Market Analysis - 04.15.2020

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 - GEX

19.35


Key Resistance Levels:

20 - GEX

20.52

22.39

23.25

25.10


Auction Profile:

Down auction


/CL futures are continuing their drop currently trading far below previous value area, illustrating sellers are entering the market. Downside risk remains elevated.

 

S&P 500


Key Support Levels:

2694.25

2729.50

2750 - GEX


Key Resistance Levels:

2782.50

2800 - GEX

2815

2855


Auction Profile:

Range bound


/ES futures are trading below the previous value area indicating sellers are in control. Expect support to come in around 2729.50, with downside risk elevated.


 

NATURAL GAS


Key Support Levels:

1.526

1.565

1.60 - GEX

1.611


Key Resistance Levels:

1.65 - GEX

1.655

1.678

1.70

1.717


Auction Profile:

Down auction


/NG futures are trading below the previous value area indicating downward pressure from market participants. However, support at 1.611 exists and could be a near term floor on price action. Downside risk remains elevated.

 

NASDAQ


Key Support Levels:

8078.25

8168.25

8262

8410

8500 - GEX


Key Resistance Levels:

8611

8620 - GEX

8731.75


Auction Profile:

Range bound


/NQ futures are trading within the previous value area, with sellers in control. Downside risk is elevated with support likely coming in around 8262.

 

EURO


Key Support Levels:

1.07962

1.08151

1.085 - GEX

1.0858


Key Resistance Levels:

1.0889

1.09355

1.09751

1.10

1.12 - GEX


Auction Profile:

Range bound


/6E futures are trading substantially lower this morning following strong rejection at 1.10 during the overnight session. Strong support exists at 1.0889 but downside risk is elevated and we could see further price action in that direction.

 

BRITISH POUND


Key Support Levels:

1.22 - GEX

1.2389

1.2446


Key Resistance Levels:

1.2551

1.26 - GEX

1.2636


Auction Profile:

Range bound


/6B futures have fallen significantly overnight after strong rejection around 1.2636. Contracts are trading far below the previous value area indicating sellers are in control with downside risk elevated.

 

FINAL THOUGHTS


/VX futures have risen back above 40 indicating volatility still remains in the market. Gamma has risen again forecasting less volatility in /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.

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