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Market Analysis - 04.23.2020

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:

6.73

11.79

14 - GEX

15.37


Key Resistance Levels:

19.35

20 - GEX

21.01


Auction Profile:

Range bound


/CL futures are trading above previous value but are coming into an extremely low volume area between 17 and 19.35. Low volume areas tend to act as resistance or support. Because of the large width of this zone, expect it to remain as resistance as long we don't experience a surge upward like we did in the opposite direction on Tuesday.

S&P 500


Key Support Levels:

2699.75

2750 - GEX

2750.25


Key Resistance Levels:

2800 - GEX

2810.50

2846.75

2883.50


Auction Profile:

Range bound


/ES futures are trading in a narrow range within the previous value area. This indicates a lack of conviction from both buyers and sellers. Strong resistance remains around 2810.50 and below around 2699.75.

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.757

1.81

1.831

1.86


Key Resistance Levels:

1.912

1.971

2.00 - GEX


Auction Profile:

Range bound


/NG futures are trading in a narrow range at the top of the previous value area. Strong resistance remains around 1.971 and downside risk is elevated.