Market Analysis - 03.31.2020
Updated: Apr 1, 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 - GEX
22.39
23.25
25.10
Auction Profile:
Range bound
/CL futures are trading in a narrow range above the previous value area. Little directional conviction exists between buyers and sellers with elevated upside risk.
S&P 500
Key Support Levels:
2386
2411.25
2489
2500 - GEX
2554
2591.75
Key Resistance Levels:
2600 - GEX
2619
2658.75
2694.25
Auction Profile:
Range bound
/ES futures are trading in a narrow range within the upper portion of the previous value area. 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 are currently trading above the previous value area with a strong rejection around 1.725. Expect a range day between 1.655 and 1.717.
NASDAQ
Key Support Levels:
7169.25
7415.50
7500
7600 - GEX
7623
7758
Key Resistance Levels:
7869
7900 - GEX
8000
Auction Profile:
Range bound
/NQ futures are currently trading within the previous value area and were strongly rejected around 7950. Conviction still leans bullish with the current value area, however, higher volume to the downside may pull price in that direction. Expect another range day between 7623 and 8000.
EURO
Key Support Levels:
1.0858
1.0889
1.09355
1.095 - GEX
1.09751
Key Resistance Levels:
1.10699
1.11 - GEX
1.11182
1.11351
1.11757
Auction Profile:
Range bound
/6E futures are trading below the overnight open with the value area below the previous one. This indicates sellers are currently in control. The low volume area between 1.09751 and 1.09355 may provide some support.
BRITISH POUND
Key Support Levels:
1.1895
1.2027
1.2173
1.2239
1.2306
1.235 - GEX
Key Resistance Levels:
1.2389
1.2446
1.245 - GEX
1.2551
Auction Profile:
Range bound
/6B futures are trading below the previous value area and were strongly supported at 1.2306 overnight. Expect price to test 1.2446 again today, with some resistance. A range bound day is most likely as there is little conviction from buyers and sellers and a somewhat consensus on near term value.
FINAL THOUGHTS
/VX futures remain above 50 as uncertainty remains in the market due to the COVID-19 outbreak. Gamma has turned slightly positive which should add moderate stickiness to price action. DIX continues to increase showing institutional players are buying into this rally, which is a very positive sign. While elevated volatility remains, continue to use lower leverage and a stop loss.