Uptick In Tsy Yields Helps Reverse Pre-NY E-Mini Uptick

Upticks in Tsy yields helped reverse any gains in benchmark U.S. e-minis ahead of NY trade, leaving the 3 major contracts ~0.1% lower on the day.

• Moves higher for mainland Chinese & HK equities did little for e-minis in Asia-Pac hours, before some contained two-way vol. was observed in early European dealing.
• There wasn’t anything in the way of lasting reaction to the latest round of touted Chinese economic support measures, which were deemed expected/more of the same (small knee-jerk higher noted at the time of headlines).
• S&P 500 e-minis had a brief and limited look through Monday’s high before pulling back.
• Technically, short-term gains in the S&P 500 e-mini are considered corrective and attention is on support at 4,350.00, the Aug 18 low and bear trigger. A break would confirm a resumption of the current bear cycle. Resistance to watch is 4,510.13 - the base of a bull channel, drawn from the Mar 13 low that was breached on Aug 16.