WEEK OF AUGUST 7, 2023
Welcome to the Traderverse Weekly Newsletter!
Important Prices
What’s Moving The Markets?
BRICS vs The US Dollar
The BRICS alliance plans to discuss using local currencies for cross-border transactions in their upcoming August summit, aiming to strengthen their economies and reduce reliance on the U.S. dollar for global trade, potentially leading to a shift of global financial power towards the East.
BlackRock Under Investigation
The US Government is investigating asset manager BlackRock over Chinese investments, alleging that Americans’ retirement funds are inadvertently supporting Chinese firms flagged for security and human rights issues, aiming to gather facts to inform US-China policies on capital flows.
Oil Prices Continue To Rise
Oil prices are set for a sixth consecutive week of gains as Saudi Arabia and Russia commit to cutting output through September, with Saudi Arabia extending a voluntary production cut of 1 million barrels per day and Russia reducing its oil exports by 300,000 bpd next month.
FTX Plans To Relaunch
FTX aims to relaunch its exchange for offshore clients, prioritizing collective agreement with third-party investors, while former FTT holders receive no entitlement. Their bankruptcy plan aims to emerge consensually, filing an amended plan in Q4 2023, with assets’ priority determined using “waterfall priorities,” and former customers can opt to pool assets for an offshore exchange or a new platform.
SEC Warns Coinbase
Coinbase received a warning from the U.S. SEC claiming all crypto assets, except Bitcoin, are securities, but the agency refused to explain the basis of this classification, prompting Coinbase to challenge the claim in court for regulatory clarity on crypto assets.
Binance Receives An MVP License
Binance FZE, the Dubai arm of the firm, has received the world’s first operational Minimum Viable Product (MVP) license for a crypto exchange in the region, enabling them to offer regulated virtual asset services to institutional and qualified retail investors in Dubai, including virtual asset exchange and broker-dealer services following VARA-designated standards.
S&P Outlook
Bull Case: Price Closed right at the critical 4495 pivot where bulls will want to continue holding. If price holds, first major resistance at 4550. If price breaks below, not much support until 4427.
Bear Case: Bears will want to see price break and hold under 4995. If price holds, bears will need to defend 4551 to continue seeing more downside.
EARNINGS RELEASE CALENDAR
FOR WEEK OF AUGUST 7THst
Expert Insights & Predictions
So many people waste hours of time and emotional energy trying to predict the market. The fact of the matter is, nobody knows what will happen next, and that includes you. The market is a place with no rules, and where every single moment is brand new.
No amount of studying patterns or research can assure you that your ideas/predictions will be correct. The only way to find true success and consistency over the long-term is to use technical analysis and react in real time to current movements in the market.
Technical analysis can be a range of many different factors, which most people use incorrectly. Using lagging indicators such as RSI, MACD, and some others will not help you since it’s telling you what already happened in the market.
I simply use an array of moving averages to formulate our trade ideas and daily watchlists. If the moving averages tell me that there is a trade to take advantage of, that is where I will enter, if not… I sit on my hands and wait patiently for a trade to appear. No predicting, no guessing, purely reacting.
Here is an example of a 5 minute chart with my technical analysis tools attached. — @Facelesstraders
Economic Data Calendar
