AZL Daily Report, page-83

Will Powell blink or kill the rally?
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Yes AZL gained 2 pips to finish at 7.3c. Our volume was not very high, just over 8m shares traded. I thought it was good trading day with a touch of 7.6 - so the intent is there, an attempt is being made - now needs a big push to get to next trading range and finish above 7.6.
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ASX Li stocks were just moderately ahead. Of the 73 stocks that I track, average gain was around 1%.
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Overnight US Li stocks were in very good mood. although the ETF of LIT only increased just over 0.5%, many other US Li stocks had big gains - average increase was over 5% - that way ASX Li did very poorly.
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What next:
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Yesterday SP 500 had a very good day. It stayed above the number 4020 I was talking about and made a 2 month high finish at 4076 - gaining around 1.5%. ASX too was in green but mild, around 0.3%.
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Tonight for a bull case, an attempt and finish above 4100 will be quite bullish. If it falls, a hold of 4000 will still be good.
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Lead indicators are fine - Volatility Index VIX fell more and is also below 20, Yields and dollar Index no major movement. Sentiment Indicator I think is around 71 - deep in Greed territory.
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As many are saying, this is a very decisive week for stock market which may provide direction for at least 1 to 2 months. And within this week, tonight is most crucial. Powell is going to speak after Interest Rate rise decision. Expectation is 0.25%, anything higher may lead to a big sell off. Powell will be hawkish as usual but it depends on his tone as well. If he is moderate in his hawkishness, markets may like and rally. Anything very extreme tone or data may have an adverse impact.
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So what will happen tonight? Blockbuster night coming up. PMI and Jobs data before market opens - they could give headstart to day. Then a lot of key Earnings report which may provide more variations. And finally Interest rate rise and Powell speak. So a lot of twists can happen on the same day. Future are in some red. Asian markets largely green. Cryptos are not fearful - a good sign for stocks and taking risk - Bitcoin now above 23k. After a disastrous 2022, this is our best chance of continuing the rally - which is a best after June bottom. We are in striking distance of getting out of the bear market if we cross 4170, but a finish above 4100 will do for now. Will that happen? Lets hope so. All the best.