Market Analysis - 02.24.2020

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:

51.33

50 - GEX

49.66

49.31


Key Resistance Levels:

52.14

52.89

53.16

53.88

54.26

54.78

55 - GEX


Auction Profile:

Down auction

 

S&P 500


Key Support Levels:

3246.25

3234.25

3221.50

3200 - GEX


Key Resistance Levels:

3273.75

3284.50

3295

3300 - GEX

3311.50


Auction Profile:

Down auction

 

NATURAL GAS


Key Support Levels:

1.812

1.80 - GEX

1.778


Key Resistance Levels:

1.957

1.901

1.862

1.85 - GEX

1.841


Auction Profile:

Down auction

 

NASDAQ


Key Support Levels:

9122.25

9100 - GEX

9034

8983.50


Key Resistance Levels:

9337.50

9300 - GEX

9251.75

9189


Auction Profile:

Down auction

 

EURO


Key Support Levels:

1.08151

1.08 - GEX

1.07962


Key Resistance Levels:

1.0858

1.0889

1.09 - GEX

1.09355

1.09751


Auction Profile:

Range bound

 

BRITISH POUND


Key Support Levels:

1.2865

1.29 - GEX


Key Resistance Levels:

1.305 - GEX

1.3007

1.2972

1.2948

1.2926

1.291


Auction Profile:

Range bound

 

FINAL THOUGHTS


Big #coronavirus news this weekend impacting all major indices and commodities. Forex futures are little impacted by this news so far. Due to the spread of #COVID19 in previously unreported/underreported areas, the global financial impact has increased in the minds of traders. It is possible that markets will buy this dip as they have recently, but that will remain to be seen. Expect a volatile day from all index futures as well as commodities. The first hour of regular trading will be telling for /ES, /NQ, /CL and /NG. If there is a breakout to the either side, wait for confirmation as the large move overnight was excessive. This could be the beginning of a new trend downward, or a short term overreaction that will correct itself in the coming days.

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