Market Analysis - 03.16.2020
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
28 - GEX
Key Resistance Levels:
29.43
30.82
31 - GEX
32.10
33.53
35.21
36.35
Auction Profile:
Range bound
/CL futures are drifting lower overnight as volatility continues to hit markets. Expect continued range bound movement with oversized downside risk.
S&P 500
Key Support Levels:
2411.25
2489
2500 - GEX
2554
Key Resistance Levels:
2591.75
2600 - GEX
2619
2729.50
2782.50
2800
Auction Profile:
Range bound
/ES futures are currently halted due after a strong move to the downside after US economic measures were not up to market expectations. Downside risk remains elevated.
NATURAL GAS
Key Support Levels:
1.75 - GEX
1.778
Key Resistance Levels:
1.802
1.841
1.884
1.918
1.966
1.995
2 - GEX
Auction Profile:
Range bound
NASDAQ
Key Support Levels:
6836.75
7169.25
7200 - GEX
7415.50
Key Resistance Levels:
7623
7800 - GEX
7869
8000
8168.25
Auction Profile:
Range bound
EURO
Key Support Levels:
1.10 - GEX
1.11182
1.11757
1.11957
Key Resistance Levels:
1.12125
1.12635
1.1293
1.1344
1.13704
1.143
1.135 - GEX
1.15
Auction Profile:
Down auction
BRITISH POUND
Key Support Levels:
1.205 - GEX
Key Resistance Levels:
1.2306
1.2389
1.2446
1.2551
1.2763
1.2785
1.2841
1.32 - GEX
Auction Profile:
Down auction
FINAL THOUGHTS
While VIX futures are up to 69, indicating extreme volatility continuing in markets. As the Federal Reserve's emergency cuts and promise to inject up to $700 billion in liquidity did nothing to calm market fears, the S&P and NASDAQ futures were halted a few minutes into the overnight sessions on Sunday at limit down. When trading resumes at 9:30 AM ET, expect continued wild swings with overall downward direction.