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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.

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