WEEK OF JUNE 3, 2024

Welcome to the Traderverse Weekly Newsletter!

Traderverse Updates

Welcome to another edition of our newsletter series, where we keep you updated on our progress as we move closer to our highly anticipated launch. This week, we’re excited to share some important updates on our testing phase.

Testing Progress:
We are thrilled to announce that our testing is ongoing and has been very productive. Currently, we have 30 dedicated testers who are rigorously putting the platform through its paces. Our testers have reported various issues, and our development team has been hard at work addressing these. We’re pleased to report that 75% of these issues have already been fixed, significantly enhancing the platform’s stability and performance.

Expanding Our Testing Community:
To ensure that Traderverse is as robust and user-friendly as possible, we will soon be rolling out invitations to more users to join our testing community. By involving a broader group of testers, we aim to gather even more valuable feedback and make the necessary improvements before our full launch.

Stay Tuned:
As we continue to refine Traderverse, your support and feedback remain invaluable. Keep an eye out for further updates as we introduce more features and enhancements. Your participation is crucial in helping us create the ultimate platform for traders.

Thank you for being a part of our journey. Together, we're revolutionizing the way traders connect, share insights, and thrive in the markets.

Important Prices

What’s Moving The Markets?

Saudi Arabia’s ambitious sale of Aramco shares, expected to raise up to $13.1 billion, saw overwhelming demand within hours, serving as a crucial test of international interest in the kingdom’s economic diversification efforts.

Apple’s smartphone shipments in China surged by 52% in April compared to the same month last year, reflecting a strong recovery from previous market challenges and a positive trend for the company in the world’s largest smartphone market.

Cruise operators, including Royal Caribbean, Carnival, and Norwegian, are offering significant discounts on summer cruises to fill empty cabins on older ships, driven by increased vessel supply in popular regions and rerouting due to geopolitical conflicts, despite record demand and revenue surpassing pre-pandemic levels.

Toyota is advancing towards cleaner transportation by developing next-generation engines compatible with hybrids and biofuels, aiming to meet stricter emissions standards and offering a diverse range of vehicles beyond EVs.

TikTok is developing a new recommendation algorithm for its 170 million U.S. users to operate independently of its Chinese parent company, ByteDance, in response to political pressure and a new law requiring the divestiture of TikTok’s U.S. operations.

Mastercard’s new Crypto Credential feature simplifies cryptocurrency transactions by allowing users to send and receive funds using specific usernames instead of complex wallet addresses, enhancing security and usability across supported exchanges in Latin America and Europe.

S&P Outlook

Bear Case: Bears are focused on breaking and maintaining the price below the 5265 level to secure bearish momentum. However, should the price continue rising, supply zone starting at 5321.75 could act as resistance. This zone could serve as a formidable resistance point where bears may capitalize on the exit of previously trapped longs, using it as an opportunity to push the price back down.

Bull Case: Bulls demonstrated resilience by holding the price at the daily demand zone of 5211.75. Their ongoing strategy involves keeping the price above 5265 during any market retracement, aiming to consolidate this support base. The next bullish target is the 5321.75 level, where bulls will need to overcome resistance to continue their upward trajectory.

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