WEEK OF MARCH 4, 2024
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Important Prices
What’s Moving The Markets?
Nvidia Becomes Third-Largest Company
Nvidia has recently overtaken Saudi Aramco to become the third-largest company globally in terms of market capitalization, with a market cap of $2.053 trillion compared to Saudi Aramco’s $2.046 trillion.
Elon Musk Sues OpenAI
Elon Musk has filed a lawsuit against OpenAI and Sam Altman, alleging a breach of contract, as Musk claims that the company has deviated from its original mission of creating open-source AI for the benefit of humanity in favor of pursuing profits.
Vanguard CEO To Retire
Vanguard CEO and Chairman Tim Buckley is retiring at the end of 2024 after over 30 years with the firm, with CIO Greg Davis taking on the role of president, and the search for a new CEO has commenced with internal and external candidates being considered.
BlackRock Bitcoin ETF Now Holds $10B In Assets
BlackRock’s Spot Bitcoin ETF has quickly become the largest in the market, holding over $10 billion in BTC and reaching this milestone in just seven weeks, with Bitcoin’s price rising to over $62,000, its highest since November 2021.
Bitcoin Becomes 14th Largest Currency
Bitcoin’s significant rise in value this week has propelled it past the Russian ruble to become the world’s 14th largest currency by market capitalization, marking a milestone in its competition with traditional currencies.
El Salvador Up Big on Bitcoin
El Salvador stands to make a profit of over 40%, equivalent to nearly $41.6 million, if it were to liquidate its bitcoin holdings at the current market price, as highlighted by the country’s president on social media.
S&P Outlook
Bear Case: For bears to gain momentum, the critical action involves breaking and maintaining the price below the 5060 threshold. Should this level be breached, bears will look towards 5018 and then 4990 as their next targets. These steps are essential for bears to establish a solid bearish trend.
Bull Case: Bulls have been actively buying on dips, successfully keeping the price above 5060 as highlighted in last week’s newsletter. In the event of a price retracement, there’s a notable demand zone beginning at 5101.50 to watch. Should the price slip below 5060, the 5018 mark is anticipated to act as a strong support level, providing a buffer for bulls to regroup and push back.
EARNINGS RELEASE CALENDAR
FOR WEEK OF MARCH 4th
Economic Data Calendar
