Daily Market Analysis - THURSDAY JUNE 29, 2023Mixed Trading Day Driven By Market Reactions To Powell's Remarks And Tech Stock Performance
Key News:
USA - Fed Chair Powell Speaks
USA - GDP (QoQ) (Q1)
USA - Initial Jobless Claims
USA - Pending Home Sales (MoM) (May)
During Wednesday's trading session, the Nasdaq saw a moderate rise, driven by the positive performance of large-cap stocks. However, contrasting this upward trend, both the S&P 500 and the Dow ended the day with losses. The decline in these indices was influenced by comments made by US Federal Reserve Chair Jerome Powell. Powell's statements indicated a strong possibility of further rate hikes and expressed skepticism regarding inflation reaching the central bank's target rate within the foreseeable future, stating that it may not occur "this year or next year."
NASDAQ indice daily chart
DJI indice daily chart
SPX indice daily chart
During a European Central Bank forum, US Federal Reserve Chair Jerome Powell expanded on his earlier remarks, discussing the potential for future rate increases and keeping the possibility of a hike at the upcoming policy meeting in late July on the table.
Despite an initial dip into negative territory, investors exhibited a relatively calm reaction to Powell's comments, likely due to positive indications of economic strength.
Throughout the trading session, one notable highlight was Apple Inc (NASDAQ: AAPL), which achieved a new all-time high and closed at a record high for the second consecutive session. This impressive performance from Apple contributed to the overall gains in the market. Additionally, prominent companies such as Tesla (NASDAQ: TSLA), Microsoft (NASDAQ: MSFT), and Alphabet (NASDAQ: GOOGL) played significant roles in driving the upward momentum observed in the S&P index.
The market's response to Powell's statements suggests that investors are maintaining a cautiously optimistic outlook, considering both the potential for future rate increases and the underlying strength of the economy. As they assess these factors, market participants closely monitor the upcoming policy meeting and eagerly anticipate further developments that could shape the trajectory of the financial markets.
Apple daily chart
However, chipmaker Nvidia (NASDAQ: NVDA), known for its popularity among investors interested in artificial intelligence, experienced a decline of 1.8% and emerged as the primary detractor for the benchmark index. This downward movement was triggered by a report from the Wall Street Journal, indicating that the United States might impose additional restrictions on the export of AI chips to China. The prospect of stricter regulations in this key market created concerns and impacted Nvidia's stock performance.
Despite the decline in Nvidia's shares, European markets maintained their positive momentum on the following day, following a break in the six-day losing streak observed on Tuesday. However, gains were tempered by remarks made by Federal Reserve Chairman Jay Powell, which injected a note of caution into the market sentiment.
Meanwhile, the Japanese yen continued to weaken, reaching record lows on a trade-weighted basis. This decline in the yen was sustained, and Bank of Japan Governor Kazuo Ueda provided no indication that policymakers were ready to intervene or halt this ongoing depreciation. The weakening yen can have implications for various sectors of the Japanese economy, including exports and international trade.
Investors and market participants closely monitor the developments surrounding Nvidia's potential export restrictions and their implications for the global technology sector.
USD/JPY daily chart
The subdued performance observed in the US market sets the stage for a flat opening in European markets. However, market participants are cautiously optimistic that upcoming data releases, starting with Germany's June inflation figures, could potentially influence a softening of the prevailing hawkish stance. In recent months, there has been a noticeable deceleration in inflationary pressures, with the rate dropping from 7.6% in April to 6.3% in May. While the anticipated June figures are expected to show a modest increase to 6.8%, they are unlikely to alleviate the concerns held by the European Central Bank (ECB) regarding the rapid receding of inflation.
The market's focus now turns to the crucial release of Germany's inflation data, as it carries significant implications for the broader Eurozone economy. Analysts and investors alike will closely scrutinize these figures to assess the extent of inflationary pressures within the region and to gain insights into the potential policy responses from the ECB. A continuation of the trend towards lower inflation could reinforce the calls for a more accommodative stance, potentially shifting market expectations away from imminent rate hikes.
While the June inflation figures are expected to reflect a slight uptick, it is crucial to note that they are unlikely to significantly alter the prevailing concerns surrounding inflationary dynamics. The ECB remains vigilant in monitoring the situation and is poised to take appropriate action if inflationary pressures fail to stabilize or rise in line with their targets.
Beyond Germany's inflation data, market participants will also closely monitor upcoming releases from other Eurozone countries, as they provide additional insights into the broader inflationary trends within the region. The overall goal is to gain a comprehensive understanding of the underlying inflation dynamics and their potential impact on the ECB's monetary policy decisions.
GBP/USD daily chart
Towards the end of the London session, the British pound experienced pronounced weakness within the G10 space. This decline can be attributed to remarks made by Bank of England (BoE) Governor Andrew Bailey during his participation in the ECB Forum on Central Banking in Sintra. Bailey's comments regarding UK interest rates contributed to the pound's vulnerability, as he indicated that they are likely to remain elevated for an extended period due to persistent inflationary pressures.
The latest data on headline inflation in the UK revealed no change, with a figure of 8.7% for the twelve months leading up to May. Moreover, year-on-year core inflation, excluding food and energy prices, surged to 7.1%. Bailey highlighted this as a specific challenge confronting the UK economy, further dampening market sentiment towards the pound. Concerns arose regarding the potential risks of a recession stemming from excessive policy tightening in response to the elevated inflation levels.
Investors responded to Bailey's remarks by reassessing their outlook on the pound, which resulted in notable weakness for the currency. The market began to question the potential consequences of prolonged high interest rates and the potential negative impact on economic growth. The possibility of a recession became a prominent concern, given the perceived risks associated with excessive policy tightening.
As market participants absorb Bailey's comments and evaluate the implications for the UK economy, the British pound remains under scrutiny. Traders and analysts closely monitor any further developments related to inflationary pressures and the Bank of England's policy stance. The market sentiment towards the pound will likely be influenced by future economic data releases and any subsequent statements from central bank officials, as they provide insights into the potential course of action and the management of inflationary challenges.
EUR/USD daily chart
The euro experienced a downturn in sentiment yesterday, primarily driven by a mixed set of data releases. While the Italian Producer Price Index (PPI) showed a slower decline than anticipated in May, indicating lower deflationary pressures in the country, consumer price inflation in the eurozone eased more than expected, signifying a slowdown in price growth. These contrasting inflationary signals added to the overall weak sentiment surrounding the euro.
Adding to the concerns, the European Central Bank (ECB) reported a deceleration in money supply growth, indicating a moderation in liquidity. This moderation could potentially impact economic activity and limit the availability of funds for businesses and consumers. Furthermore, loans to the private sector expanded at a slower rate than expected, suggesting a potential tightening of credit conditions due to higher interest rates. This tightening of credit could hinder investment and spending, thereby impacting economic growth.
Taken together, these indicators pointed towards a more restrictive credit environment and raised concerns about the overall economic outlook. The mixed data and the signals of potential credit tightening weighed on market sentiment towards the euro, contributing to its weaker performance.
Marketnews
Deeper Network DPR CryptoDeeper Network DPR Crypto got a bump up to the next higher resistance line thanks to Bitcoins BTC little bump but made a -25% down. It is sliding down and barley holding on top of the resistance line. But over all the Crypto Coin has dropped from the top 400 altcoins to the top 700 alt coins. This is mainly because Deeper has changed the direction they are going in upsetting there miners and investors and loosing support from there community. The crypto is currently in the toilet because it has dropped below .02cents the pre sale crypto buy in before it hit the market and because it has dropped so far down in the alt coin position. The coin will continue to fall until BTC stabilizes and all of the invests get there payback which maybe a rocky road for the next year. The new CEO has not reestablished confidence back into this project,
Bearish News: Deeper Network is not a Decentralized Platform but a Centralized Platform, They currently use the Polkadot Blockchain Governance Platform which if working 100% is not technically decentralized as per it's maker Gavin Woods. But Deeper Network has a hidden backdown open to by pass all approvals for programing which would other wise need to be approved by who ever holds the most DPR basically at the end of the day. Deeper Network has locked themselves into the Prime Voter spot; kick out the Tech committee; and has full control of the Society members. At any point in time they can take you DPR out of your wallet if they want thru programing codes that are still open.............
Bearish News: AMA on Twitter 8/18/2022 it was announced that on Dec. 1, 2022 all the original 2000 Genesis Node Miners on Ter8 will go from mining 1,153 DPR per day (when the price was around $15cents) to mine 65 DPR per day with the price now .02cents. All current DPR staking will be given back over 3 months from Dec 2022 to March 2023. Deeper will now only accept USDC as staking now and as currently for all future aspects of the company moving forward. After this new broke the mining community was in an uproar. So they changed it tobe a halving first (Which means you will earn the lowest rewards percentage of all the mining, then they will kick everyone out and drop the staking amount by 80% less. This is to force every one to add more Nodes onto the system to try to get a similar return. But because the miners were lied to, it is not likely the existing miners will purchase more equipment from Deeper. But just to keep what they have. The miners will likely hold there DPR untill it at least gets to .05cents or higher. At the moment Deeper wants to Mine about 3,500,000 Deeper Chain DPR per day which would equal to about 43DPR per Node if it was maxed out with 80,000 nodes. (New AMA in October 2022 to explain new changes again)
Bearish News: Aug. 5 & 6, 2022 Deeper Network has turned down an invitation to showcase at Sir Richard Branson’s Block Chain Summit on Necker Island at the Neckerverse Showcase for a chance to pitch to the Virgin Impact team and other global heavyweight investors. The reason from Deeper Network "Cheryl, Russell and I ( Eric ) seriously considered attending the gathering but decided it was best to focus on exchange listings, research & development, and new product deadlines instead." This is the worst mistake they could of made during this bearish time period.
Bearish News: Possible Token Crash Starting around September 6, 2022 thru the next 6 months, investors getting Deeper ERC-20 DPR returned to them who bought in at .006cents to .02cents. There was 2Billion token allocated to sell but they only advertise 1Billion being sold. DPR given out already to the investors that crashed the coin the first time (estimated 40% investment returned already), there is an estimated amount of 2 to 4 Million DPR being released each day to their investors for the next 6 months starting in September 2022 thru March 2023. I foresee another massive upset that Deeper Network will hush the investors by kicking people out of there Deeper Network community social groups when people complain and get upset like what happened when they lock up the investors DPR the first time without paying them back as was promised in their smart contract that had a hidden back door in the smart contract to reprogram it and to lock back up again. This is a lack of trust that I don’t think Deeper Network will every out live. This is the finial contract agreement after being changed multiple times with out permission from the investors.
-Crypto Whale Information: See the Whale news on my channel for their Wallet address & Location, as you can track for yourself who is a true supporter and who is a dumper…… (AMA said Whales are allowed in the project now)
- Deeper Chain Community Governance - Currently being controlled directly by Deeper Network, not by the Community but thru a back door in the program (Verified on AMA) I don't foresee them giving the governance to the community within the next year or so because they like to be able to have fully control without have to wait for voting approvals, because the programing is far from being perfect..............
- 7 Validator Nodes on Deeper Chain, 7 have been verified to be in control of by Deeper Network DEVs, apparently they can control votes on the Governance with their locked DPR rewards- Wallet Addresses 1st 5C4vNVT5pDroqufEtXKYp3RKrNXVTHk9yqTeNNUSnJ6EbGGY ; 2nd 5CJDFR5RCMxPwVdzgH6JA9D7M625FEFKrdsJG1JnQVQdQkH2 ; 3rd 5HCG6MvAhYgLZdPoD1BVHEjgKee9n4AhMLKfq64VLiM4znuU; 4th 5Fug4ra4oJaCZQzUZ5C5vNaWBHUujKwGgu5NmZtcDwXMtsCp ; 5th 5Fe7kQ2kunvxDzd1f1AFUuLDPnd8uzqrbgQ4Q4zLHNeC82xD ; 6th 5CaViidoJL9qL22pvdVfpGkaE34kH7cH79rTemVGpUqddaaZ ; 7th 5F95SXGB5dj6TpcKzPGZRCXMsoBLcgg7nmhZxSC5sHCHdDx7 ; Deeper has said they will burn the DPR from the 7 Validators but the miners do not know if they can trust Deeper Network to keeping there word and if it will be 100% Burn or just 1% like everything else........
Founder & Head of the Society Governance Platform Wallet Address: 5GViXCfq22KUdWYK9E6bFZXYJWY7v4EVKJz3mgn6vGGPU1iT this is a Genesis Gold Ter 8 out of the United Kingdom. This wallet seems to be programed to dump coins after there mined across the bridge to sell on and exchange. We will be following this wallet, stay tuned for updates...................
-Deeper Chain DPR Crypto Burn Wallet #1: (Warning this is a subject Deeper does not like to talk about) There has not been a routine burn setup yet promised by Deeper to fight inflation . The only burning is est 21DPR perday equivalent to about .80cents per day!!! from the Validator transactions which they are calling a “Routine Burning or Every Gas Fee”. The old burning was every 7 days and burnt all the treasury wallet. Then they slowed it down to every 24 Days thru the Treasury and to burn only about 1% now. There is credit burning set up for the miners, which is false advertisement because they only burn 1% of the money paid to buy credit to increase mining rewards. The rest of the money is added to the treasury wallet for Deeper to pay their DEVs instead. Waiting for Deeper Network to provide Burn Wallet Address for all three Blockchains so the community can monitor what they are being told. Talking about this subject will get you band and removed from Deeper Network Social media accounts so be aware………… Deeper Network has responded to my concern about this saying "that 1% of the treasury wallet is burned each day" but I don't believe that's what happens, I believe that only 1% of each transaction that is transferred to the Treasury wallet is then sent into the burn wallet only during the transaction process, not that 1% of the treasury wallet total is burned. So once the funds go into the Treasury wallet once the 1% has been taken out, the remaining funds are no longer programed to be burned. (...to be determined) At the moment it is unknown how to see a total burn amount from this wallet but you can see how much DPR will be burned in the next 7 day burn period.
-Deeper Chain DPR Crypto Burn Wallet #2: Deeper Network has not provided the wallet address from the burning during the Pico sale so the community can monitor the wallet activity.
- Deeper Token ECR-20 Blockchain Ethereum Burn Wallet Address - Deeper Network has not provided the wallet address from the burning during the Pico sale so the community can monitor the wallet activity.
- Deeper Token BSC Binance Smart Chain Burn Wallet Address - Deeper Network has not provided the wallet address, nothing would be in the wallet address that i would be aware of if it exist yet
- Deeper Chain Treasury Wallet Address: This is how Deeper Network makes income from internal network transactions 5EYCAe5ijiYfyeZ2JJCGq56LmPyNRAKzpG4QkoQkkQNB5e6Z (At the moment this is funded by the left over Validator Transactions & Burn DPR for Credit Score Increase, ect. 1% of Transactions going into the wallet are Burned every 24 days, this is confirmed by looking at the programing on Github Deeper-Chain; Actions; Branches; modify treasury burnning rate
- Polkadot Parachain for Deeper Chain – not yet, no future plans at the moment (Verified by Polkadot Support)
-10 Billion DPR Total: 6 Billion DPR will be mined within 25years (Verified on AMA); & 4 Billion DPR Belong to Deeper & Investors
-Location of Deeper Network servers where VPN data is stored: Unverified, Programmers working from China, ect. , Government Jurisdiction over VPN data information unknown (As per Deeper User Policy to have to agree to Logs are kept by them internally), Privacy Policy VPN info shows data is kept by Deeper Network, time period kept unknown. Do not know why Deeper Network is not Transparent with this information like other VPN providers. And or what will be there main goal with this data kept.
- Deeper Network VPN / DPN equipment concerns: They say they do not keep logs of records of your internet access BUT!!!!! When you login to the device for the first time it makes you approve there two privacy agreements first. Terms and Condition of Use agreement under point Prohibited and restricted uses point #25 say : “We shall have the right… to monitor User Content”; The second agreement you must approve is the Deeper Network Privacy Policy under Data we Collect says “We may receive access to basic personal information from your social network accounts should you register or sign onto such services using Deeper Network Products or Services” (Why in the world is Deeper trying to collect your personal information?????????, also would they not also be able to see your banking information then...), then under section Data Retention it says “We will keep records containing personal data….. as maybe required by applicable laws (So then which governments laws are you under because there are countries that require no data collected) at the end of the day Deeper Network is not a Decentralized VPN because your data is collected in Deeper Networks Servers and Deeper Does not allow the Miners with the Exit Nodes for the VPN service to erase the VPN data on there own devices, even if their country allows for no logs to be collected. Will Deeper Network change their policy’s to be in harmony with what they told their community of NO LOGS/DATA KEEP BY DEEPER and ONLY DATA COLLECTED ON EACH EXIT NODE, apparently, they changed their minds……
Pico - At the moment the Pico is only good for mining with a Staked credit score, if the Pico has its own Public IP and is connected for months without being disconnected it will currently not get 10mb of traffic each day to get an increased organic credit score as an exit node, the network currently will choose a faster path out thru a Mini instead. So the Pico at the moment is not a good mining device if that's what you bought it for organically. This has been confirmed. Update: It seems like they are trying to fix this issue. If the device to left on for an extended amount of time it will work on the block chain but will not allow for personal internet access.
-Company Info:
-Deeper Network INC of the Marshal Islands (no office location there currently) Crypto Currency company that was set up as a shell company, filed on March 8, 2019 Entity number 100333 (Legal system mixed legal system of US and English common law, customary law, and local statutes; International law organization participation accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction)
-Deeper Network Inc of Delaware USA (no office location in Delaware currently) Software Developer/ VPN / DPN , Entity 201816910575 6/14/2018, EIN Tax ID# 841835438, State ID 04799167 This is the company that controls everything.
-Location Of Head Quartiers Office (5200 Great America Pkwy, Santa Clara , California, 95054) : The main temp office rental location no longer exists that is advertised and on Entity Documents, the location is currently enmity and abandoned, supposedly working remotely from home and out of a shipping warehouse since the past two years+ or longer, unable to verify from the last trip to California. No new permanent office location currently that I am aware of that has been verified. Even from there past video of this office location you can tell it was just a temp location as if it was like one of those rent a cubical to work at temporary location.
(A lot of people have come and gone from the head ranks or moved DOWN to different positions within the company, High Turnover Rate, not sure if currently accurate)
Chief Executive Officer: Mao Liu ( aka also known as Michael Liu); China / California (Runs another Company in California Fam Capital which is not registered in the State of California to work in the State)
Chief Technology Officer: Hui Liu ( aka also known as Russell Liu); San Jose, California, USA
Chief Operations Officer: Xiaoshuai Liu ( aka also known as Cheryl Liu); Maple Ridge, British Columbia, Canada
Chief Marketing Officer: Position Open, last person quite and moved on...............
Contracts: Chao Ma
Secretary/Chief Financial Officer: Xiaoshuai Liu ( aka also known as Cheryl Liu); Maple Ridge, British Columbia, Canada
Corporate Officer: Adam Wolfe
Lei Chang; Saratoga, California
Chief Branding Officer: Yinan S.
Software Developer: Arturo Jimenez
Product manager: Kain Xu
Deeper Network if you feel any of this information is inaccurate please reach out to me and provide me proof showing something different and I will update it on my next post. Information is gathered thru the Miner Community Chats.
Get prepared to go "Down Under" AUDUSD stick a fork in itG'Day this is whats happening with AUDUSD right now. So take it and shove it up your bloomberg terminal ;)
We are going to lower and cross over the central fork line.
Then we are going to mess around in the lower green sector.
We will then move like a boring static snake slowly lower down into bottom purple fork territory.
Come and make some profit with me :)