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Market Analysis - 03.12.2020

Updated: Mar 13, 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

30 - GEX


Key Resistance Levels:

32.10

33.53

35 - GEX

35.21

36.35


Auction Profile:

Range bound


/CL futures have fallen overnight and are now trading in a narrow range below the previous value area. The news that the Saudis will provide oil at $25 per barrel to Europe has impacted prices worldwide. Expect two sided trade with little conviction, with increased risk downward.

 

S&P 500


Key Support Levels:

2500 - GEX

2554

2591.75



Key Resistance Levels:

2619

2700 - GEX

2729.50

2782.50

2800


Auction Profile:

Down auction


/ES futures are currently halted due to coronavirus concerns and the moratorium of travel to Europe, excluding the UK. Strong seller conviction is present and barring any economic stimulus being confirmed, expect continued movement to the downside.

 

NATURAL GAS


Key Support Levels:

1.50 - GEX

1.717

1.74

1.778


Key Resistance Levels:

1.802

1.841

1.884

1.918

1.966

1.995

2 - GEX


Auction Profile:

Down auction


/NG futures have dropped dramatically overnight and are trading in a narrow range far below previous value. Sellers are in control with two sided action likely in the future. Downside risk is elevated.

 

NASDAQ


Key Support Levels:

7415.50

7500 - GEX


Key Resistance Levels:

7623

7800 - GEX

7869

8000

8168.25


Auction Profile:

Down auction


/NQ futures are halted after a dramatic fall during the overnight session. Sellers are in control and expect continued risk to the downside unless strong economic incentives are agreed upon by lawmakers.

 

EURO


Key Support Levels:

1.095 - GEX

1.12125

1.12635

1.1293


Key Resistance Levels:

1.1344

1.13704

1.143

1.14 - GEX

1.15


Auction Profile:

Down auction


/6E futures are currently trading below the previous value area. Downward movement is likely with strong support at 1.11957.

 

BRITISH POUND


Key Support Levels:

1.24 - GEX

1.2551


Key Resistance Levels:

1.2763

1.2785

1.2841

1.2865

1.2897

1.2938

1.31 - GEX


Auction Profile:

Down auction


/6B futures are down extensively following the overnight session. Price is greatly below previous value area and is currently below the current value area. Strong seller conviction will likely continue to push these contracts downward.

 

FINAL THOUGHTS


VIX futures are back above 50 meaning increased volatility is present throughout the markets. S&P and NASDAQ futures have both been halted until RTH and it remains to be seen if another halt is in store for these indices. Barring any positive news prior to open, expect sellers to retain control over the auction process.

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