Market Analysis - 02.21.2020

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

51.33

50 - GEX


Key Resistance Levels:

53.16

53.88

54.26

54.78

55 - GEX

55.28


Auction Profile:

Up auction

 

S&P 500


Key Support Levels:

3345.75

3327.75

3311.50

3300 - GEX

3284.50


Key Resistance Levels:

3372.50

3390.50

3400 - GEX


Auction Profile:

Range bound

 

NATURAL GAS


Key Support Levels:

1.862

1.841

1.812

1.85 - GEX


Key Resistance Levels:

1.995

1.966

1.944

1.94 - GEX

1.901


Auction Profile:

Down auction

 

NASDAQ


Key Support Levels:

9569.25

9510 - GEX

9421.75

9332.50


Key Resistance Levels:

9745.50

9670 - GEX

9600


Auction Profile:

Range bound

 

EURO


Key Support Levels:

1.08175

1.08 - GEX


Key Resistance Levels:

1.0858

1.08831

1.09 - GEX

1.09355

1.09751


Auction Profile:

Range bound

 

BRITISH POUND


Key Support Levels:

1.2865

1.29 - GEX

1.291

1.2922


Key Resistance Levels:

1.3073

1.305 - GEX

1.3031

1.2972


Auction Profile:

Down auction

 

FINAL THOUGHTS


Crude oil futures fell after #coronavirus update yesterday. Back in range bound action today. Little conviction in either direction as long as price remains above 52.88. Below that area, expect price to fall down to next area of support.


S&P 500 futures also hit with fear following #coronavirus news. Gamma exposure dropped significantly on the lower side to 3300, remains at 3400 to the upside.


Natural gas futures dropped yesterday as sellers took over following the news. Remain vigilant for any range extensions to continue downside action further.


NASDAQ futures felt impact of #coronavirus news, as well. Still, it will take a lot more negative news to meaningfully impact these indices.


Euro futures continue the balanced auction with little conviction from either side. Watch for range extensions outside of value area. Without those, look to trade responsive selling and buying at bracket extremes.


British pound futures retook some value during the overnight session. Look for continuation to the upside, unless strong seller conviction returns to the market.

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