WEEK OF AUGUST 12, 2024
Welcome to the Traderverse Weekly Newsletter!
Traderverse Updates
Dear Traderverse Community,
As we wrap up our internship program at Traderverse, we want to take a moment to express our heartfelt gratitude to our incredible interns. Their dedication, creativity, and hard work have been instrumental in helping us build and refine the platform.
Whether they’re heading back to school, embarking on new career paths, or exploring other opportunities, we wish them all the best in their future endeavors. Their contributions have made a lasting impact, and we’re excited to see where their talents will take them next.
Thank you for being an essential part of our journey!
Important Prices
What’s Moving The Markets?
A U.S. judge ruled that Google violated antitrust laws by spending billions to establish a monopoly as the world’s default search engine, marking a major victory for federal authorities and potentially leading to a breakup of its parent company, Alphabet, amid ongoing scrutiny of Big Tech.
Apple’s partnership with Google is under threat following an antitrust ruling, potentially forcing Google to end its $20 billion annual deal with Apple, which could impact Apple’s profits by 4-6%, but may also drive Apple’s shift toward AI-powered search alternatives.
Investors are cautiously reentering U.S. tech stocks after a significant pullback, drawn by lower valuations, yet remain wary due to lingering high price-to-earnings ratios and market uncertainties.
JPMorgan Chase has raised its 2024 U.S. recession odds from 25% to 35% due to weaker-than-expected July jobs data and worsening economic conditions, joining Goldman Sachs in increasing recession forecasts amid a volatile global financial environment.
US credit card debt has surged to a record $1.14 trillion, with average balances exceeding $6,300 per person, as rising delinquencies and inflation intensify financial strain amid growing recession fears and a volatile economic outlook.
Russia has officially legalized Bitcoin and crypto mining, allowing registered entities and individuals to mine cryptocurrencies within energy limits, as part of a broader BRICS strategy to integrate digital assets and reduce reliance on the US dollar.
S&P Outlook
Bear Case: Bears aim to maintain their control by rejecting any upward movements at the 5432 pivot. This level is crucial for continuing the bearish momentum. If the price breaches this pivot and reaches 5472, there is a potential for encountering trapped longs looking to exit. This scenario offers bears an opportunity to capitalize on the situation and drive the price back down, reinforcing their position.
Bull Case: Bulls have formed a potential new daily demand zone at 5241.50, which may serve as a strategic point to reload if tested. For further upward momentum, bulls need to break and sustain above the 5472 level. Overcoming this resistance is essential for continuing their advance and capturing more significant market gains.
EARNINGS RELEASE CALENDAR
FOR WEEK OF AUGUST 12TH
Economic Data Calendar
