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Market Analysis - 04.27.2020

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

12.50 - GEX


Key Resistance Levels:

13.73

15.37

17.88

19.35

20 - GEX


Auction Profile:

Down auction


/CL futures are trading far below the previous value area as the contracts plunge past two support areas. This is indicative of strong selling pressure with likely continued follow through. Risk to the downside is extremely elevated today.

 

S&P 500


Key Support Levels:

2699.75

2750.25

2810.50

2825 - GEX

2846.75


Key Resistance Levels:

2880 - GEX

2883.50


Auction Profile:

Range bound


/ES futures are trading above previous value area today, just above support at 2846.75. Upside risk is elevated, with 2883.50 coming in as the next resistance level.

 

NATURAL GAS


Key Support Levels:

1.60 - GEX

1.757


Key Resistance Levels:

1.75 - GEX (STRONG)

1.81

1.831

1.86


Auction Profile:

Down auction


/NG futures are trading far below the previous value area and showing strong support at 1.613. Downside risk remains elevated.

 

NASDAQ


Key Support Levels:

8374.50

8621.50

8800 - GEX

8841.50


Key Resistance Levels:

8963

9000 - GEX


Auction Profile:

Range bound


/NQ futures are trading in a narrow range far above the previous value area showing stronger buyer support but little conviction currently. Upside risk remains elevated.

 

EURO


Key Support Levels:

1.08081

1.08319

1.085 - GEX


Key Resistance Levels:

1.08726

1.09113

1.09425

1.10041

1.10482

1.11 - GEX


Auction Profile:

Range bound


/6E futures are trading above the previous value area and up against resistance at 1.08726. Upside risk remains elevated with next resistance level around 1.09113.

 

BRITISH POUND


Key Support Levels:

1.2132

1.2222

1.2293

1.2361

1.24 - GEX


Key Resistance Levels:

1.2472

1.2544

1.264

1.27 - GEX


Auction Profile:

Range bound


/6B futures are trading within a narrow range far above the previous value area indicating buyer strength, yet little conviction currently. Upside risk is elevated with a likely ceiling coming in around 1.25.

 

FINAL THOUGHTS


/VX futures remain in the high 30s illustrating that volatility is still relatively high. Gamma fell slightly Friday which indicates slightly increased volatility in /ES price action. DIX fell again, showing institutions continuing to decrease their buying. We continue to recommend keeping smaller contract size and using tighter stops.

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