Market Analysis - 03.25.2020
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
22.39
23 - GEX
Key Resistance Levels:
24.50 - GEX
25.10
26.05
27.45
28.28
Auction Profile:
Range bound
/CL futures are trading in a narrow range below the current value area and within the previous value area. This shows little conviction from buyers and sellers with elevated upside risk. Look for contracts to remain between 22.39 and 25.10.
S&P 500
Key Support Levels:
2281
2300 - GEX
2323
2411.25
Key Resistance Levels:
2489
2554
2591.75
2600 - GEX
Auction Profile:
Range bound
/ES futures are trading within the top range of the previous value area. There is strong resistance at 2489. As mentioned yesterday, the economic measures voted on today will most likely be a buy the rumor, sell the news event. Expect the market to react negatively once the news if fully absorbed. This absorption may take a few days to complete.
NATURAL GAS
Key Support Levels:
1.526
1.565
1.60 - GEX
1.611
1.655
1.678
Key Resistance Levels:
1.7
1.717
1.74
1.80 - GEX
Auction Profile:
Range bound
/NG futures erased all of the overnight session gains as strong resistance came in at 1.717 and strong support at 1.655. The current value area is above the previous one, with the strong support from testing past the lower bound, indicates elevated risk to the upside.
NASDAQ
Key Support Levels:
6836.75
7169.25
7400 - GEX
7415.50
Key Resistance Levels:
7623
7700 - GEX
7758
7869
Auction Profile:
Range bound
/NQ futures were strongly rejected at 7758 after rising past previous day's highs. The contracts managed to stay in the upper region of the previous value area with strong support at 7415.50. Expect a range bound day between 7169.25 and 7869.
EURO
Key Support Levels:
1.07119
1.07962
1.08 - GEX
1.08151
Key Resistance Levels:
1.0858
1.0889
1.09355
1.09751
1.10 - GEX
Auction Profile:
Range bound
/6E futures are currently trading in a narrow range within the center of the previous value area. This indicates a complete lack of conviction from buyers and sellers. Most likely scenario is a range day between 1.07962 and 1.09355.
BRITISH POUND
Key Support Levels:
1.15 - GEX
1.1511
1.1761
Key Resistance Levels:
1.1895
1.2027
1.2173
1.2306
1.31 - GEX
Auction Profile:
Range bound
/6B futures are trading above the previous value area but were rejected strongly around 1.20. Expect a range bound day today, with contracts trading between 1.1761 and 1.2027.
FINAL THOUGHTS
Volatility increased overnight as /VX futures are back above 50. Continue to expect large swings in prices across most markets in the coming weeks. Lower your leverage and use stop losses if you decide to trade these markets.