EMISSIONS: EUA Funds Positioning Turns More Bearish
Investment funds positioning in EU ETS futures on the ICE exchange turned more bearish last week with net short positioning rising to the highest since the week ending 15 March, latest COT data as of 26 July showed.
- Investment Funds net short positionings increased by 2,124 to -25,503.
- Investment Firm net short positionings decreased by 3,989 to -295,584.
- Commercial Undertaking net long positionings edged down by 3,722 to 246,311.
- EU ETS Dec24 last week rebounded, seeing a weekly increase amid a rally in gas prices and hot weather across Europe, after two consecutive weeks of declines. Auction volumes in August will only be slightly lower with EEX auctioning around 54m EUAs in August, compared with 58m in July.
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EQUITIES: Trend Conditions in E-Mini S&P Unchanged and Bullish
The trend condition in Eurostoxx 50 futures remains bullish. The recovery from the Jun 14 low appears to be an early reversal of the May 16 - Jun 14 correction. Attention is on 5039.84, a Fibonacci retracement. A break of this level would be a positive development. For bears, a reversal lower would signal a resumption of the bearish corrective cycle and open 4846.00, the Apr 19 low and a key support. The trend condition in S&P E-Minis is unchanged and signals remain bullish. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This break confirmed a resumption of the primary uptrend. Note that moving average studies are in a bull-mode position and this continues to highlight positive sentiment. Sights are on 5594.66, a Fibonacci projection. Support to watch is 5484..21, the 20-day EMA.
- Japan's NIKKEI closed higher by 47.98 pts or +0.12% at 39631.06 and the TOPIX ended 14.65 pts higher or +0.52% at 2824.28.
- Across Europe, Germany's DAX trades higher by 108.55 pts or +0.6% at 18344.52, FTSE 100 higher by 41.01 pts or +0.5% at 8204.78, CAC 40 up 131.21 pts or +1.75% at 7610.61 and Euro Stoxx 50 up 57.39 pts or +1.17% at 4951.41.
- Dow Jones mini up 58 pts or +0.15% at 39527, S&P 500 mini up 8.5 pts or +0.15% at 5530, NASDAQ mini up 30.5 pts or +0.15% at 19958.5.
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