MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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(M3) Support At The 50-Day EMA Remains Exposed

EQUITY TECHS
  • RES 4: 4244.00 High Feb 2 and a bull trigger
  • RES 3: 4223.00 High Feb 14
  • RES 2: 4198.25/205.50 High Apr 18 and key resistance / High Feb 16
  • RES 1: 4164.25 High Apr 24
  • PRICE: 4099.50 @ 14:39 BST Apr 26
  • SUP 1: 4086.99 50-day EMA
  • SUP 2: 4061.11 38.2% retracement of the Mar 13 - Apr 18 bull leg
  • SUP 3: 4052.50 Low Mar 30
  • SUP 4: 4018.75 50.0% retracement of the Mar 13 - Apr 18 bull leg

A strong sell-off in S&P E-minis Tuesday resulted in a break below the 20-day EMA, at 4125.55. This exposes a more important support - the 50-day EMA - that intersects at 4086.99. A clear break of this average would highlight a top and expose 4061.11, a Fibonacci retracement. On the upside, initial firm resistance is seen at 4164.25, the Apr 24 high. A breach of this level would ease the developing bearish threat.

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