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.

 

NASDAQ


Key Support Levels:

8374.50

8621.50

8800 - GEX

8841.50


Key Resistance Levels:

8963

9060 - GEX


Auction Profile:

Range bound


/NQ futures are trading in a narrow range above the previous value area showing stronger buying pressure 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 again today having pushed past resistance at 1.08726. Stronger resistance remains around 1.09113 as the contracts continue to move upward today.

 

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 above the previous value area but encountered resistance around 1.2516. Upside risk is elevated with stronger resistance coming into play around 1.2544.

 

FINAL THOUGHTS


/VX futures remain in the 30s, yet slowly decreasing day over day. Volatility remains elevated but is quietly seeping from the markets. Gamma remained essentially flat yesterday which indicates no change in volatility in /ES price action. DIX fell once, showing institutions have decreased their buying over the past few days. We continue to recommend keeping smaller contract size and using tighter stops.

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