Search

Market Analysis - 03.03.2020

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:

46

47

48 - GEX


Key Resistance Levels:

48.35

49.21

50 - GEX

50.56


Auction Profile:

Up auction


/CL auctioned strongly above previous value to close near the highs yesterday. The commodity futures then proceeded to rise during the overnight session. Strong buyer conviction is currently evident in this contract. Barring any negative #coronavirus news today, expect the upside to continue as OPEC+ talks near.

 

S&P 500


Key Support Levels:

3000

3026.25

3050 - GEX

3069.75


Key Resistance Levels:

3100.75

3116.50

3143.25

3175.25

3200 - GEX


Auction Profile:

Up auction


/ES rebounded strongly yesterday after over a week of downtrend. The strong close yesterday and the continuation overnight indicate positive upward momentum for the contract. Watch closely to see if the current range is a moment for traders to catch their breath before a continued move upward or a new value location as market participants await more #coronavirus news.

 

NATURAL GAS


Key Support Levels:

1.655

1.7

1.74

1.75 - GEX

1.778


Key Resistance Levels:

1.802

1.841

1.884

1.90 - GEX

1.918


Auction Profile:

Up auction


/NG futures continue their rally after a strong close and subsequent higher overnight session. Natural gas is looking to fill the gap in the profile between 1.778 and 1.841. If the commodity can sustain a breakout above 1.802, look for gains at least to the point of control.

 

NASDAQ


Key Support Levels:

8611

8731.75

8800 - GEX

8837.50


Key Resistance Levels:

8905.75

9000 - GEX

9014

9122.25


Auction Profile:

Up auction


/NQ futures had a strong close yet the overnight session has been consolidating. As with /ES, market participants are recovering from #coronavirus fears and have been re-establishing long positions. Upside movement is the most likely from here.

 

EURO


Key Support Levels:

1.1027

1.105 - GEX

1.10699

1.10849

1.11182


Key Resistance Levels:

1.1133

1.11577

1.11757

1.125 - GEX


Auction Profile:

Range bound


/6E futures closed lower and are currently consolidating within the previous value area. The narrow opening range means that any strong buyer or seller conviction could have a strong impact on price. While #coronavirus fears were elevated the past few weeks, the Euro futures had their best performance in months. If this correlation holds, expect negative returns in the near term as market participants begin to take more risk on.

 

BRITISH POUND


Key Support Levels:

1.27

1.275 - GEX

1.2763

1.2785


Key Resistance Levels:

1.2841

1.2865

1.2897

1.2917

1.2938

1.2972

1.3 - GEX


Auction Profile:

Range bound


/6B futures continue to consolidate within the previous value area. This indicates little conviction of other timeframe buyers and sellers. As such, expect British pound futures to trade in its current range until significant buying or selling begins.

 

FINAL THOUGHTS


Volatility is still elevated especially with big implications from the #SuperTuesday primaries occurring today. Continue to expect larger moves until gamma exposure increases significantly.

5 views0 comments