Will the bears win?Yes ESS remained flat to finish at 30c. Our...

Will the bears win?

Yes ESS remained flat to finish at 30c. Our volume was on lower side, just over 644k shares traded. Again a very low volume day, but good to hold 30c for now.

ASX Li stocks were slightly in green. Of the 54 stocks that I track, there was average gain of around 1%.

Overnight US Li stocks did not like the markets, again, after previous day fall of over 5%. Yesterday average decline was around 2.5%.

What next:
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Yesterday US markets had a red day, SP 500 losing around 1.2% and finishing on 3783 near the day's low.. ASX too lost in similar range - around 0.3%
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So now it seems that bears have decided not to leave this opportunity to push down. As I have been saying, the technicals are pointing towards a bounce, but the bulls at this stage have no answer. Big tech stocks are again in picture, dragging the general market and sentiment down with them. Yesterday SP 500 just held one resistance at 3780, but a bigger one is at 3750. As I said earlier, if 3750 does not hold, we could get to early 3600 quickly.
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Although the probability of a rally has decreased after last 2 days where SP 500 has decreased by another 1.6%. It has now fallen around 8% from 4100 double top. I did check again today, analysts and charts - there still seems a reasonable chance of a bounce. The bears are so adamant that we may need a short squeeze. There is heavy shorting going on - so if a market can make a small gain and push forward, that can suddenly become a big gain if shorters have to cover. Although we have come down a lot, but still SP 500 needs to regain 3900 and possibly 4000. The sloping trendline which we reversed from at 4100 doing double top, has come down to around 4030 level - that could be in play, in case a bounce happens.
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Markets are still volatile and sentiment is not good. It will take something strong to get out of here, though most analysts feel that we may go lower first towards 3250 before we come out of this. The year end markets and trading is similar to what has happened the whole year. The big tech stocks which make up very high number in the indices have had a very big fall - average over 50%. Any rally will require them to rebound, without them it will be difficult. Most of the tech stocks are close to their covid levels and have given up 500 to 900b each just this year.
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So what will happen tonight? We have now had 2 red days, when it was supposed to be a Santa rally in green. Tonight some jobs data that may provide direction. Although bears are firmly in control, I still have hope, though probability has decreased, that we will see a bounce as most technicals are pointing towards. Will that happen? Lets hope so. All the best.