Apple abandons its EV project
Apple has abandoned its electric vehicle project in favour of a more concentrated effort on developing generative AI.
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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Apple has abandoned its electric vehicle project in favour of a more concentrated effort on developing generative AI.
Bitcoin traded as high as $57,030 today and is currently trading just below $57,000. This is the highest level since 2021. The cryptocurrency has risen 34% since the start of 2024, driven largely by expectations that the Federal Reserve will cut rates this year, and the start of Bitcoin exchange-traded funds. Another factor is that the next bitcoin halving is due on 19 April.
The SPX500 is overbought as per its weekly RSI (green rectangle), largely due to the artificial intelligence narrative. In this regard, some of the index’s top constituents by market capitalisation, not surprisingly, are also overbought, contributing to the overall heat of the index. Examples include Meta, NVidia, and Amazon.com amongst others.
Japan’s Nikkei 225 (JPN225) hit a record today, trading at a high of 39,178. This is higher than the previous high of 38,915 reached in 1989. The Japanese index has been powered by a weaker yen, strong earnings, and investor-friendly measures.
Gold has drifted sideways for 2024 (blue arrow). There was a brief impulse up during December 2023 as markets priced in the first rate cut for 2024 in March. This was relatively short-lived, with the first rate cut being pushed back to June.
The SPX500 is hovering just shy of the 5,000 level. Goldman Sachs has set a new target for the index, the second time it has done so since December. The investment banks now estimate a year-end target for the SPX500 of 5,200 which is higher than its previous estimate of 5,100.
Coinbase Global (COIN.us) reported results after yesterday’s close, posting well above Wall Street expectations. Revenue was $954m and EPS was $1.04. Expectations according to FactSet was for 2 cents per share in earnings and revenue of $826m.
The UK economy has dipped into a technical recession with two straight quarters of negative growth. The Office of National statistics said UK GDP printed at -0.3% for the fourth quarter of 2023. This, after the previous quarter came in at -0.1%. All three sectors – services, production, and construction output – showed contraction for the quarter.
US headline CPI printed at 3.1%, which was lower than the previous 3.4% but higher than the 2.9% expected. The headline month-on-month number was 0.3%, higher than the previous month’s 0.2%.
Nvidia CEO Jensen Huang, at the World Government Summit in Dubai, said that shifts to accelerated computing are likely to continue and that countries need to build on their AI infrastructure. In an interview Huang said that “There’s about $1 trillion worth of installed base of data centres around the world. And over the course of the next four or five years we’ll have $2 trillion worth of data centres…
Bitcoin has appreciated into a resistance zone around the $49,000 area (red shaded horizontal). Moreover, the daily RSI has moved into overbought territory (green rectangle). It is unlikely that the indicator will stay overbought for long, suggesting that the overhead resistance level may be a key reaction level for the cryptocurrency.
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