MTS Futures News_PM_20180731

MTS News

MTS Futures News_PM_20180731

31 Jul 2018

• Based on the early trade, the nearest resistance is the short-term pivot at 2821.00. The closest support is the main bottom at 2792.50. The main trend is up according to the daily swing chart. A trade through 2792.50 will change the main trend to down. A move through 2849.50 will signal a resumption of the uptrend.

The short-term range is 2792.50 to 2849.50. Its 50% level or pivot is controlling the near-term direction of the market.

The main range is 2693.25 to 2849.50. If the trend changes to down then look for a break into its retracement zone at 2771.25 to 2755.25. Even with the trend down, buyers could show up on a test of this zone since it represents value.

A sustained move under 2821.00 will indicate the presence of sellers. If they press the market through yesterday’s low at 2798.25 then we could see a spike into2792.50.

• European stocks open mixed Tuesday amid a slew of data and corporate releases.

The pan-European Stoxx 600 was flat in early deals, with the major bourses moving in different directions.

• Asian share markets pared some of their early losses as easy monetary policy is seen as positive for risk assets although a global rout in technology shares put a lid on gains.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent.

• Japan’s Nikkei share average ended flat after choppy moves on Tuesday, rebounding from a one-week low after the Bank of Japan announced tweaks to its monetary policy settings but refrained from making any radical move off its ultra-easy policy stance.

The benchmark Nikkei inched up 0.04 percent to 22,553.72 but the broader Topix fell 0.84 percent to 1,753.29 as bank shares fell on profit-taking after the BOJ’s announcement.

• China stocks closed higher on Tuesday, aided by gains in real estate and energy firms, while the market response to the country’s manufacturing data has been relatively muted.

The blue-chip CSI300 index ended 0.1 percent higher at 3,517.66 points, while the Shanghai Composite Index closed 0.3 percent firmer at 2,876.40 points.

Growth in China’s manufacturing sector slowed more than expected in July, as the worsening trade dispute with Washington, bad weather and weaker domestic demand weighed on factory activity.


Reference: Reuters, CNBC, FX Empire
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