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Market Analysis - 02.17.2020

We provide key support and resistance levels for the following futures products daily:

Crude Oil (/CL)

S&P 500 (/ES)

NASDAQ (/NQ)

Natural Gas (/NG)

Euro (/6E)

British Pound (/6B)

 

CRUDE OIL


Key Support Levels:

51.28

51.45

51.73

51.95

52.17

50 - GEX


Key Resistance Levels:

52.43

52.71

54 - GEX


Auction Profile:

Up auction

 

S&P 500


Key Support Levels:

3350 - GEX

3382.50

3372.50

3355.25

3349.50


Key Resistance Levels:

3390.75

3400 - GEX


Auction Profile:

Up auction

 

NATURAL GAS


Key Support Levels:

1.80 - GEX

1.898

1.874

1.868


Key Resistance Levels:

1.909

1.926

1.969

2.00 - GEX


Auction Profile:

Up auction (Gap)

 

NASDAQ


Key Support Levels:

9659.25

9607.60

9600 - GEX

9563.50

9416


Key Resistance Levels:

9680 - GEX


Auction Profile:

Up auction

 

EURO


Key Support Levels:

1.08595

1.085 - GEX


Key Resistance Levels:

1.08671

1.08754

1.089

1.09335

1.0975

1.1 - GEX


Auction Profile:

Range bound

 

BRITISH POUND


Key Support Levels:

1.0325

1.2972

1.295

1.29 - GEX


Key Resistance Levels:

1.307

1.305 - GEX


Auction Profile:

Range bound

 

FINAL THOUGHTS


Crude oil futures continue to rotate upward. Remain vigilant for any action that could reverse this short term momentum. The impact of the #COVID19 on this commodity has still yet to be accurately measured.


S&P 500 futures are up near all time highs again today. With high GEX levels, look for $ES to remain pinned between 3350-3400.


Natural gas futures gapped up in the overnight session and has remained within a narrow value area. Keep an eye on interest following the open to get a better idea on direction.


NASDAQ futures are also near all time highs again. Again, GEX will keep these contracts pinned near the top of the current range.


Euro futures look as if they are starting to bottom out over the past two sessions. We will have to wait and see if GEX can pin the bottom at 1.085.


British pound futures continue to be range bound. There is still a good amount of buying under the fairest value. If this buying continues, the pound might make a move to the upside in the near term.

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