MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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E-MINI S&P (U1): Approaching Key Near-Term Support

EQUITY TECHS
  • RES 4: 4508.82 1.236 proj of Mar 25 - May 10 - 13 price swing
  • RES 3: 4415.48 1.00 proj of Mar 25 - May 10 - 13 price swing
  • RES 2: 4400.00 Round number resistance
  • RES 1: 4384.50 High Jul 14 and the bull trigger
  • PRICE: 4303.25 @ 07:05 BST Jul 19
  • SUP 1: 4279.25 Low Jul 8
  • SUP 2: 4235.33/4126.75 50-day EMA / Low Jun 21 and key support
  • SUP 3: 4100.00 Round number support
  • SUP 4: 4020.20 Low May 13 and key short-term support

S&P E-minis have started the week on a softer note and the contract is extending the pullback from 4384.50 Jul 14 high. Attention turns to the key near-term support at 4279.25, Jul 8 low. A break would signal a top and suggest scope for a deeper corrective pullback. This would open 4235.33, the 50-day EMA. On the upside, key resistance is at 4384.50. A break would instead confirm a resumption of the broader uptrend.

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