EM CEEMEA CREDIT: Hungary:  Average gross wages

Brent & WTI add over $0.60 this morning but remain within Friday’s respective ranges.

• Our commodities team notes that crude is supported by the U.S.-EU trade deal, which helps alleviate concerns that increased protectionism would weigh on global energy demand. Oil market focus is now on the outcome of U.S.-China talks starting today and Sunday’s OPEC meeting.

• RES 4: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing 
• RES 3: 6500.00 Round number resistance
• RES 2: 6477.31 1.618 proj of the May 23 - Jun 11 - 23 price swing
• RES 1: 6457.75 Intraday high      
• PRICE: 6456.75 @ 07:26 BST Jul 28  
• SUP 1: 6391.50/6302.01 Low Jul 24 / 20-day EMA  
• SUP 2: 6241.00 Low Jul 16    
• SUP 3: 6153.14 50-day EMA
• SUP 4: 6130.75 Low Jun 25  

S&P E-Minis have traded to fresh cycle high today as the contract begins the week on a bullish note. The climb confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position highlighting a clear dominant uptrend. Sights are on 6477.31, a Fibonacci projection. Key support is at the 50-day EMA, at 6153.14. Support at the 20-day EMA is at 6302.01.

• A light early flow, but Bund look to close the Opening gap up to 129.50.
• The contract remains unaffected from the Risk On Tone, and aside from the Data and the FOMC this Week, Month End will also be watched.
• While risk is still tilted to the downside for Bund Futures, August is seasonally a Bullish Month.