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Market Analysis - 03.13.2020

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

30.82

32 - GEX

32.10


Key Resistance Levels:

33.53

35 - GEX

35.21

36.35


Auction Profile:

Range bound


/CL futures are currently trading above previous value area. Heavy volume has been traded at 33.53 making this price the POC for the past week. Look for this price point to remain sticky today. If economic relief is announced today by the US, expect a jump in prices to the next few levels of resistance. However, a move past 36.35 is unlikely and has strong resistance.

S&P 500


Key Support Levels:

2411.25

2489

2500 - GEX

2554


Key Resistance Levels:

2591.75

2619

2700 - GEX

2729.50

2782.50

2800


Auction Profile:

Range bound


/ES futures are currently halted due after a strong move to the upside in anticipation of US economic measures to be announced. Expect this excitement to be short-lived and unlikely to breach strong resistance around 2700.

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.802

1.841

1.884

1.918


Key Resistance Levels:

1.966

1.995

2 - GEX


Auction Profile:

Range bound


/NG futures are up overnight and value area is completely above the previous value area. This shows strong buyer conviction. Look for these contracts to reach the upper resistance level around 1.995 barring any negative news catalysts.