SYA Daily Report, page-316

Has Powell pulled the markets down?
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Yes SYA lost 12 pips to finish at 9.3c. Our volume was very high - just over 156m shares traded. So another capitulation and back to under 10. Both SYA and the sector not doing well. On top of that general markets may be on a slide as well. Lethal combination. Not sure what can be done for those holding. Lets hope we see some change in due course
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ASX Li were usually down, though not much. Of the 75 stocks that I track, average loss was around 1.5%.
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Overnight US Li stocks were in another meltdown. Really weak and many going back to their 52 week lows. Average loss was around 5%.
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What next:
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SP 500 had a big drop yesterday after Powell speech, finishing nearly 1% down on the day's low at 4402. ASX though had a bigger drop of around 1.4%, maybe expecting more drops tonight.
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So markets are now going down. Everyone was waiting for Powell to give direction, and at this stage many believe he wants it down. SP 500 had been coiling around this level for last few weeks, in a pullback from 4600 level. I have been saying for last few week that a test of 4330/4300 is on cards, and even lower at 4200. Upside now have to gain 4500. As I mentioned yesterday, from seasonality perspective, last 10 days of September is the worst period statistically for SP 500 in the whole year. It does not mean it has to go down, but odds of going down are higher based on previous trends.
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So finally I am seeing some accordance among all the analysts. Mostly they have divergent views. But this time, nearly every one is saying we are going down. If we go down, best case scenario is to reverse from 4330/4300, or 4200 is on cards. But markets makers always like to play. Now that everyone is expecting markets to go down, they could just push it up and catch everyone unawares and create a panic. Probability is not very high, but its possible.
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So what will happen tonight? Some jobs data tonight which could provide direction. But mostly technicals may drive the markets. Its not looking good, but anything can happen, so best to keep an open mind and follow the price action. An intra-day dip and return would be best scenario. Will that happen? . Lets hope so. All the best..