EQUITY TECHS: E-MINI S&P: (U6) Support Remains Intact For Now

BOJ: "Impact of the Bank of Japan's Reductions in JGB Purchases on the JGB Markets"

Link here

• "While the impact of these reductions on interest rate formation has gradually realized, it is suggested that the recent rise in long-term interest rates has been driven, to a certain extent, by fundamental factors such as the rise in the underlying inflation. "
• "The functioning of the JGB markets has been steadily improving as the Bank makes progress in reducing its JGB purchases, with long-term interest rates being formed more freely in the financial markets. "
• "While Japanese investors such as banks and households have gradually increased their JGB holdings, such portfolio adjustments are likely to take some time. "

•   RES 4: $100.00 - Psychological round number
• RES 3: $95.30 - High May 18 and the bull trigger
• RES 2: $94.02 - High May 21
• RES 1: $93.50 - High Jul 23 and key resistance  
• PRICE: $80.94 @ 07:23 BST Aug 04
• SUP 1: $77.78 - Low Jul 28   
• SUP 2: $73.35 - 76.4% retracement of the Jul 2 - 23 bull leg   
• SUP 3: $67.12 - Low Jul 2 and the bear trigger
• SUP 4: $64.89 - 76.4% retracement of the Dec 16 - May 18 bull leg 

WTI futures remain in a clear bull cycle and the latest sharp pullback appears to be a correction. Initial key pivot support to watch is $80.22, the 50-day EMA. It has been pierced, however, a clear break of it is required to signal scope for a deeper retracement. This would open $73.35, a Fibonacci retracement. A resumption of gains would refocus attention on key resistance at $93.50, the Jul 23 high. 

"BOJ: CHANGES IN JAPAN' FUNDAMENTALS, SUCH AS RISING UNDERLYING INFLATION, LIKELY BEHIND RECENT RISE IN LONG-TERM INTEREST RATES" RTRS
"BOJ: LONG-TERM INTEREST RATES ARE BEING DRIVEN BY MARKETS MORE FREELY THAN IN THE PAST AS BOJ TAPERS BOND BUYING" RTRS