WEEK OF DECEMBER 4, 2023
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Important Prices
What’s Moving The Markets?
Tesla’s Cybertruck
Last week, Tesla began delivering its long-awaited Cybertruck, priced at $60,990—over 50% more than Elon Musk’s 2019 estimate—featuring a distinctive stainless steel design inspired by James Bond.
OPEC+ Oil Cut
OPEC+ oil producers, responsible for over 40% of global oil production, agreed to voluntary output cuts of approximately 2.2 million barrels per day for early next year, with Saudi Arabia leading by maintaining its current voluntary cut.
Argentina Rejects BRICS Invitation
Under President Javier Milei, Argentina will decline the invitation to join the BRICS bloc, as indicated by his incoming Foreign Affairs Minister, Diana Mondino, who expressed doubts about the value of the group, citing the country’s presidential election outcome as a determining factor, despite Argentina having Brazil and China as two of its key commercial partners.
Bitcoin ETF Incoming
The SEC is expected to make a decision on Spot Bitcoin ETF approval between January 5th and 10th, with Bloomberg’s James Seyffart predicting approval orders to likely occur during the latter stages of that window, specifically between January 8th to the 10th.
Binance To Delist BUSD
Binance, the cryptocurrency exchange, has declared the discontinuation of support for the BUSD stablecoin by December 15th due to increasing regulatory scrutiny on its issuer Paxos, advising users to withdraw or convert BUSD holdings into alternative cryptocurrencies and promoting the conversion to its FDUSD stablecoin as an option at a 1:1 ratio with no trading fees.
MICROSTRATEGY BUYS MORE BITCOIN
MicroStrategy has acquired an additional 16,130 Bitcoins, valued at $593.3 million, contributing to the firm’s total Bitcoin holdings, which have yielded a profit of $1.29 billion and propelled its stock price to a two-year high this week, affirming founder Michael Saylor’s steadfast belief in the long-term potential of the digital asset.
S&P Outlook
Bear Case: The ES is presently confronting a pivotal daily trend line, approaching a critical weekly supply zone commencing at 4613.25, a level defined by bearish momentum observed from July to August. This could potentially offer bears a strategic advantage. However, should the price breach and consistently remain above 4613.25, the next supply level to watch is at 4658.50.
Bear Case: The ES has successfully rebounded from the established daily demand zone at 4564.00. Should bulls manage to propel the price beyond 4613.25, they may set their sights on above targets of 4658.50 followed by 4705.50. Conversely, should it occur, the demand level initiating at 4613.25 may present a crucial battleground for bulls to uphold. A descend below 4540 could precipitate a decline to the next significant demand level at 4425.75
EARNINGS RELEASE CALENDAR
FOR WEEK OF DECEMBER 4TH
Economic Data Calendar
