SoFi Stock About To Get WORSE!?📉

Another rough day for stocks, guys. And you guessed it, SoFi went down as well, which we're going to cover in this video as every index in the US stock market went down except for the Q's. And guys, the Q's went up what, a quarter percent, not even. So, we have to break down SoFi, the indices, what I'm doing, and overall where my head's at now. So, hit the like button, make sure to subscribe. You guys know the drill. Check out the Patreon if you want to keep up with my portfolio updates, my trades, investments, how I sell options for income, and if you want to be a part of my private Discord, all that's down below in the bio, in the comments, or go to stocksurfest.com/patreon. And now, cheers. I appreciate you all for tuning in. Let's dive into it. So, before we talk about SoFi, which had another red day, are you guys surprised? We had a pretty not not the worst day, but a pretty rough day in the market. [clears throat] Excuse me, guys. We had the VIX pretty much at break even. So, not too bad when it comes to the volatility index, but another rough day for the Russell down about half a percent. The Dow went down about a quarter percent. Same with the S&P as the Q's went up barely a quarter percent. trading at about what 737 738 as of today's close and really the weakness is continuing um in the small caps right and the Dow stocks which has been the case now for a couple weeks right the Dow hit about 55,000 points back in the beginning of August and it's been downhill since guys we hit 54750 and now we're at 51300 pretty much holding above 50K by, you know, by a thread, right? We're trading down about 6 7% now from all-time highs on the Dow. We have a death cross. We're under these moving averages, which I think will ultimately rebound and recover. Uh but we're not seeing any signs of that quite yet, right? And it's uh it's even worse on the Russell. The Russell's down in a straight line from the middle of um August. So now about a month and a half, the Russell's down. We're down 9%. It's almost in correction territory. And the death cross is much deeper on the Russell than it is on the Dow. And we're well under the moving averages on the Russell. And yeah, we're still a good chunk off the lows, but we're giving back the gains from the last couple of months each day little by little, right? And you've heard that. You've heard that stock market saying. I've said it before. I I didn't coin it obviously, but um you know, stocks take the stairs up and the elevator down. This is a prime example of that. We went from 2400 back in the beginning of April all the way to 3,000 points by the middle of August. So that's so that's what a 4 and a half uh month move there. Big move over four and a half months. And now in about a month, we've given back a good chunk of that game. Not all of it obviously, but a good chunk of that gain has been given back. And really the only index that looks pretty bullish is QQQ, which at this point is holding above the 50 moving average. And obviously all eyes are on Micron's earnings tomorrow. Uh, which we covered in my previous video. Make sure you guys go check it out. Um, you know, that's what the entire AI trades riding on. And I guess SPY does look pretty bullish as well, but it hasn't hit an all-time high in a couple of weeks. Um, you know, close to close to a month and a half, two months now. We hit 779 back in the middle of August. And yeah, we are making higher lows into this 775 780 resistance. Uh, but we keep getting hit. You know, eventually I think we will get, you know, we will break out. We will push through. Uh but we've gotten hit many times over the last couple of weeks. 779 right here. We got hit at 776 775. You know, a couple days ago, 775 again. Just two, three trading days ago, we got hit at 772. So, time will tell, but I think we'll ultimately break out, but we're not really uh showing the confirmation yet, you know. So, the indices, I don't want to say they're in shambles. That would be a bit dramatic. Way too dramatic, honestly. But, you know, it's not the best time for the indices, especially the small cap index and the Dow. You know, clearly for those two, um, it's not the best time right now, which time will tell, you know, if they recover, I think they ultimately will. Uh, but it's been it's been a rough couple of weeks uh for those two and SoFi for that matter, which we did cover a bit yesterday. I want to do an update on how it did today. SoFi keeps on, you know, going to the 15s. Each time it tries to break through 16, the last two trading days, we've gotten rejected. This is not a good sign overall uh for the bulls. The fact that a we're taking out 16 and B, we're trying to get back through it and it it keeps failing. You know, we hit 1620 intraday today. We we saw a bit of a run at open which was promising at the time. Uh but clearly it was met with a lot of selling, a brick wall of sellers, right? We hit 1620 and then we tanked for the rest of the day and we closed at$1590 and look where did we hit yesterday on the major recovery rally intraday. We we hit about 1590. We saw a recovery rally to 1620, right? And then we sold off aggressively and to close. So, what happened yesterday essentially happened again, [clears throat] excuse me, today, right? History repeated itself today on SoFi and the bears just keep gaining an edge technically speaking, right? We're clearly putting in lower highs. We put one in this morning as we tried to pop and we got hit at 1620. So, we put in that lower high. We put another one in yesterday at open. This thing didn't even try and run yesterday at open. It just opened up and tanked, right? So, we put in a lower high here, lower high here, [clears throat] and obviously on uh Friday, we hit about 1690. Boom. That was a lower high. So, this thing just keeps on getting weaker. And the attention um or the, you know, you got to pay attention to the details here, right? This is what you got to watch out for to kind of predict what's coming next. And for me, looking at this, this is telling me, it's not guaranteed, but it's telling me we might be going down to the lows. And by lows, I mean not, you know, the single digits from a couple years ago, uh, but from where we were a couple of months ago. You know, if I pull up this 4hour chart on SoFi and get the handy dandy channel tool out. Uh let's uh let's see where we're at here. 1480 is a major support. 15480. And to me, call me crazy. Maybe I need to get my eyes checked. Maybe I'm going blind. I don't know. Uh but that's where that's where it looks like it's going. 1480 $15 uh before any sort of rebound. And yes, I think we will get a recovery rally. SoFi is not just down in, you know, down and out. It's not going to go to single digits in one go in my opinion. I I don't think it's going to single digits period. You know, unless we go into a major um recession, stock market crash, which nobody wants, but I think it could go a bit lower here before a relief rally. And listen, we've gotten rallies time and time again. So, there could be a trade in the making here. There could be a trade brewing, you know, a recovery rally trade. Uh, but we got to time it right. I don't think it's time yet. And you could you could get in a little bit, I guess, prematurely here. You could start scaling in for that rebound back to 16, 17, 18. You could. Uh, but I much rather wait for the confirmation. And if it does bleed down to let's say 1450, $15, heck, I might even get in for a little recovery trade at that point without the confirmation. Uh, but I'm being patient. And like I said in my video yesterday, guys, it's all about earnings growth, fundamentals, you know, strengthening revenue growth, the management executing. And the reality is SoFi is doing all of those things, right? Their products are at all-time highs. members. The management team's doing what they got to do. EPS is compounding. Revenue is growing nicely, but the stock's not following. So, eventually it will follow. Like I said yesterday, stocks follow earnings growth and fundamentals long-term. Um, even if you know in the short term things are a bit wacky, which they have been for this stock. um just because it's had a rough couple of months doesn't mean um it's screwed forever. You know, you you got to think long term. You got to look past the noise through the noise and uh look at where it's going. 2027, 28, 29, 2030. That's what you invest for. Now, if you're trading again shortterm, it's a different ballgame. Totally different ballgame. Um and that's what I'm waiting for or watching for rather on the trading side. a bounce at about 14 to $15 for maybe a recovery rally back to 18. That's what I'm waiting for. Um, and we have earnings. I think they announced it today. We have earnings on uh the 27th, so less than a month away from now. So, I figure in my opinion, I think we got a recovery rally into earnings. We've seen this happen before. Um, you know, well, I guess last time they reported the stock tanked into earnings, but before that, uh, if we zoom in a bit on the price action, SoFi, excuse me, back in June, it hit about 1580 uh, $16. It did run uh, to 20 bucks just just a couple weeks before earnings. Then it sold off into earnings. Then it rebounded again um, off that $15 support. And two quarters ago, if we zoom in here, when we hit $1480, $15 back in the end of March, early April, it also recovered quite nicely into the print and then it tanked after earnings. So, I do think there's a good chance, obviously not guaranteed, that SoFi runs into earnings, especially if it bleeds a little more. If it drops another $1.50.75, I think we're setting up for buyers to come in and ride that wave into earnings. And uh at that point, you know, for a trade, I would not hold through earnings, guys. I'd be dumping out of it, taking my profits and waiting and being patient for for a re-entry. So, what do you guys think? Let me know in the comments. Man, crazy times in the market when it comes to SoFi. And uh again, all eyes are on Micron tomorrow, which that's going to be the catalyst for the market this week and probably next week, guys. So, let me know in the comments your thoughts, and don't forget to hit the like button. Make sure to subscribe and join my Patreon for my actual trades, portfolio updates, and if you want to be a part of my private Discord, that's linked down below in the comments in the bio, or go to stockserfest.com/patreon. And with that being said, I'll see you guys in there. Have a great rest of your day or night.