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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.