Market Analysis - 04.14.2020
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:
19.35
20 - GEX
20.52
Key Resistance Levels:
22.39
23.25
24 - GEX
25.10
26.05
Auction Profile:
Down auction
/CL futures are falling below the previous value area into a low volume zone. Expect support come in around 20.52 and for contracts to remain below 23.25 today.
S&P 500
Key Support Levels:
2694.25
2729.50
2750 - GEX
2782.50
Key Resistance Levels:
2815
2825 - GEX
2855
2782.50
Auction Profile:
Range bound
/ES futures are trading above the previous value area. Strong resistance exists at 2815 as this was the area where price was rejected at the open Sunday evening. Upside risk is elevated.
NATURAL GAS
Key Support Levels:
1.50 - GEX
1.611
1.655
1.678
Key Resistance Levels:
1.70
1.717
1.74
1.761
1.778
2 - GEX
Auction Profile:
Down auction
/NG futures are trading in the lower half of the previous value area. Sellers are firmly in control while price is in a support area. If price drops below 1.678, expect continuation to 1.655. Otherwise, price is likely to remain below 1.74.
NASDAQ
Key Support Levels:
8078.25
8168.25
8200 - GEX
8262
8410
Key Resistance Levels:
8620 - GEX
Auction Profile:
Up auction
/NQ futures are trading far above the previous value area as buyers have entered the market strongly. Upside risk remains elevated.
EURO
Key Support Levels:
1.0889
1.09 - GEX
1.09355
1.09751
Key Resistance Levels:
1.10
1.10699
1.11182
1.12 - GEX
Auction Profile:
Up auction
/6E futures are trading slightly above the previous value area indicating buyers have entered the market. Upside risk is elevated.
BRITISH POUND
Key Support Levels:
1.2389
1.24 - GEX
1.2446
1.2551
Key Resistance Levels:
1.26 - GEX
1.2636
Auction Profile:
Up auction
/6B futures are continuing the strong upward trend from the past few days. Upside risk remains elevated.
FINAL THOUGHTS
/VX futures have fallen below 40 indicating volatility is decreasing. Gamma continues to rise forecasting increased stickiness to /ES price action. DIX remains elevated indicating that institutional investors continued buying activity yesterday. While elevated volatility remains, continue to use lower leverage and a stop loss.