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Market Analysis - 03.26.2020

Updated: Mar 27, 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 within the previous value area. This shows little conviction from buyers and sellers with elevated upside risk. Look for contracts to continue 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 bottom section of the previous value area. The stimulus bill was passed earlier this morning in the Senate, now the House will deliberate. Expect volatility to enter the market once the House vote is announced.

 

NATURAL GAS


Key Support Levels:

1.526

1.565

1.60 - GEX

1.611


Key Resistance Levels:

1.655

1.678

1.7

1.717

1.74

1.75 - GEX


Auction Profile:

Range bound


/NG futures are trading in a wider value area overlapping below the previous value area. This indicates sellers have entered the market and are in control. Look to support at 1.611.

 

NASDAQ


Key Support Levels:

6836.75

7169.25

7260 - GEX

7415.50


Key Resistance Levels:

7600 - GEX

7623

7758

7869


Auction Profile:

Range bound


/NQ futures were strongly rejected at 7758 for a second time yesterday and have drifted lower during the overnight session. The contracts are currently trading in a narrow range almost completely below yesterday's value area. This indicates sellers have entered the market. As with the S&P, expect a strong reaction to the announcement of the House vote on the stimulus bill.

 

EURO


Key Support Levels:

1.0858

1.0889

1.09355

1.09751

1.10 - GEX


Key Resistance Levels:

1.10699

1.11182

1.11351

1.11757

1.12 - GEX


Auction Profile:

Up auction


/6E futures are far above previous value as buyers have strongly entered the market. Expect resistance around 1.10699 as it is the beginning of a low volume area. Upside risk is elevated in these contracts.

 

BRITISH POUND


Key Support Levels:

1.15 - GEX

1.1511

1.1761

1.1895


Key Resistance Levels:

1.2027

1.2173

1.2306

1.31 - GEX


Auction Profile:

Range bound


/6B futures are trading above the previous value area with buyers entering the market. Strong resistance begins at 1.2027 and increases around 1.2173. Upside risk is elevated.

 

FINAL THOUGHTS


/VX futures remain slightly above 50 as the results of the House vote will weigh on traders minds' until they are announced. 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.

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