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Market Analysis - 04.08.2020

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

24 - GEX

25.10

26.05


Key Resistance Levels:

27.45

28.28

29.43

30 - GEX


Auction Profile:

Range bound


/CL futures are trading far below yesterday's value area as US Dept of Energy insists there will be no production cuts in US oil, other than market created supply changes. Downside risk remains elevated. As the contracts fell below previous support between 25.10 and 26.05, look for that region to become strong resistance. Expect these futures to trade between 22.39 and 25.10 today.

S&P 500


Key Support Levels:

2591.75

2619

2650 - GEX

2658.75


Key Resistance Levels:

2694.25

2729.50

2750 - GEX

2782.50

2815


Auction Profile:

Range bound


/ES futures are trading in the lower half of the previous value area. Contracts are within a lower volume node currently and the most likely scenario is a continued downward move towards 2554. Expect strong resistance to remain around 2694.25.

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.761

1.778

1.802

1.821

1.841


Key Resistance Levels:

1.884

1.918

1.966

1.995

2 - GEX


Auction Profile:

Up auction