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Market Analysis - 04.02.2020

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:

17.80

19.35

20 - GEX

20.52

22.39


Key Resistance Levels:

23 - GEX

23.25

25.10


Auction Profile:

Range bound


/CL futures rose greater than 10% overnight as China announced it would make strategic purchases to increase the nation's oil reserves. As the contracts are trading far above the previous value area, buyers are currently running the show. Note the strong resistance at 22.39, as the futures have been holding that price for the last few hours. With a low volume node directly beneath the contracts, expect them to rise at least to 23.25 today, barring any negative news catalysts.

S&P 500


Key Support Levels:

2386

2400 - GEX

2411.25

2445

2489


Key Resistance Levels:

2554

2591.75

2600 - GEX

2619

2658.75

2694.25


Auction Profile:

Range bound


/ES futures found support in the same area as the gap down from Sunday's evening session. The contracts area now trading within the upper bounds of the previous value area in a narrow range. There is a low volume area directly above current price which will put downward pressure on /ES. Buyers and sellers have little conviction at this point. The most likely scenario is that price action rotates between 2445 and 2500.

NATURAL GAS


Key Support Levels:

1.50 - GEX

1.526

1.565


Key Resistance Levels:

1.611

1.655

1.678

1.7

1.717

1.74

2 - GEX


Auction Profile:

Down auction