MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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E-MINI S&P (U1): Resumes Its Climb

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
  • PRICE: 4366.00 @ 14:29 BST Jul 16
  • SUP 1: 4279.25 Low Jul 8
  • SUP 2: 4231.93/4126.75 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 recent pullback is considered corrective and futures are firmer today. The trend condition is bullish and price confirmed a fresh all-time high earlier this week. Moving average studies continue to point north too, reinforcing current conditions. Attention is on 4400.00 next. On the downside, the contract needs to trade below 4279.25, Jul 8 low to signal a potential near-term top. This would suggest scope for a deeper corrective pullback.

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