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Market Analysis - 04.16.2020

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

21

22.39

23.25


Auction Profile:

Range bound


/CL futures are trading towards the upper section of the previous value area indicating more buyer interest today. Contracts likely to remain between 19.35 and 21 today as /CL begins to consolidate.

 

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 in a wider range slightly above the previous value area. Upside risk is elevated today, with contracts likely to remain between 2740 and 2815.

 

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 in the lower section of the previous value area. While downside risk still exists, sellers are seeing more resistance.

 

NASDAQ


Key Support Levels:

8078.25

8168.25

8262

8436.50

8600 - GEX


Key Resistance Levels:

8611

8731.75

8820 - GEX


Auction Profile:

Range bound


/NQ futures are trading above the previous value area indicating buyers are more in control at this time. Upside risk is elevated today.

 

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 in a tight range to the bottom of the previous value area. 1.0889 is holding as support currently, but it's likely this won't last. Downside risk remains elevated.

 

BRITISH POUND


Key Support Levels:

1.2389

1.24 - GEX

1.2446


Key Resistance Levels:

1.2551

1.2636

1.27 - GEX


Auction Profile:

Range bound


/6B futures are trading in a narrow range within the lower section of the previous value area. This indicates neither buyers or sellers are currently in control, but that downside risk remains elevated.

 

FINAL THOUGHTS


/VX futures remain above 40 indicating volatility still remains in the market. Gamma is still largely positive forecasting less volatility in /ES price action. DIX is at its highest since September 2015 displaying large institutional buying in the previous session. Jobless claims are in at 8:30 AM ET, which will cause some temporary volatility in the markets. While elevated volatility remains, continue to use lower leverage and a stop loss.

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