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Market Analysis - 04.03.2020

Updated: Apr 6, 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:

22.39

23.25

25 - GEX

25.10

26.05


Key Resistance Levels:

27.45

28.28

29.43

30 - GEX


Auction Profile:

Range bound


/CL futures rose greater than 7% overnight as news broke that OPEC+ may be reconvening. As the contracts are trading above the previous value area, buyers are currently in control. With a low volume node directly above the contracts, expect strong resistance between 27.45 and 28.28.

 

S&P 500


Key Support Levels:

2386

2411.25

2445

2450 - GEX

2489


Key Resistance Levels:

2550 - GEX

2554

2591.75

2619

2658.75

2694.25


Auction Profile:

Range bound


/ES futures are trading within a narrow range within the previous value area. Buyers and sellers have little conviction at this point. Once again, the most likely scenario is that price action rotates between 2445 and 2500.

 

NATURAL GAS


Key Support Levels:

1.50 - GEX

1.526


Key Resistance Levels:

1.565

1.611

1.655

1.678

1.7

1.717

1.74

1.75 - GEX


Auction Profile:

Down auction


/NG futures are again trading in a narrow range within the previous value area. Strong rejection at previous value area highs forecast continued downward movement. However, a strong rejection yesterday around 1.526 might continue to provide support.

 

NASDAQ


Key Support Levels:

7169.25

7200 - GEX

7415.50

7500


Key Resistance Levels:

7623

7750 - GEX

7758

7869

8000


Auction Profile:

Range bound


/NQ futures are again trading in a narrow range in the center of the previous value area. This indicates very little conviction from buyers and sellers. Once again, a range day between 7415.50 and 7700 is the most likely scenario.

 

EURO


Key Support Levels:

1.07119

1.075 - GEX

1.07962

1.08151


Key Resistance Levels:

1.0858

1.0889

1.09 - GEX

1.09355

1.09751

1.10


Auction Profile:

Down auction


/6E futures are trading below yesterday's value area showing temporary demonstrating seller control. Expect resistance if contracts get to 1.0889 and support at 1.07962.

 

BRITISH POUND


Key Support Levels:

1.1895

1.2027

1.2173

1.2239

1.225 - GEX


Key Resistance Levels:

1.2306

1.2389

1.2446

1.245 - GEX

1.2551


Auction Profile:

Range bound


/6B futures are trading below the previous value area showing stronger seller conviction. Expect continued downward movement today with possible support around 1.2239.

 

FINAL THOUGHTS


/VX futures continue to move lower as volatility has extended its decline over the past week. Gamma remains negative exacerbating movement in price action. DIX remains elevated, forecasting a near term bottom in /ES. While elevated volatility remains, continue to use lower leverage and a stop loss.

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