Market Analysis - 03.02.2020
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:
42.36
43.76
45 - GEX
Key Resistance Levels:
46
47
48.35
49.42
48 - GEX
50.56
Auction Profile:
Down auction
S&P 500
Key Support Levels:
2881.75
2900 - GEX
2925
Key Resistance Levels:
2950 - GEX
2958.50
3000
3026.25
3069.75
Auction Profile:
Down auction
NATURAL GAS
Key Support Levels:
1.50 - GEX
1.611
1.655
Key Resistance Levels:
1.73
1.748
1.778
1.802
1.841
1.884
1.90 - GEX
Auction Profile:
Down auction
NASDAQ
Key Support Levels:
8000
8168.25
8262
8400 - GEX
Key Resistance Levels:
8500 - GEX
8611
8731.75
8905.75
Auction Profile:
Down auction
EURO
Key Support Levels:
1.010013
1.1027
1.10699
1.10849
1.11 - GEX
Key Resistance Levels:
1.11182
1.1133
1.11577
1.11757
1.12 - GEX
Auction Profile:
Up auction
BRITISH POUND
Key Support Levels:
1.2551
1.27
1.2763
1.275 - GEX
Key Resistance Levels:
1.2865
1.2897
1.2917
1.2938
1.2972
1.3007
1.305 - GEX
Auction Profile:
Down auction
FINAL THOUGHTS
Volatility remains elevated with the US's first confirmed deaths from the #coronavirus as well as the increased spread of the disease to new locations. Expect large price swings in the indices and commodities such as oil, natural gas and gold.
/CL, /ES, /NG and /NQ all show similar market structures with an open in balance, a move towards the top of the previous day's range and then a rejection and return to value. These movements indicate little conviction from buyers and sellers resulting in a likely normal, normal variation or neutral day with the width of the ranges similar to Friday's ranges.
/6E continues to auction higher with unlimited range and upside identified. Keep an eye on any rotation downward for a buying opportunity. /6B opened in balance and has fallen below Friday's value area. Any move beyond 1.2763 to the downside could be a nice selling entry point.