SYA Daily Report, page-321

Not looking good?

Yes SYA lost 5 pips to finish at 8.8c. Our volume was very high - just over 147m shares traded. Yesterday I had written that it was looking very wobbly/shaky and I was not getting a good feel. Today the shorters may have been in strength and pushed us down to our 52 week lows at 8.7. Not sure what's going to happen next, except its still not looking good. Lets hope we do double bottom and reverse.
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ASX Li stocks were mixed. Of the 75 stocks that I track, it was flat - so on average no gain or loss
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Overnight US Li stocks were also mixed. Though some stocks continued their down path with new 52 week lows, some others were in green. On average was flat like us.
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What next:
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SP 500 had a good day yesterday with around 0.4% gain. ASX though was not having that, lost around 0.5%.
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Yesterday I had written this - "Based on my reading, the most likely scenario is that SP 500 from its current level of 4320 will go towards 4280, then get a bounce towards 4380/4400, then get rejected there, will fall around 4200 level to form final bottom. All speculative though." Somehow it played that way. Dipped below towards another number I have been calling for a long time - 4300 - and then reversed - did not go to 4280 but 4300 itself was a crucial zone. So if what I wrote yesterday is to stand and it played out accordingly yesterday, we should see SP 500 rally towards 4380/4400 and then reverse.
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Analysts are mixed at this stage. Many believe in the theory that SP 500 will bounce up another percentage or so from current 4337. But there are few who say that we will be going down shortly, many shorters may have got squeezed yesterday, and could get more or but many will push it down. There is some who also believe that we may have done the final bottom for the year and will now move up slowly towards 4600/4800.
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Lead indicators were mixed. Though VIX fell, Yields made another big gain, Dollar index too increased. Bitcoin stable, sitting in a corner and watching what may unfold.
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So what will happen tonight? US Futures in some red. Asian markets were largely red even though US markets were in green yesterday. Technicals pointing that the bounce may continue, but many fundamentals pointing towards further loss. Will the Technicals win and push towards 4380/4400?. Lets hope so. All the best..