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Market Analysis - 03.27.2020

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 - GEX

20.52


Key Resistance Levels:

22.39

23 - GEX

23.25

25.10

26.05

27.45


Auction Profile:

Range bound


/CL futures are trading in a narrow range with price currently below the previous value area. Little directional conviction exists between buyers and sellers with slightly elevated downside risk.

 

S&P 500


Key Support Levels:

2281

2323

2411.25

2450 - GEX

2489


Key Resistance Levels:

2554

2591.75

2600 - GEX


Auction Profile:

Range bound


/ES futures are trading within the lower portion section of the previous value area. There was strong rejection around 2619 as price entered a low volume area. Traders are still awaiting the House vote on the stimulus bill and volatility will likely remain subdued until the vote has been taken.

 

NATURAL GAS


Key Support Levels:

1.50 - GEX

1.526

1.565

1.611

1.655


Key Resistance Levels:

1.678

1.7

1.717

1.74

2 - GEX


Auction Profile:

Range bound


/NG futures price and value area are trading above the previous value area. The contracts saw strong rejection around 1.70, however, the location of the current value area still signifies buyer conviction.

 

NASDAQ


Key Support Levels:

6836.75

7169.25

7415.50

7500

7600 - GEX

7623


Key Resistance Levels:

7758

7800 - GEX

7869


Auction Profile:

Range bound


/NQ futures are currently trading within the previous value area as traders are awaiting the House vote. As with the S&P, expect a strong reaction to the announcement of the House vote on the stimulus bill, but less volatility until then.

 

EURO


Key Support Levels:

1.0858

1.0889

1.09355

1.09751

1.10 - GEX


Key Resistance Levels:

1.10699

1.11 - GEX

1.11182

1.11351

1.11757


Auction Profile:

Up auction


/6E futures are trading within the top section of yesterday's value area. Strong rejection occurred at 1.11182, yet buyer conviction is still elevated. Resistance between 1.10699 an 1.11182 is still elevated as the low volume area indicates.

 

BRITISH POUND


Key Support Levels:

1.15 - GEX

1.1511

1.1761

1.1895

1.2027

1.2173

1.2239


Key Resistance Levels:

1.2306

1.2389

1.2446

1.245 - GEX


Auction Profile:

Range bound


/6B futures are trading within a narrow range to the upper portion of the previous value area. This indicates stronger upward pressure on price, however, the narrow range indicates a new short term consensus on value. Until other timeframe buyers or sellers enter the market aggressively, expect price to remain between 1.2173 and 1.2389.

 

FINAL THOUGHTS


/VX futures are again above 50 as traders continue to await the results of the House vote. Gamma has turned slightly positive which will inhibit the current marketplace volatility. Continue to use lower leverage and always use a stop loss. If the House vote is announced today, expect volatility to follow.

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