Market Analysis - 03.20.2020
Updated: Mar 23, 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:
20.52
23 - GEX
25.10
Key Resistance Levels:
26 - GEX
26.05
27.45
28.28
Auction Profile:
Range bound
/CL futures had some strong movement upward yesterday and this morning. However, there was strong rejection multiple times at the 28.28 level. Expect contracts to remain below this level between 25 and 28.28 for the next few hours.
S&P 500
Key Support Levels:
2323
2400 - GEX
2411.25
Key Resistance Levels:
2489
2500 - GEX
2554
2591.75
Auction Profile:
Range bound
/ES futures are currently trading within previous value area and current value area is above the previous one. This indicates that buyers are more in control, but resistance is still present. Expect price action to move between 2400 and 2554 today.
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:
Range bound
/NG futures are currently trading in a range above the previous value area. A strong move upward overnight suggestion buyers are regaining control. Look for price to fluctuate between 1.611 and 1.717.
NASDAQ
Key Support Levels:
6836.75
7169.25
7300 - GEX
7415.50
Key Resistance Levels:
7500 - GEX
7623
7869
Auction Profile:
Range bound
/NQ futures are currently trading above yesterday's value area with strong rejection at 7623. While this up move is bullish, keep an eye on price action for the first hour of RTH. If a strong move in price occurs to the upside, expect continuation to at least 7869, if not higher.
EURO
Key Support Levels:
1.07 - GEX
1.07119
Key Resistance Levels:
1.08151
1.0858
1.0889
1.09355
1.09751
1.10 - GEX
Auction Profile:
Down auction
/6E futures are trading in a wide range currently below previous value area. Strong seller conviction remains and indicates a likely continued move downward for price.
BRITISH POUND
Key Support Levels:
1.15 - GEX
1.1511
Key Resistance Levels:
1.1761
1.1895
1.2027
1.2173
1.2306
1.3 - GEX
Auction Profile:
Range bound
/6B futures are trading above previous value area nears the highs of yesterday. The strong upward movement during the overnight session indicates buyers have entered the market. Expected continued rejection around 1.1895.
FINAL THOUGHTS
Final thoughts remain the same as yesterday:
/VX futures are still above 80 today, indicating extreme volatility is still shrouding the markets. 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 continues to be very profitable, if you can effectively manage your risk. Stop losses are a must in this environment.