AZL Daily Report, page-88

The scare that was predicted?
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Yes AZL lost 4 pips to finish at 7c. Our volume was not very high but similar to last few days, just over 9m shares traded. A weak day as I had written in the weekly report. A test coming up to see if we can get back to mid 7s
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ASX Li stocks were generally weak. Of the 73 stocks that I track, average loss was around 2%.
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What next:
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Will keep it short as mostly covered in the weekly report.
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SP 500 is on its first real test of the rally. Its sitting at 4136. Getting above 4170 will be very bullish. If it goes down, it would be good to hold 4100.
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As I had mentioned in the weekly report in detail, there is a large section which are not buying this rally, also frustrated that it went up so much without their participation. some US tech stocks doubled in a month, and others had hefty gains of over 50%. Most hedge funds would be happy with this return for the year, so they are very peeved. There is also a smear campaign going on the Powell has been dishonest and not presenting true picture. So matter is serious.
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So I expect a very good fight now to happen between the bears and bulls. Most of the economic data is out and nothing major this week. Also major earnings reports are also done, so nothing that will individually move the market. The technicals and the sentiment will drive the market.
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Personally I had expected this pullback on US markets as I had written on Friday Daily Report. My gut feel is that there may be another down day coming. So for some trading that I do for very short range, Friday was to let go some. If US markets fall overnight a bit more, we may see some slight more drop tomorrow, that may be the time for me to take some risk. As I have mentioned a large number of times, I am not expecting a 2002/2008 type crash, but since many are talking about it, I am alert to that concept. My feel is we will rebound either from this level, 4100 or somewhere in 4000s. Most likely is 4000s though it could be intra-day or may take longer to come back.
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So what will happen tonight? US Futures in some red. Asian markets largely red, except Nikkei. After Bitcoin started rising from 17k to 24k, this is the first time I am seeing a lot of hesitancy there - some doubt has been created. Bitcoin has lost 23k now. But my reading of economy till now is good. Lot of healthy indicators. For once Powell is on our side - why would a very hawkish person suddenly turn dovish - maybe he is also reading that we are moving in right direction. There is a good chance this perception may prevail and we will shortly get over 4200, it would be good to stay above 4100 tonight or better go above 4170. Will that happen? Lets hope so. All the best.