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.