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Market Analysis - 03.18.2020

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:

25 - GEX

25.10


Key Resistance Levels:

26.05

27.45

29.43

30 - GEX

30.82

32.10


Auction Profile:

Down auction


/CL futures are trading down to levels not seen since 2003. The current value area has been established below the previous one, signaling stronger seller control. Expect continued volatility with overall movement continuing downward.

 

S&P 500


Key Support Levels:

2300 - GEX

2323


Key Resistance Levels:

2411.25

2489

2500 - GEX

2554

2591.75


Auction Profile:

Range bound


/ES futures are currently halted once again, previously trading in a narrow range below the previous value area. This demonstrates little conviction from either buyers or sellers with slightly elevated downside risk.

 

NATURAL GAS


Key Support Levels:

1.50 - GEX

1.611

1.655


Key Resistance Levels:

1.678

1.7

1.717

1.74

1.75 - GEX

1.761


Auction Profile:

Down auction


/NG futures are trading far below previous value near the bottom of its two week range. This indicates sellers are currently in control. As such, risk to the downside is high, with the down auction likely to continue today.

 

NASDAQ


Key Support Levels:

6836.75

7000 - GEX


Key Resistance Levels:

7169.25

7300 - GEX

7415.50

7623

7869


Auction Profile:

Range bound


/NG futures are currently halted, previously trading in a narrow range to the lower portion of the previous value area. This predicts elevated downward risk with little conviction from buyers or sellers.

 

EURO


Key Support Levels:

1.0889

1.09355

1.095 - GEX

1.09751


Key Resistance Levels:

1.10699

1.11182

1.11757

1.11957

1.12 - GEX

1.12125


Auction Profile:

Down auction


/6E futures are trading within a narrow range to the lower half of previous value area. This predicts slightly elevated risk to the downside with neither buyers nor sellers in control.

 

BRITISH POUND


Key Support Levels:

1.18 - GEX


Key Resistance Levels:

1.2027

1.2173

1.2306

1.2389

1.2446

1.2551

1.31 - GEX


Auction Profile:

Down auction


/6B futures are currently trading within a narrow range to the lower section of the previous value area, indicating little conviction from buyers or sellers. Downside risk remains elevated.

 

FINAL THOUGHTS


/VX futures are currently up again today, all the way to 80, indicating extreme volatility continuing to enter the markets. The further markets slide, the larger the increase in volatility. As mentioned yesterday, it is possible to be profitable in this market. We recommend keeping your position size small and riding the micro trends within different futures instruments. /ES has been very profitable recently, if you have the stomach for this continued volatility.

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