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Market Analysis - 04.17.2020

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:

21.01

21.56

21.94

23.02

24 - GEX


Key Resistance Levels:

25.49

26.75

27.50 - GEX

28.24


Auction Profile:

Up auction


/CL futures gapped up overnight and have been trading lower since. While gapping up is a strong bullish signal, the reaction following the gap indicates sellers have entered the market. Expect elevated downside risk today.

S&P 500


Key Support Levels:

2750.25

2810.50

2846.75

2850 - GEX


Key Resistance Levels:

2883.50

2900 - GEX


Auction Profile:

Up auction


/ES futures gapped up overnight and are trading in a narrow range. While the gap up is indicating a strong buyer presence, the narrow range illustrates a lack of conviction from both buyers and sellers currently. Upside risk is elevated.

NATURAL GAS


Key Support Levels:

1.50 - GEX

1.564

1.613

1.697

1.719


Key Resistance Levels:

1.757

1.81

1.831

1.86

2 - GEX


Auction Profile:

Up auction


/NG futures are trading far above the previous value area with strong buyer presence remaining in the contracts. Upside risk is elevated, with strong resistance coming in around 1.757.