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Market Analysis - 02.19.2020

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:

52.89

51.43

50 - GEX

49.95


Key Resistance Levels:

53.26

53.88

54 - GEX

55.28


Auction Profile:

Up auction

 

S&P 500


Key Support Levels:

3372.50

3350 - GEX

3345.75

3326.50

3284.50


Key Resistance Levels:

3400 - GEX


Auction Profile:

Range bound

 

NATURAL GAS


Key Support Levels:

1.929

1.862

1.841

1.817

1.80 - GEX


Key Resistance Levels:

1.966

2.00 - GEX


Auction Profile:

Up auction

 

NASDAQ


Key Support Levels:

9606.25

9600 - GEX

9569.25

9429.50

9417


Key Resistance Levels:

9680 - GEX


Auction Profile:

Range bound

 

EURO


Key Support Levels:

1.08151

1.08 - GEX


Key Resistance Levels:

1.0858

1.09397

1.09751

1.1 - GEX

1.1033


Auction Profile:

Down auction

 

BRITISH POUND


Key Support Levels:

1.2962

1.29 - GEX


Key Resistance Levels:

1.3073

1.305 - GEX

1.3031


Auction Profile:

Range bound

 

FINAL THOUGHTS


Crude oil futures continue to rotate upward as it tested previous fairest value and buyers took control. If price holds previous VAH, we should some further upward movement.


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


Natural gas futures continue their upward march staying above previous value area. We will watch to see if buyers maintain control which should be evident early on.


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


Just when Euro futures looked as if they were starting to bottom, they continue to move lower. As long as sellers continue to extend the range downward with little opposition, price will follow.


British pound futures continue to be range bound. There is still a good amount of buying under the fairest value. We're expecting the range to remain centered around 1.3031, unless a material catalyst appears.

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