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

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

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

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Price Signal Summary - Key Resistance In S&P E-Minis Remains Exposed

OUTLOOK
  • In the equity space, the S&P E-Minis trend conditions remain bullish. Last week’s bounce from 4114.00, May 24 low, means that support around the 50-day EMA remains intact. The average intersects at 4129.2 and a clear break of it is required to signal a reversal. The focus is on key resistance at 4244.00, the Feb 2 high. Clearance of this hurdle would resume the uptrend that started on Mar 13 and open 4288.00, the Aug 19 2022 high. Initial support lies at 4159.93, the 20-day EMA.
  • EUROSTOXX 50 futures managed to find support last week at 4252.00, the May 25 low. This means that for now, support around the 50-day EMA, which intersects at 4271.40, remains intact. A clear break of the average would expose 4233.00, May 4 low and a key short-term support. Clearance of this level would strengthen bearish conditions. On the upside the bull trigger is at 4409.50, the Nov 18 2021 high (cont) and a major resistance.
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