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Market Analysis - 03.11.2020

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:

26.05

29.43

32 - GEX

32.10


Key Resistance Levels:

33.53

35 - GEX

35.21

36.35


Auction Profile:

Range bound


/CL futures had a surge upward overnight but were rejected strongly at 36.35. While value has begun to climb back up after the huge gap down Sunday night, expect prices to remain depressed as the oil war between Saudi Arabia and Russia continues, with both commenting that production could increase further. Expect these contracts to remain range bound between 29-36, barring any news catalysts.

 

S&P 500


Key Support Levels:

2700 - GEX

2729.50

2782.50


Key Resistance Levels:

2800

2815

2855

2881.75

2900 - GEX


Auction Profile:

Range bound


/ES futures are trading in a narrow range within the previous value area. This indicates little conviction by either the buyers or sellers.

 

NATURAL GAS


Key Support Levels:

1.802

1.841

1.884

1.90 - GEX


Key Resistance Levels:

1.918

1.966

1.995

2.10 - GEX


Auction Profile:

Range bound


/NG futures are trading narrowly within the previous value area. This illustrates little conviction from either side on direction. However, with the positive movement the past two days, the upside still has some momentum.

 

NASDAQ


Key Support Levels:

7900 - GEX

8000


Key Resistance Levels:

8168.25

8262

8250 - GEX

8436.50


Auction Profile:

Range bound


/NQ futures are trading in a narrow range within the previous value area. As with /ES, buyers and sellers are showing little conviction at this point in time. The most likely scenario is another range bound day.

 

EURO


Key Support Levels:

1.12 - GEX

1.12125

1.12635

1.1293


Key Resistance Levels:

1.1344

1.13704

1.143

1.14 - GEX

1.15


Auction Profile:

Range bound


/6E futures are trading in the lower range of the previous value area. Expect these contracts to remain range bound today with a slight risk to the downside.

 

BRITISH POUND


Key Support Levels:

1.29 - GEX

1.2917


Key Resistance Levels:

1.2938

1.2972

1.3007

1.3044

1.3053

1.3073

1.3097

1.31 - GEX


Auction Profile:

Down auction


/6B futures are up overnight after the dramatic collapse in value yesterday. Price trading in the lower range of the previous value area indicates sellers maintain control. Risk to the downside remains elevated.

 

FINAL THOUGHTS


Volatility remains high as the coronavirus increasingly spreads across the globe. Until we see infection/death rates begin to steadily decline, volatility will remain elevated.

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