Has PPI given the catalyst the bears needed?.Yes AGE gained 1...

Has PPI given the catalyst the bears needed?
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Yes AGE gained 1 pip to finish at 4.1c. Our volume was very low, similar to yesterday, just over 6m shares traded. Again trading like yesterday. At this stage not getting any direction, hopefully soon.
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ASX U stocks were generally weak but not much. Of the 28 stocks that I track, average loss was 1%, similar to yesterday
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Overnight US U stocks were quite weak and lost an average of over 3%. U Future gained another 65c to finish at $51.80 - Moving towards 55 which may stir, but really need 60 to give a big boost.

What next:
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Yesterday SP 500 lost over 1% on the back of economic data and fell below 4100 - finishing at 4090. ASX too was weak and lost under 1%.
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Yesterday we got another key data - PPI and Jobs data - and it came in not favourable to market. Previous CPI and Retail Sales too were not good but markets had blinked. It tried again and most of the day remained in the same range. And then some Fed talks happened and it panicked towards the end - it broke its key level of 4100. A good support is at 4070 then 4000 and very critical 3900. To go up, first thing is to regain 4100 and then look for 4200.
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So it looks like the bears have got the catalyst they were looking for. Focus has moved away from recession to Inflation once again - talks are now about 0.5% increase next month. Not sure how long this will go, but this is the time to be slightly risk averse and see if markets can regain 4100 and go higher before taking risk.

Lead indicators were not favourable, which was expected. The Volatility Index VIX jumped over 10% yesterday to finish above 20 - so not looking good there. There is one theory though - when VIX makes a move of over 10% in a day, there is 85% chance of big movement in opposite direction within 2 days. So this time VIX went up, so a market rally probability on that count is 85% either tonight or on Monday. Lets see if it works.
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So what will happen tonight? US Futures already in red. Asian markets largely red. Bitcoin has lost its smile though its not crying. It lost 24k level and is just under that now, but couple of days back it was at 22k, so has still kept of lot of gains. Tonight Options expiry, so some manipulation can happen. If markets fall below 4000 then market makers may lose a lot as payout for Puts. They may want to keep the market here, or possibly push a little bit high to maximise. The bulls need to hold the levels here and get above 4100 - that could mean bears will lose some steam . Will that happen? Lets hope so. Enjoy your weekend and all the best.