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Market Analysis - 04.28.2020

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

10 - GEX

10.27


Key Resistance Levels:

11.79

13.73

15.37

17.88

19.35

20 - GEX


Auction Profile:

Down auction


/CL futures are trading below the previous value area after rejection overnight around 11.79. Support came in around 10.27. Currently, there is a lack of conviction amongst buyers and sellers, with downside risk elevated.

S&P 500


Key Support Levels:

2699.75

2750.25

2810.50

2846.75

2875 - GEX


Key Resistance Levels:

2883.50

2930 - GEX


Auction Profile:

Up auction


/ES futures are trading above previous value area today and have broken above the trading range for the previous two weeks. This indicates strong bullish activity, thus upside risk is elevated today.

NATURAL GAS


Key Support Levels:

1.50 - GEX

1.831

1.86

1.912

1.971


Key Resistance Levels:

2 - GEX


Auction Profile:

Up auction


/NG futures have gapped up significantly overnight as the contracts continue to whipsaw back and forth between 1.50 and 2. Strong buyer activity is present in the market and as the contracts have broken through resistance around 1.971, expect price to reach 2 today.