Weekly Market Outlook (7/8/24) — Empowering Investors Through Social Collaboration
Welcome to the Traderverse Weekly Newsletter!
Traderverse Updates
We are thrilled to announce that we have started to open up our alpha phase to select users for testing. This marks a significant milestone in the development of Traderverse, and we couldn’t be more excited to share this progress with you.
What’s Happening:
Exclusive Alpha Access: We are inviting a select group of users to join our alpha testing phase. These users will have the opportunity to explore the platform, experience our features firsthand, and provide invaluable feedback to help us refine Traderverse.
Why It Matters: Your insights are crucial. By participating in our alpha testing, you will directly contribute to shaping the future of Traderverse. Your feedback will help us identify and fix issues, enhance features, and ensure that the platform meets the highest standards of excellence.
Next Steps: If you are among the selected users, keep an eye on your inbox for your exclusive invite and instructions on how to access the alpha platform. We will be gradually adding more testers over the coming weeks, so even if you aren’t selected initially, stay tuned!
Your Role:
Explore & Test: Dive into the platform and explore all the features. From creating your profile to engaging with the community, we want you to experience everything Traderverse has to offer.
Provide Feedback: Your feedback is invaluable. Let us know what works, what doesn’t, and how we can improve. This collaborative effort is key to creating a platform that truly meets your needs.
Engage & Connect: Use this opportunity to connect with other traders in the alpha group. Share insights, discuss strategies, and help each other navigate the new features.
Thank You!
We want to extend a heartfelt thank you to all of our community members for your continued support and enthusiasm. This is just the beginning, and we are committed to making Traderverse the ultimate platform for traders worldwide.
Stay tuned for more updates and exciting news as we continue to build and improve Traderverse. Together, we are revolutionizing the trading experience.
Important Prices
What’s Moving The Markets?
The U.S. stock rally driven by AI excitement, reminiscent of the dotcom bubble, raises concerns about inflated prices and potential market risks, despite solid earnings and more moderate tech stock valuations compared to the 2000 peak.
Nvidia (NVDA) faces its first enforcement action from the French antitrust regulator for alleged anti-competitive practices, following dawn raids and increased scrutiny over its dominance in the AI and computer graphics chip market, potentially risking fines up to 10% of global annual turnover.
The EU is implementing provisional tariffs of 17.4% to 37.6% on Chinese electric vehicle imports to counter state subsidies, with potential for retaliation from China, impacting major automakers and potentially driving Chinese investments in European manufacturing.
Despite significant progress by the Federal Reserve in reducing inflation to a 2.6% annual rate, down from a pandemic peak of 7.1%, New York Fed Bank President John Williams highlighted that reaching the 2% target rate remains an ongoing challenge, emphasizing the need for cautious, data-driven decision-making.
China leads in generative AI inventions, filing six times more patents than the U.S., with over 38,000 applications in the past decade, as generative AI’s impact spans sectors like autonomous driving, publishing, and drug development, according to WIPO data.
Bitcoin faces its biggest weekly decline in nearly a year, dropping over 10% as traders react to potential token sales from the defunct Mt. Gox exchange and increased selling pressure from leveraged positions.
S&P Outlook
Bear Case: For bears to capitalize on bearish momentum, they must successfully break and maintain the price below 5560. This decisive move is essential for initiating a potential bearish trend, signaling a shift in market dynamics that could lead to further declines.
Bull Case: Bulls continue to demonstrate strength by holding the price just above the Daily Demand level at 5500.75, as highlighted last week. Additionally, a new potential demand zone has been identified near 5533.50, providing an opportunity for bulls to reinforce their positions. This support could be crucial for bulls aiming to reload and challenge new all-time highs, especially if the price experiences a retracement.
EARNINGS RELEASE CALENDAR
Economic Data Calendar
