Another typical Monday - sideways to slight downYes ESS lost...

Another typical Monday - sideways to slight down

Yes ESS lost half cent to finish on 39c. Our volume was on lower side, just over 960k shares traded. Another hold of 38, a key support level. After losing 40 its important to hold 38, previously it has acted as big support/resistance.

ASX Li stocks were generally weak. Of the 54 stocks that I track, average loss was around 2%.


What next:
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As mentioned in the weekly report, SP 500 is trading in the most common range it is trading in last 1 month or so - playing above/below 3950. It needs to hold 3900 ad 3810 if it falls, otherwise a big fall is possible. Upside after gaining 4000, to gain 200 day moving average around 4050 or so.

Overall market has turned bearish. We got slightly higher PPI data. There is a possibility now of getting higher than expected CPI data - and that is spooking a lot of punters. Our best bet is having a good CPI data and then not too hostile words from Powell.

So what will happen tonight? The big game is tomorrow. There is a possibility of sideways movement on a lower volume tonight. At this stage we can only hope that we hold 3900 till CPI data and after that it will take over. Better if we reach high 3900s. Will that happen? Lets hope so. All the best.