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.

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