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
Key Support Levels:
8374.50
8621.50
8640 - GEX
Key Resistance Levels:
8670 - GEX
8841.50
8963
Auction Profile:
Range bound
/NQ futures are trading within the previous value area and again above resistance at 8621.50. A range bound day is the most likely outcome with price rotating between 8504.50 and 8841.50.
EURO
Key Support Levels:
1.08 - GEX
1.08081
1.08319
1.08726
Key Resistance Levels:
1.09113
1.09425
1.10041
1.10482
1.11 - GEX
Auction Profile:
Range bound
/6E futures are trading within the previous value area currently, after a strong surge upward from around 1.074. Strong resistance remains around 1.08726. Expect a range day between 1.07659 and 1.08726.
BRITISH POUND
Key Support Levels:
1.2132
1.23 - GEX
1.2222
1.2293
Key Resistance Levels:
1.2361
1.2472
1.2544
1.264
1.27 - GEX
Auction Profile:
Down auction
/6B futures are trading to the upper portion of the previous value area indicating slight buying pressure. Upside risk is elevated today.
FINAL THOUGHTS
/VX futures remain in the high 30s illustrating that volatility is still relatively high. Gamma rose slightly yesterday and is continuing to indicate less volatility in /ES price action. DIX fell again, showing institutions decreasing their buying. We continue to recommend keeping smaller contract size and using tighter stops.