kickass earnings so it's very refreshing from their last earnings in June which was kind of horrific but needless to say uh definitely they are moving in the right direction as of right now with it at 269 it is trading between these two points so this R1 R2 so 264 is going to be the next strong support and then 269 is going to be the next strong resistance SL Target usually what's been happening right now with it pre-market has been actually Above This R2 so it does want to break kind of to that two or 274 range but at the same time for the lows after hours yesterday it was flirting with this R1 so ultimately anything can happen we'll just have to wait and see don't forget to hit that thumbs up which stocks are you watching today or do you own any of the stocks that I did mention what's your thoughts one final thing take advantage of this promo simply sign up for a new account throw $100 at it they give you five free stocks each stock is valued up to $2,000 so this is a kickass deal Link in the description below and also the comments with all that said appreciate all you watching