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Market Analysis - 03.30.2020

Updated: Mar 31, 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:

17.50 - GEX


Key Resistance Levels:

20.52

22 - GEX

22.39

23.25

25.10


Auction Profile:

Range bound


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

 

S&P 500


Key Support Levels:

2281

2323

2400 - GEX

2411.25

2489


Key Resistance Levels:

2554

2591.75

2650 - GEX


Auction Profile:

Range bound


/ES futures are trading within the lower portion of the previous value area after filling in the overnight session gap. The low volume area above 2619 remains a strong resistance area, so look for price to get strongly rejected there. Expect another range bound day.

 

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 far below the previous value area. This indicates increased seller activity, however, the rejection of the gap down in the overnight session shows some buyer conviction as well. Most likely scenario is a range day between 1.611 and 1.70.

 

NASDAQ


Key Support Levels:

6836.75

7169.25

7415.50

7500 - GEX

7623


Key Resistance Levels:

7758

7869

7900 - GEX

8000


Auction Profile:

Range bound


/NQ futures are currently trading within the previous value area after a small gap lower in the overnight session. This illustrates continued strong support at 7415.50. Expect a range bound day between 7415.50 and 7869 with slightly elevated downside risk.

 

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 far below the overnight open yet still within the upper portion of the previous value area. Expect a range bound day with elevated upside potential.

 

BRITISH POUND


Key Support Levels:

1.1511

1.1761

1.1895

1.2027

1.2173

1.2239

1.2306

1.2389

1.24 - GEX


Key Resistance Levels:

1.2446

1.245 - GEX


Auction Profile:

Up auction


/6B futures are trading within a narrow range to the upper portion of the previous value area again this morning. This indicates stronger upward pressure on price, however, the narrow range indicates a new short term consensus on value. Upward pressure remains elevated but lower volume between 1.2446 and 1.2551 could provide some resistance.

 

FINAL THOUGHTS


/VX futures remain above 50 as coronavirus cases continue to grow worldwide. Gamma is negative again which will increase the current marketplace volatility. Continue to use lower leverage and always use a stop loss. Support and resistance levels, as always, remain key reference points. Price action around these points will most likely indicate future short term direction.

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