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.