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Market Analysis - 04.29.2020

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

12.5 - GEX

10.27

11.79

13.73


Key Resistance Levels:

15.37

16 - GEX

17.88

19.35


Auction Profile:

Range bound


/CL futures are trading above the previous value area in a narrow range. Upside risk is elevated today.

 

S&P 500


Key Support Levels:

2699.75

2750.25

2810.50

2846.75

2855 - GEX


Key Resistance Levels:

2883.50

2890 - GEX


Auction Profile:

Up auction


/ES futures are trading above the previous value area today but contracts are hugging support around 2883.50. The FOMC meeting should hamper activity until after the minutes are read.

 

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.831

1.86

1.912

1.971


Key Resistance Levels:

2 - GEX


Auction Profile:

Range bound


/NG futures have are trading within the previous value area in a narrow range. Little conviction from buyers or sellers is present with downside risk elevated.

 

NASDAQ


Key Support Levels:

8374.50

8621.50

8700 - GEX


Key Resistance Levels:

8841.50

8900 - GEX

8963


Auction Profile:

Range bound


/NQ futures are trading in a narrow range within the upper portion of the previous value area. Strong resistance remains around 8841.50 with downside risk elevated today.

 

EURO


Key Support Levels:

1.08 - GEX

1.08081

1.08319


Key Resistance Levels:

1.08726

1.09 - GEX

1.09113

1.09425

1.10041

1.10482


Auction Profile:

Range bound


/6E futures are trading within the previous value area and were rejected around the POC at 1.08828. Downside risk is elevated.

 

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 below the previous value area after being strongly rejected around 1.2472. Downside risk remains elevated.

 

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 dropped slightly yesterday which indicates no change in volatility in /ES price action. DIX barely notched a rise in value, 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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