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.