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.