Welcome back to our weekly newsletter! We have things all ready and summarized for you🔥

• Morgan Stanley’s 3 ‘Strong Buy’ Stocks💰

• Unveiling the $200 Million Mixin Network Hack💻

• The Setbacks in Sam Bankman-Fried's Trial: Dissecting the Procedural Losses😂

What to know this Week? 📅

📊Market Performance

• S&P 500: 4,320.06 (-0.30%)

• DJI: 33,963.84 (-0.31%)

• Nasdaq-100: 14,701.10 (+0.047%)

• Russell 2000: 1,776.50 (-0.30%)

• Bitcoin: 26,082.30 (-0.64%)

• Gold: $1,922.19 (-0.14%)

🏠Update on Home Prices

Firstly, the market is set to witness crucial updates on home prices with the Case-Shiller National Home Price Index and the FHFA House Price Index due for release this Tuesday.

Current projections foresee a 0.7% increase in July, marking the sixth consecutive month of gains following sharp decreases last year. Still, on an annual basis, it is predicted to have dropped by 1%. With the high mortgage rates and limited inventory, 80% of Americans consider this a rough time to buy a house.

📰Corporate Earnings Reports

The earnings parade is not slowing down, and some significant names are on the docket.

Companies reporting their revenues next week:

• Costco

• Micron Technology

• Accenture

• Nike

• CarMax

• Carnival Cruise Line

Investors should keep an eye on these reports as they can signal the economic health of these major companies and may influence the market's movements.

📈The Fed’s Inflation Gauge

The Bureau of Economic Analysis (BEA) will issue the latest Personal Consumption Expenditures (PCE) Price Index — the Fed's chosen inflation measure — for August on Friday.

Last month’s data revealed a rise of 0.5%, a hike from July's 0.2% gain. On an annual basis, the surge is expected to be around 3.5%, accelerating from July's 3.2% increase. The PCE Price Index is particularly significant since it is the Fed's preferred measure of inflation and can influence its monetary policy decisions.

🏦Jerome Powell's Town Hall Event

Fed Chair Jerome Powell will conduct a town hall meeting with educators this Thursday. Given the plan to raise interest rates in an attempt to control inflation, these discussions could provide valuable insights into the Fed's current thinking and future plans.

Morgan Stanley’s 3 ‘Strong Buy’ Stocks💰

Three particular stocks reflecting such attributes are currently backed by Morgan Stanley as ‘Strong Buy’ choices: Howmet Aerospace (HWM), Thermo Fisher (TMO), and Zoetis Inc. (ZTS).

1. Howmet Aerospace (HWM) - A global leader in advanced engineered solutions for the aerospace and defense industries, it offers the defensive strength required during uncertain times, and Morgan Stanley expects significant long-term margin benefits for shareholders.

2. Thermo Fisher (TMO) - Though impacted by the macro environment in recent times, the well-positioned company holds the potential for higher growth relative to market and peers, thanks to its resilient business model, deep exposure to h

   igh-growth verticals, and consistent all-weather execution.

3. Zoetis Inc. (ZTS) - A leading global animal health firm, Zoetis successfully outperformed in its Q2 report, and its unmatched portfolio breadth is largely underappreciated, capable of driving growth amidst competition.

As investors weigh their portfolio options, these stocks provide an enticing viewpoint for growth and resilience in uncertain market scenarios. However, as always, due diligence and individual analysis remain crucial before making any investment decisions.

Unveiling the $200 Million Mixin Network Hack💻

The Mixin Network, a trusted service that attempts to solve the perennial issue of blockchain scalability,

confirmed a security breach causing a gigantic loss of nearly $200 million.

This report was corroborated by SlowMist, a notable blockchain security consultancy firm.

The massive hack was executed on the early morning of September 23, and it targeted Mixin Network's cloud service provider's database. As a result, there were considerable losses of assets on the mainnet, with the total funds involved amassing to an approximately US $200 million.

Mixin Network is renowned for its resemblance to a layer-2 protocol, recognized for its efficiency and frugality in facilitating cross-chain transfers. A central body manages its database, which — while conveniently ensuring simplicity in operations — has been identified as a single point of failure.

The consequence of such a centralized system was significantly underscored in this recent incident, sparking a heated conversation on Twitter.

To paint a picture of the magnitude of assets involved, according to a report from July, the top 100 assets on the Mixin Network are worth more than $1.1 billion.

Furthermore, it highlighted the activity on the platform, with 663,489 unique transactions of Bitcoin (BTC) and 179,647 Ether (ETH) transactions executed in the month.

In the wake of this immense security breach, the founder of Mixin Network is expected to address the situation in a live stream later today.

The Setbacks in Sam Bankman-Fried's Trial: Dissecting the Procedural Losses😂

Sam Bankman-Fried experienced a couple of substantial procedural setbacks in his ongoing trial, adding a new chapter to this gripping saga.

In an unexpected turn, the presiding judge dismissed all seven proposed expert witnesses from the defense's side. These witnesses, Bankman-Fried hoped, would have provided critical insights and potentially tipped the scales in his favor.

Additionally, the Second Circuit Court of Appeals turned down his appeal to overturn Judge Lewis Kaplan's decision to rescind his bail release, implying that Bankman-Fried will remain behind bars as his trial proceeds.

Despite these developments being predominantly procedural, they significantly impact the trial's overall landscape and potentially shift the odds against Bankman-Fried.

Even the defense's option to recall four of its witnesses is subject to submitting improved disclosures three days preceding their scheduled testimonies, and it's worth mentioning that these witnesses can still face objections from the Department of Justice.

Moving forward, we anticipate evaluations from key individuals. Among them, we can expect expert insights from Gary Wang, Nishad Singh, and Caroline Ellison. Moreover, testimonies from an FBI agent and financial market specialists like Andria van der Merwe and Peter Easton will add further complexity to the proceedings.

Forecasts

GOLD (XAU/USD)

Our week's gold forecast opens at the former resistance level of 1925. However, a bearish candlestick indicates a failure to exceed this level, suggesting an impending continuous downtrend.

Our previous newsletter noted that upon reaching the 1945 mark, gold's progression could either increase or decrease. As observed, the inability to break through led to the price being rejected and continuing its bearish trajectory.

Given the opening price at the resistance level, coupled with the bearish trend, we anticipate a move towards the 1914 weekly support level.

As significant news from the Federal Funds Rate and FOMC statement hit last week, gold's price continued to approach the 1914 threshold, which it respected, retracing back to its original support level, now the current week's resistance area. This underlines the legitimacy of the 1914 support point.

Examining the daily timeframe, it becomes apparent that today's bearish daily candle suggests an ongoing downward price trajectory.

Additionally, we recognize another prospective support level in the 1907 region, which previously served as significant support. Consequently, we consider this a critical level for gold.

On the daily timeframe zoom-out, it is clear that the second support level at 1907 has undergone multiple retests and only made a single notable breakout before again proving its validity as firm support.

This suggests a potential for gold's price to descend to 1907 if it disrespects the primary weekly support level at 1914. Yet, we shall monitor how the situation evolves, whether it touches the second support level this week or the next. One certainty is gold's continuous downtrend. The sole high-impact news due this week that could induce significant volatility is Thursday's Final GDP data, set for release on 28/9/2023.

Bitcoin

In terms of Bitcoin, the price trend remains bearish. Previous weeks demonstrate that Bitcoin failed to breach the 28,000 range and repeated rejections of this area twice. This signifies that Bitcoin's bearish trend persists, and a return to the 30k mark does not seem imminent.

Examining the daily timeframe, the bearish price of Bitcoin persists, with attempts at bullish momentum around the 28k mark getting rejected twice. There's a chance the price might test the same zone once more with hopes of returning to the 30k figure, but that will depend on the evolving situation in the crypto realm.

Our current price forecast for Bitcoin suggests a continuation of the downtrend, potentially reaching the highlighted support range of 26k-25k. This area has consistently provided strong support in the past, with multiple rejections whenever the price attempts to break free.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.