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Market Analysis - 04.24.2020

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

15.37

16 - GEX


Key Resistance Levels:

17.88

19.35

20 - GEX

21.01


Auction Profile:

Range bound


/CL futures are trading within the previous value area after showing rejection around 17.88 this morning, similar to yesterday. There is also a display of support around 15.37. There is little indication on direction, so the most likely scenario is a range bound day, with elevated downside risk.

S&P 500


Key Support Levels:

2699.75

2750.25

2800 - GEX


Key Resistance Levels:

2810.50

2846.75

2850 - GEX

2883.50


Auction Profile:

Range bound


/ES futures are trading within the previous value area near resistance at 2810.50. Strong support was shown around 2750. Contracts most likely to trade between 2750.25 and 2846.75 today.

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.757


Key Resistance Levels:

1.80 - GEX

1.81

1.831

1.86


Auction Profile:

Down auction


/NG futures are trading below the previous value area and showing strong rejection at 1.831. There is strong support around 1.757, however, the increase in volume near this location shows increasing interest in lower prices. Risk to the downside is elevated.

NASDAQ