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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.

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