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.