Search

Market Analysis - 03.17.2020

Updated: Mar 18, 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

27.45

28 - GEX


Key Resistance Levels:

29.43

30 - GEX

30.82

32.10

33.53

35.21

36.35


Auction Profile:

Range bound


/CL futures are in a narrow range to the lower part of the previous value area, but the current POC is higher than the previous one. This indicates lack of conviction from both buyers and sellers. Range bound activity is likely to continue, barring any news events.

 

S&P 500


Key Support Levels:

2400 - GEX

2411.25

2489


Key Resistance Levels:

2500 - GEX

2554

2591.75

2619

2729.50

2782.50

2800


Auction Profile:

Range bound


/ES futures are trading in a narrow range towards the bottom of the previous value area. A narrow range within previous value predicts a range bound day, with little to no conviction from buyers or sellers.

 

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.761

1.778


Key Resistance Levels:

1.802

1.841

1.884

1.918

1.966

1.995

2 - GEX


Auction Profile:

Range bound


/NG futures are trading narrowly below the previous value area. This indicates lack of conviction with slightly elevated downside risk.

 

NASDAQ


Key Support Levels:

6836.75

7000 - GEX


Key Resistance Levels:

7169.25

7200 - GEX

7415.50

7623

7869


Auction Profile:

Range bound


/NG futures are also trading in a narrow range to the lower section of the previous value area. This predicts elevated downward risk with no conviction from buyers or sellers.

 

EURO


Key Support Levels:

1.10 - GEX

1.11182

1.11757

1.11957


Key Resistance Levels:

1.12 - GEX

1.12125

1.12635

1.1293

1.1344

1.13704

1.143

1.15


Auction Profile:

Down auction


/6E futures are down dramatically to the bottom of the recent lows of the past 5 days. If this move continues strongly below 1.10699, expect price to hit 1.10 if not lower.

 

BRITISH POUND


Key Support Levels:

1.2027

1.205 - GEX


Key Resistance Levels:

1.2173

1.2306

1.2389

1.2446

1.2551

1.31 - GEX


Auction Profile:

Down auction


/6B futures are down during the overnight session showing strong seller conviction. Expect continued downward movement to around 1.205 at least.

 

FINAL THOUGHTS


/VX futures are currently up to 72, indicating extreme volatility continuing to rise in markets. Expect the wild swings to continue into the next few weeks. Keep position size small and ride the waves of short term momentum.

4 views0 comments