Market Analysis - 02.20.2020

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:

53.26

52.89

51.43

50 - GEX


Key Resistance Levels:

53.88

54.26

54.78

55 - 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:

3390.50

3400 - GEX


Auction Profile:

Range bound


 

NATURAL GAS


Key Support Levels:

1.862

1.841

1.811

1.90 - GEX

1.934


Key Resistance Levels:

1.966

2.00 - GEX


Auction Profile:

Range bound

 

NASDAQ


Key Support Levels:

9600

9650 - GEX

9569.25

9417


Key Resistance Levels:

9745.50

9750 - GEX


Auction Profile:

Range bound

 

EURO


Key Support Levels:

1.08 - GEX


Key Resistance Levels:

1.08151

1.0858

1.09251

1.09355

1.09751

1.09 - GEX


Auction Profile:

Range bound

 

BRITISH POUND


Key Support Levels:

1.28 - GEX


Key Resistance Levels:

1.3073

1.305 - GEX

1.3031

1.2972

1.293

1.291


Auction Profile:

Down auction

 

FINAL THOUGHTS


Crude oil futures are continuing upward at a slowing pace. If price holds previous VAH, we should some again see further upward movement.


S&P 500 futures continues to remain near all time highs again today. Elevated gamma exposure continues to pin $ES between 3350 and 3400.


Natural gas futures have begun to consolidate and form a balanced auction. Narrowing and overlapping value areas suggest a general lack of conviction between buyers and sellers. Expect $NG to remain with the previous value area until strong conviction enters the market.


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 have begun to form a balanced auction to the lower portion of the previous value area. While this indicates a lack of conviction, a range extension to the downside is still the most likely scenario.


British pound futures began to sink sharply lower yesterday indicating sellers have taken control of the market. As price is currently well below previous value area, look for a continued extension to the downside as the most likely outcome for today.

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