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Market Analysis - 04.20.2020

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

22 - GEX


Key Resistance Levels:

23.02

25.49

26.75

27 - GEX

28.24


Auction Profile:

Down auction


/CL futures are trading far below the previous value area. Clearly, sellers are in control and downside risk is elevated. Strong support exists between 21.56 and 21.94.

S&P 500


Key Support Levels:

2699.75

2750 - GEX

2750.25

2810.50


Key Resistance Levels:

2840 - GEX

2846.75

2883.50


Auction Profile:

Range bound


/ES futures are trading below the previous value area near strong support at 2810.50. Downside risk is elevated today, barring any significant news regarding economic stimulus.

NATURAL GAS


Key Support Levels:

1.50 - GEX

1.564

1.613

1.697


Key Resistance Levels:

1.719

1.75 - GEX

1.757

1.81

1.831

1.86


Auction Profile:

Up auction


/NG futures are trading far below the previous value area indicating strong selling pressure. Price was rejected strongly on Friday and overnight around 1.81, which will be a key resistance level going forward. Downside risk is elevated today, with 1.697 providing strong support.