MNI China Daily Summary: Friday, January 13

MNI BRIEF: PBOC Monitoring Inflation, Keeps Yuan Flexible

MNI BRIEF: New Policy Tools "Under Consideration" - PBOC

UMICH JAN PRELIM CONS SENTIMENT 64.6 (60.7 EXP., 59.7 PRIOR)

MNI: US DEC IMPORT PRICES +0.4%

EZ/UK T-Bill Calendar: Germany, NL, France to issue Monday

Rpt- MNI INTERVIEW: BOC Losses May Dent Inflation Fight- Tombe

MNI BRIEF: EU Sees Statement After UK-EU Talks This Afternoon

MNI BRIEF: EC Head Aims For Gas Price Cap Deal In Coming Days

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E-MINI S&P (Z2): Trading Above Last Week’s Low

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  • RES 4: 4100.00 Round number resistance
  • RES 3: 4023.44 61.8% retracement of the Aug 16 - Oct 13 downleg
  • RES 2: 3981.25 High Sep 14
  • RES 1: 3928.00 High Nov 1 and a bull trigger
  • PRICE: 3803.50 @ 14:33 GMT Nov 9
  • SUP 1: 3704.25/3641.50 Low Nov 3 / Low Oct 21
  • SUP 2: 3590.50/3502.00 Low Oct 17 / 13 and the bear trigger
  • SUP 3: 3491.13 50.0% retracement of the 2020 - 2022 bull cycle
  • SUP 4: 3453.78 1.618 proj of the Aug 16 - Sep 7 - 13 price swing

S&P E-Minis remain above last week’s low of 3704.25 (Nov 3). A breach of this level would expose the key short-term support at 3641.50, the Oct 21 low, where a break would signal scope for a continuation lower. For bulls, a stronger reversal higher and more importantly a breach of 3928.00, the Nov 1 high, is required to confirm a resumption of the recent bull theme. This would open 3981.25, the Sep 14 high.

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  • RES 4: 4100.00 Round number resistance
  • RES 3: 4023.44 61.8% retracement of the Aug 16 - Oct 13 downleg
  • RES 2: 3981.25 High Sep 14
  • RES 1: 3928.00 High Nov 1 and a bull trigger
  • PRICE: 3803.50 @ 14:33 GMT Nov 9
  • SUP 1: 3704.25/3641.50 Low Nov 3 / Low Oct 21
  • SUP 2: 3590.50/3502.00 Low Oct 17 / 13 and the bear trigger
  • SUP 3: 3491.13 50.0% retracement of the 2020 - 2022 bull cycle
  • SUP 4: 3453.78 1.618 proj of the Aug 16 - Sep 7 - 13 price swing

S&P E-Minis remain above last week’s low of 3704.25 (Nov 3). A breach of this level would expose the key short-term support at 3641.50, the Oct 21 low, where a break would signal scope for a continuation lower. For bulls, a stronger reversal higher and more importantly a breach of 3928.00, the Nov 1 high, is required to confirm a resumption of the recent bull theme. This would open 3981.25, the Sep 14 high.