AGE Daily Report, page-385

Can U stocks hold while general markets going down?
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Yes AGE lost 1 pip to finish at 5.1c. Our volume was still very good - just over 42m shares traded. So again played along the CR price, with a touch of 4.8. Still good to finish on day's high, though down for the day. Lot of churn happening around here, which is good. Once the sellers get exhausted, hopefully we can break out of this zone. Bought a few more today at 4.9 and 5, earlier in the week had bought at 5.4 and 5.1
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ASX U again had a mixed day without any strong direction. Of the 28 stocks that I track, average gain was around 0.5%. So holding for now.
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Overnight US U stocks were generally weak, average loss around 2%. U Future steady at $65.50.
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So for second day in a row the U stocks held their ground with markets retreating. But US u stocks were down, but their indices were also down. ASX after starting in deep red clawed back to actually finish in green, which was also reflected in stocks recovering from morning lows. Again the bigger stocks have held the fort. Question is - can they do it if general markets still decline?
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What next:
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SP 500 had another big drop yesterday, second day in a row, finishing nearly 1.6% down on the day's low at 4430. ASX surprisingly finished in green, though by only a small margin in the closing auction. At one stage it was deep red - maybe thinking US markets will come back tonight?
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For last few weeks and even yesterday I had said that first check downside for SP 500 is at 4330/4300. And what did the market makers do? They stuck to the number and it finished exactly at 4330 - a number I have been calling for so long, precision game, could only be done by computers. Nearly every one was bearish and shorting the markets. And it played out exactly to scripts and letting all the shorters make money. Lesson is - if markets look bad, chances are it will drop, no wonder traders making money on up and down.

Next numbers for SP 500 is 4300/4250 and very critical 4200. If 4200 is not held, then there may be more trouble. At this stage the uptrend from October is last year is still intact. But all indices and stocks are trading very weak and have broken their key resistances. We are in September, a bearish period, another week to go. Many believe we may bottom towards the end of next week, hopefully above 4200. But anything can happen, these are just odds, no certainity, who knows we could just reverse from here and start marching once again towards 4600.
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Lead indicators - very bearish for markets. VIX jumped over 15% yesterday, now above 17, reaching critical level of 20. Yields made a 17 year high yesterday - highest since 2006 - not good. Dollar index too increasing. Sentiment Indicator has turned to Fear from Neutral. Bitcoin lost 27k but still around 26.6k - so not that bad.
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So what will happen tonight? Yesterday the jobs number came hot - something which Mr Powell will not like. Tonight PMI data. It could provide some direction. But technicals are in play, algos in control, and bears looking for a kill. So overall not looking good. But one theory is that we did around 4330 few weeks back, we can reverse from here doing double bottom of this pullback.. Will that happen? . Lets hope so. Enjoy your weekend and all the best..