🔥 August 5, 2024 PREMARKET Updates: SOFI, PLTR, INDO, MARA, NVDA💰 Major BLOODBATH Today ⚠️

what is going on welcome back to trending stocks today we to give you a pre-market update this fun Monday morning I want to go over everything that you need to know and where big money is gravitating towards before get to any of that make sure guys hit that thumbs up and with that let's get right to it so starting off there isn't really all that much in data points today uh there's a Fed speaker near the end but nothing really crazy to worry about so today is going to be more of a technical driven day and in that actual circumstance that's probably part of the downfall so starting off you do see the Futures getting massacred so NASDAQ is down 5.66% S&P down 4.36% so there's just a massive amount of fear and there's quite a lot of different attributing factors some people have messaged me and said hey what's up with the market like like what is the root cause it can't it's not just one so leading into today just the broader indexes we're basically sitting above the 50-day moving average so kind of Holding On by a threat and we already do generally know that 50-day moving average is a very strong pivot whenever the market does generally in the past break below that results in about like a 15% at least pullback so the technicals uh on a large ler scale we're kind of just Holding On by a thread like I kind of insinuated tech tech has been signaling also slowing data coming out from consumers showing that their buying power is diminishing and you do also see at the same time a lot of different rotations happening in the broader market and I have brought this point up in the past because I think there was some optimism even myself uh that there was going to be some rotation from money markets to equities which would be huge but the opposite happened money actually increased in money markets showing that confidence in equities isn't there and that obviously I think is just linked to the feds acting too late on interest rates so I'll give you guys a very quick overview of that so right now there is for the September 18th meeting a 50 or sorry yeah 80.5% likelihood of a 50 basis point cut and then a 19 .5 basis point or 19.5% likelihood of a 75 basis point cut so yeah all in all uh the market is in panic mode extreme panic mode so kind of just prepare yourself for the worst because yeah the worst is about to potentially come in the next little bit so starting off fear and greed index is still under the fear category hasn't really moved to the extreme fear I do anticipate once the Market opens that to happen so kind of just be prepared so far no actual news no SEC filings it is getting a lot of volume I think it's the six the most heavily traded stock so far this morning anticipate shorts to be very active today very heavily shorted so 16.73% of the free floats being shorted works out to be 174 million shares some points to watch for with it right now at $592 it is trading between this S3 and this S2 so $5.34 is going to be that next strong support uh that you want to watch for kind of crazy 607 might be that kind of resistance SL Target that you'll see more of a value run potentially happening with Sofi um I can't say with confidence that there is going to be a full like buy the dip moment occurring so just kind of take note of some of the strong support and resistance points any stock that is selling off that you do believe in longterm just kind of dollar cost average that's my kind of own opinion you guys do whatever the hell floats your boat but yeah definitely when it comes to sofa even though it seems like a very good deal at these prices things on a technical stance could really uh get hit quite hard moving on to stock number two paler getting massacred and there isn't any news majority of the stocks I'm going to be talking on it's just broader Market um that's pulling it back not necessarily any specific news I oddly do anticipate paid um paler shorts not to really double down because they do have their earnings after hours today so 3.96% of the free flows being shorted works it to be 76.3 one million shares if anything I anticipate shorts to kind of return some shares today and just kind of based on their earnings so we'll just have to wait and see if you're looking at trading pound share right now with at 2131 it is trading between these two points so the R1 and the R2 so 2106 will be a strong support and then 2478 will be that next strong resistance SLT Target Nidia no doubtedly is getting pulled back with the broader market and I think just a lot of people now are saying hey you know what maybe that is overvalued it's kind of crazy how people just flip um it is to note during one of my pre-market videos pretty much at its peak and when I it was like I think $36 I did say that you know what if seems rather High I did kind of group it with pal here and lo and behold that seems to have been the top Nvidia isn't heavily shorted so I'm not really going to bring that up but if you're looking at trading it with it right now at 93 and change it is trading between this S3 and this S2 very wide gaps so anticipate a lot of volatility in the foreseeable future but 8496 will be the strong support then 9780 will be the next strong resistance SL Target but moving on from from here at least I wanted to bring up one company that was green so that is Indonesia energy corporation limited tigers's Indo I don't know if this is correlated with Trump's latest speech about oil and gas because this is a interesting stock because there has been no news no SEC filings it hasn't done a reverse stock split because I know sometimes that's what Market likes to really push higher is stocks that have done splits they haven't announced a split it's I don't know very small market cap so 23.36% but I there's absolutely no news to justify why this is up this is the company profile so oil and gas exploration 33 employees founded in 18 and yeah it's in based out of Indonesia so I it's an interesting stock so tread with caution but there is a abnormal amount of volume getting in and it's not heavily shorted so 5.55% of the free floats being shorted if you're looking at trading it with it at 265 it's trading between this pivot and this R1 so just watch for 241 to hold and then 270 to be that next strong Target SL resistance which I do believe pre-market already broke above that so just watch for 270 and then 288 and then moving on to the last stock is Marathon it is getting slaughtered down 18.32% because Bitcoin is getting slaughtered so bitcoin's kind of flirting now with that 50,000 Mark so yeah we'll just have to wait and see but no specific news to Marathon it's just on a technical stance same goes for the broader Market it was kind of Holding On by a thread so the thread broke today so now we are going to be in a significant pullback it's somewhat heavily shorted so 24.44% of the free floats being shorted works out to be 71.2 million shares anticipate shorts to really increase with Marathon but if you are one of those individuals that wants to trade it with it right now at $14 it is trading between this S3 and the s two so 1340 will be the strong support and then 1665 will be that next strong resistance Target so let me know your thoughts on the market today what are you going to be buying what are you potentially going to be selling what's your thoughts don't forget to hit that thumbs up and with all that I appreciate all of you watching