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.