OIL: Iraq Sets Its Basrah OSPs for Sep: SOMO
Iraq has set its September Basrah Medium crude price to Asia at par with Oman/Dubai average, according to State Organization for Marketing of Oil (SOMO), cited by Reuters.
- Iraq set its September Basrah Medium crude OSP to Europe at Brent minus $3.90/b.
- Iraq has set its September Basrah medium crude ODP to North and South America at ASCI minus $1.10/b.
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EQUITY TECHS: E-MINI S&P TECHS: (U4) Northbound
- RES 4: 5713.31 3.236 proj of the Apr 19 - 29 - May 2 price swing
- RES 3: 5700.00 Round number resistance
- RES 2: 5668.00 3.00 proj of the Apr 19 - 29 - May 2 price swing
- RES 1: 5629.00 Intraday high
- PRICE: 5628.00 @ 14:22 BST Jul 8
- SUP 1: 5516.51/5419.65 20- and 50-day EMA values
- SUP 2: 5267.75 Low May 31 and key support
- SUP 3: 5213.25 Low May 6
- SUP 4: 5155.75 Low May 3
The trend condition in S&P E-Minis is bullish and Friday’s gains reinforce this set-up. Resistance at 5430.75, the May 23 high and bull trigger, has recently been cleared. This confirmed a resumption of the primary uptrend. The move higher last week confirmed a recent bull flag formation - a continuation signal - on the daily scale, further reinforcing bullish conditions. Sights are on 5668.00, a Fibonacci projection next. Support is at 5516.51, the 20-day EMA.
MNI: US Employment Insight, Jul'24: Unemployment Rate Uptrend Increasingly Of Note
- We have published and e-mailed to subscribers the MNI US Employment Insight.
- Please find the full report including MNI analysis and views from 17 analysts here: https://roar-assets-auto.rbl.ms/files/65140/USEmploymentReportJuly2024.pdf
EQUITIES: Attention turns to the US Cash open
Attention turns to the US Equity cash open, should be set for a new record high in the SPX and the NDX.
- Calls: SPX: 5,583.0 (+0.3%); DJIA: 39,501 (+0.3%/+125pts); NDX: 20,443.7 (+0.3%).
