Market Analysis - 02.25.2020

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:

50.56

50 - GEX

49.97

49.66

49.31


Key Resistance Levels:

51.33

52.14

52.89

53.16

53.88

54.26

55 - GEX


Auction Profile:

Down auction

 

S&P 500


Key Support Levels:

3221.50

3200 - GEX


Key Resistance Levels:

3234.25

3246.25

3250 - GEX

3273.75

3284.50

3295


Auction Profile:

Down auction

 

NATURAL GAS


Key Support Levels:

1.812

1.81 - 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:

9034

9000 - GEX

8983.50

8931.25


Key Resistance Levels:

9337.50

9251.75

9200 - GEX

9189

9122.25


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

1.291

1.2926

1.2948

1.2972


Key Resistance Levels:

1.305 - GEX

1.3007

1.3053

1.3073


Auction Profile:

Range bound

 

FINAL THOUGHTS


Crude oil futures are trading within balance today following the dramatic fall in value after the Sunday night session. The market is showing little conviction in terms of direction currently. If we trade up above 52.07 by the end of the open, chances are we will fill Sunday's gap to the upside today. Currently, the most likely scenario is a normal, range bound day.


S&P futures are also currently trading within balance. If price breaks above 3260, expect significant movement as buyers will be strongly in control. However, just as crude, the most likely outcome for today is a range bound day around the newly found fairest value from the previous day.


Natural gas futures are currently out of balance, slightly below previous value area. This indicates low conviction to the downside. Extending lower beyond 1.812 would put significant downward pressure on price.


NASDAQ futures are currently trading within previous value area signifying a market in balance. Directional conviction is low with fairest value remaining at yesterday's POC. Once again, most likely scenario is a range day. However, any break above or below the previous value area should be monitored closely.


Euro futures remain within the previous value area following a wide range day yesterday. Price continues to revolve around short term fairest value with little directional conviction. Look for a normal, range bound day unless previous value area is overtaken.


British pound futures are moving very closely to the euros. Still auctioning within previous value, expect price to oscillate within the range until conviction enters the market.

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