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SPX Continues To Hit New Highs

After 67 years of the being founded, the S&P 500 continues to hit new highs. The S&P 500 Index, also known as the Standard & Poor’s 500 or the US500, is an American stock market index that tracks the performance of the top 500 companies listed on the Nasdaq Stock Market or the New York Stock Exchange. It is a free-floating index covering US firms with the largest market capitalisation and book value, representing approximately 80 per cent of the total value of the country’s equity market.

As of December 31, 2023, the market cap was SPX was US$42.0 trillion. As of June 28, 2024, the nine largest companies on the list of S&P 500 companies accounted for 35.8% of the market capitalization of the index and were, in order of highest to lowest weighting.

Some of the largest companies included in the S&P 500 Index today are Microsoft, Nvidia, Apple, Amazon.com, Meta Platforms, Alphabet and Berkshire Hathaway.

The opening price of SPX this year was $4744. Each month of this year, the SPX index has been reaching new highs. Today, a new high was reached at $5,588. There are two instances on the weekly chart using the RSI that price had been overbought. A correction in price should have occurred but the bulls are very much active with the rally. A reversal in price might occur as price might hit $4988 in the coming weeks.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stock index in your portfolio? Schedule a meeting with us here

A Crypto Crash is Approaching

The crypto boom in 2024 has made many crypto coins reach new all-time highs. With Bitcoin reaching $73,193, Ethereum $4,093 and Solana $210.15. All these highs were reached on the third week of March. Ever since this high was reached, price has been hitting similar highs and lows in the last three months.

The last major crypto low was in November 2022. At this point Bitcoin’s price was at $15,484. Just like 2021 when price of Bitcoin and Ethereum were at the then all-time high at $69,000 and $4,890 respectively. Unlike Bitcoin that reached a new all-time high in 2024, Ethereum has failed to reach a new all-time high in 2024, as it has maintained the 2021 high at $4,890.

We might be seeing a massive drop in the price of Crypto assets in the coming weeks. Bitcoin could fall from the recent high of $63,700 to $19,500, Ethereum from $3,447 to $1500. The reason for this crash is not ascertained at the moment. There have been price retesting the common price level.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get crypto in your portfolio? Schedule a meeting with us here

Nvidia Is Now The Third Most Valuable Company.

Nvidia Corporation is one of the largest developers of graphics processors and chipsets for personal computers and game consoles. The head office is in Santa Clara, California. NVIDIA Corporation does not have its own manufacturing facilities and therefore works according to the fabless principle.

The company was founded in January 1993 by Jen-Hsun Huang, Curtis Priem and Chris Malachowsky. In May 1995, Nvidia launched the NV1 (STG-2000), one of the first 3D accelerator processors (GPU). In January 1999, Nvidia was included in the NASDAQ (NVDA) and delivered the ten millionth graphics chip in the same year. In the Forbes Global 2000 of the world’s largest companies, Nvidia ranks 572 (as of: 2017 financial year). The company had a market value of approximately US $155 billion in mid-2018.

Fast-forward to May 2024, $NVDA is the third most valuable company in the world with a market capitalisation of $2.829 Trillion. On March 8, 2024, Nvidia reached a high of $977 before price fell to $755 in April 2024. A rally began in the latter part of April which has resulted into Nvidia reaching new highs in May 2024.

In the month of May, Nvidia had at least 5 Gap ups on the daily chart. $NVDA is currently at $1134. There might be a price reversal to these gap ups in the coming weeks. This reversal might eventually drop the price of Nvidia to $784. Eventually if Nvidia price fall to the $784 price level, Nvidia might no longer be the third most valuable company in the world. RSI on the weekly and daily shows price has been overbought.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here

Microsoft Remains The Only Company With A $3Trillion Market Cap

80% of the most valued companies in the world are in the United States, with Microsoft as the world’s number one valued company at $3.198 Trillion market capitalization. In the last one year, Microsoft has appreciated by 29.92%. After the March 2024 high at $430.80, price dipped to $388.17, which was the lowest price in April 2024. From the low in April, price has bounced to an all-time in May. The all-time high to $433.61 is just a little breakout from the previous high of March. The second most capitalized stock in the world is Apple at $2.913 Trillion., Microsoft remains the only company with a market capitalization of over $3 Trillion at the moment.

According to Microsoft latest financial reports the company’s current revenue (TTM) is $236.58 Billion. In 2022 the company made a revenue of $204.09 Billion, an increase over the year 2021 revenue that was $184.90 Billion. Also, according to Microsoft’s latest financial reports, the company’s current earnings (TTM) is $105.26Billion. In 2022 the company made earnings of $82.58 Billion an increase over its 2021 earnings that was $79.68 Billion.

The current price of $MSFT is at $430.32. The Microsoft bulls have been in charge of the growth since the low in 2022. Despite many overbought positions on the RSI using the weekly chart, RSI has continued to reach new highs. The $MSFT will continue to see new highs in the coming weeks.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here

Bitcoin Bulls Set In Motion

Bitcoin, the premier cryptocurrency, reached the threshold of $1trillion market cap in 2021 and this year also, a feat no other cryptocurrency has attained. The current market capitalization of Bitcoin is $1.2trillion. The next most valuable cryptocurrency is Ethereum, with a market cap of $347billion. The value of the crypto market is way ahead of the total US stock market as of this year which stands at $50.8miilion.

Bitcoin reached a record high at $73,913 in March 2024. Since the downturn of 2022, investors haven’t been able to smile to the bank until now. The bulls have been in control since January 2023, but with slow movement. The 2024 growth is quite exponential as price has been able to reach an all-time high.

On the weekly chart, RSI has shown that price has been overbought since November 2023. This has not resulted in a reversal. Instead, price has continued its bullish run. Bitcoin’s price corrected, which made price fall to $56,464 on the first trading day of May 2024. As of the time of this writing, Bitcoin is at $61,472. We might see the bulls move price to $64,900 in the coming weeks.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptocurrency in your portfolio? Schedule a meeting with us here

NZDUSD TO FALL

The kiwi has not been doing so well since the beginning of the year. The opening price of NZDUSD in 2024 was 0.63293, and the lowest price this year is 0.58503, in April 2024. The Kiwi’s downtrend had begun in February 2021 at a major resistance level at 0.74759. On the weekly chart, a hammer has been formed at the support level at 0.58503, which has led to a rally from the week of April 15. The current price of the kiwi is at 0.59821.

The correction in the price of the kiwi has made price rally to the recent high at 0.60495. The USD is beginning to gain against the NZD. Since February 2023 until now, the price of Kiwi has been moving between 0.57784 at the support level to the resistance level at 0.64218. We might see the price of the kiwi fall to 0.59080 in the coming days, as the bulls are beginning to lose momentum.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get currency in your portfolio? Schedule a meeting with us here

Tesla On A 7-Week High

Tesla started the year with an opening price of $250.43 per share. The year has been bearish for Tesla investors as the share price has continued to fall. The lowest price of Tesla in 2024 is $138.49 which hit on the 22nd of April. That low was last reached on January 23, 2023. The price has rebounded from the low and price is currently at $177.70. The bounce was a result of gap-ups on the 24th and 29th of April.

An inverted head and shoulder might be formed as a result of the price action, with the shoulders at $175.90 and the head at $138.99. News media across the internet stated that Tesla is said to cut off 500 employees in the supercharger team. Another news media says Tesla is about to layoff 10% of its global workforce, as Tesla CEO Elon Musk has announced the dismissal of two senior executives, Rebecca Tinucci and Daniel Ho and more hundreds of employees.

The RSI on the daily chart has shown that price has been oversold thrice this year, January, March and February. This could be an indication of a possible price reversal. We don’t see the layoff as a threat to the price of Tesla. Our analysts are projecting that price could rally to $268.92 in the coming weeks. This will automatically erase the losses of 2024.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here

Google Rebounds

The share price of Google over the years has been outstanding despite the bearish run in 2023. This year has been a year of recovery. The price at the beginning of 2024 was at $84.01. There was a dip in 2022 and that dip happened after the high of $159.50 in November 2021. All gains in 2021 was lost as result of the bearish run in 2022 and this bearish run found support at $84.01. The bullish takeover started at the beginning of 2023 and the run has continued to 2024.

The opening price of $GOOG in 2024 was $139.53. The bulls have been able to make price rally beyond the 2021 high at $159.50. The first breakout to the upside was in January 24. February recorded a few losses. In March, there was a record of gains as the second breakout to the upside was recorded this month. The breakout has made the price of $GOOG reach a new all-time high at $161.86 which hit on the 12th of April.

After the recent high was reached, the bears temporary took position as price dropped to $154.16. There is a rebound in price as the bulls have regained some of the losses of last week. The earning report of Google will be released on the 25th of April. This might not be favorable to the price of $GOOG as the price might fall to $155 from the current price of $159.92. On the monthly chart, RSI shows price has been overbought in 2021 but yet to be overbought in 2024 despite the new highs.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here

Gold’s Price Continues To Break New Highs

The year 2024 has been favourable for gold investors as the bulls have been able to push price high beyond the previous high of $2135. In December, the price of Gold made it to a high of $2194. After this high in December, Gold’s price retraced since the high of $2194 was reached.

On the daily chart, the price of gold has been overbought but the bulls have momentum for a continued bullish run. Despite the monthly chart shows that price has been overbought since August 2020, price of XAUUSD continues to rally. The current price of $XAUUSD is at $2284 as the bulls might push price beyond the all-time high of $2287, which will make price hit $2300 psychological level.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get commodities in your portfolio? Schedule a meeting with us here

Bitcoin Hits New High…Again. Price Surpasses $73,000

As of 19th March 2023, the total number of Bitcoin in circulation was 19,658,256 BTCs, which is 93.61% of the total number of Bitcoins to be supplied.

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009. Crypto investors are looking forward to having the crypto halving. Bitcoin halving is a pivotal event in the Bitcoin network where the reward for mining Bitcoin transactions is cut in half. The event occurs approximately every four years or after 210,000 blocks.

In April 2024 the block reward will be reduced from 6.25 Bitcoin per block to 3.125 Bitcoin per block. The next Bitcoin halving is expected to occur in April 2024, when the number of blocks hits 740,000. The exact date of the halving is not yet known as the time taken to generate new blocks varies, with the network averaging one block every ten minutes.

In 2024, as the Bitcoin halving date fast approaches, the price of Bitcoin has been able to break the previous high of $69,149 in 2020. Bitcoin has maintained a support level at $24,779 since June 2023. The bulls have been able to push price higher to $73,800 which currently stands as the all-time high. The all-time high was reached on 14th March, 2024. The current price of Bitcoin is at $63,200 after price fell from the all-time high. The price of Bitcoin might fall below $50, 000 in the coming weeks as RSI shows price has been overbought on the weekly chart. A Doji candlestick pattern has also been spotted.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here