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

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Price Signal Summary - S&P E-Minis Trend Condition Remains Bullish

OUTLOOK
  • In the equity space, a broader uptrend in S&P E-Minis remains intact and Friday’s gains reinforce this condition. The contract has traded to fresh cycle highs, confirming a resumption of the uptrend. Recent corrections have been shallow - this also highlights a strong uptrend. The focus is on the psychological 5000.00 handle. Key short-term support has been defined at 4866.00, the Jan 31 low.
  • EUROSTOXX 50 futures remain firm and the contract is holding on to the bulk of its recent gains. Key resistance at the Dec 14 high of 4634.00 has recently been cleared, confirming a resumption of the medium-term uptrend and sights are on the 4700.00 handle next. Initial firm support lies at 4578.50, the 20-day EMA.
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