AGE Daily Report, page-156

A divided market - Big bears and Big bulls only - so which way will it go?

Will keep it short as covered most on the weekly report.
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Yes AGE lost 1 pip to finish at 3.8c. Our volume was decent though not very high, just over 13m shares traded. Just about trying to hold 3.8 at this stage - it would be good to hold this.
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ASX U stocks were not happy today. Of the 28 stocks that I track, average loss was around 4% - one of the big loss days
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What next:
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SP 500 at a critical level of 3970. Needs to hold 3930 or the psychological 3900, though 3880 is a good support. Moving forward, first step is to regain 4000, but important number is 4070. ASX loss over 1% today.
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Market pundits are very polarised now. There are very few who seem to be neutral or mild - saying it may rise a little or fall a little. Most are now thinking of either big gains or big drops. One of them will be wrong. Morgan Stanley/Bank of America saying markets will drop around 25% from here - reaching around 3000 on SP 500. Many of the old bears from months are maintaining the 3250 area. The bulls - they believe we may see 4300 to 4350.
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One thing though we have to accept. The big good rally we were having was based on the numbers that Inflation may have been tamed, including deflation statements from Powell seems to have lost some steam due to recent numbers. Last few Inflation data has not been good, earlier we got numbers above expectation though less than previous month, but now we are getting numbers greater than previous month. Question is - how much has already been factored by market as SP 500 has already dropped around 6%? Many bulls believe most has been factored in. The bears say that further deterioration in numbers may come which may lead to more falls
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So what will happen tonight? US Futures more or less flat. Asian markets largely red, some over 1%. Our co-related asset Bitcoin is not giving clear positive signals - its now stuck in mid 23k. Some economic data - Goods/Homes - not sure very significant - also Earning Reports. Though many bears feel that a big drop is coming, many still agree that a bounce is there on the cards based on Technicals. It would be good to get one and clear some levels and have some cushion. Will that happen? Lets hope so. Enjoy your weekend and all the best.