The bears broke the second level - will they continue?.Yes AGE...

The bears broke the second level - will they continue?
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Yes AGE gained 1 pip to finish at 4c. Our volume was quite small today, similar to yesterday, just over 5m shares traded. Again trading in the same zone and similar to last few days - nothing significant. Also playing ding-dong - 1 pip up/1 pip down for few days
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ASX U stocks were generally weak. Of the 28 stocks that I track, average loss was 1.5%, I think fifth straight day of decline

Overnight US U stocks were really panicking and had one of the worst day of recent times. Although the ETF lost around 5%, average loss of other U stocks was around 7.5%. U Future no change at $51.75
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What next:
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Yesterday SP 500 had a big decline and lost around 2%, finishing at 3997. ASX though was moderate and lost only around 0.3%
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So the big drop that I have been referring to for sometime, looks like it is in swing. After losing 4100 on SP 500, we have now lost the next level 4000. The next psychological level is 3900 though a break below 3930 itself would be bearish. Up side, we need to get back the levels we are losing.
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So after losing the second level, are the bears in control? In the short term it looks like. Suddenly everyone has turned bearish. They are calling for further drops. Some big financial institutions are saying 3800 on SP 500, whereas some bears who had never accepted the current rally are adamant that it is going towards 3250 level. So a real test for market coming up.
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Lead indicators got thrashed. The probability of 85% chance of market rally after 10% increase did not happen. Next time they will say probability is say 80%. VIX had one of the biggest jumps of recent times - around 15%. Yields rose very big as well. Dollar Index too had a rise. So all indicators are bearish at this stage from market perspective.
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Personally - As I wrote on the weekend report, I had got out of most of my trading stocks last week after I felt 4100 will not hold. I have been playing defensive for sometime and will wait for a clear turn on upside before getting in - meanwhile playing an oiler.
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So what will happen tonight? US Futures flat to slight green. Asian markets were largely red - medium to big. Bitcoin is not looking good but not collapsing. Yesterday it tried to get to 25k, but before markets opened it was already easing. It is just about to hold 24k now. Some earning reports, some mortgage data tonight - don't think that will be significant. FOMC minutes tonight after market opens. The bears are sure that this will be another catalyst for a further big decline. But when everything becomes dark and gloomy, sometimes the market likes to surprise the other way - who knows it could just reverse from here and try to regain 4070. Will that happen? Lets hope so. All the best.