S&P 500 E-Minis Bounce From 4,500

Round number support in the form of 4,500 limited losses in the S&P 500 e-mini earlier today, with the contract back to ~4,515 as of typing.

• Macro headline flow remains light and it seems that the bounce from worst levels in e-minis has factored into fresh, albeit light, cheapening in core global FI markets (an uptick in yields, alongside weakness in China/HK stocks, seemed to weigh on e-minis during early London trade).
• Technically, the S&P 500 e-mini maintains a firmer short-term tone and the contract is holding on to its recent gains. Price has traded above resistance at 4,531.67, the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16. A clear break of this level would strengthen the upleg and open 4,560.75, the Aug 4 high. Initial support to watch lies at 4,458.00, the 50-day EMA. A return below the average would be a bearish development.