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Market Analysis - 03.06.2020

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 - GEX

43.76


Key Resistance Levels:

45

45.67

46.63

47

47.86

48 - GEX


Auction Profile:

Down auction


/CL futures are down dramatically following the overnight session. Strong seller conviction has entered the market. Continued downside price action is the most likely outcome with the next level of resistance coming around 42.36.

S&P 500


Key Support Levels:

2881.75

2900 - GEX

2925


Key Resistance Levels:

2958.50

3000 - GEX

3026.25

3049

3058

3116.50


Auction Profile:

Down auction


/ES futures fell well below the previous value area during overnight trading. This indicates a changed perception of value with the likelihood of a follow through lower.

NATURAL GAS


Key Support Levels:

1.655

1.7

1.74

1.65 - GEX

1.778


Key Resistance Levels:

1.802

1.841

1.884

1.918

1.90 - GEX


Auction Profile:

Down auction


/NG futures are trading in a narrow range far below their previous value area. Strong rejection continued at 1.841 yesterday and finally convinced sellers to enter the market strongly. A further move to the downside is the most likely outcome for today, but the narrow range of today's auction rotation lowers that conviction.