Market Analysis - 04.30.2020

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:

11.79

13.73

15 - GEX

15.37


Key Resistance Levels:

17.88

19.35

20 - GEX


Auction Profile:

Range bound


/CL futures are trading far above the previous value area close to resistance at 17.88. Buying will pressure will have to remain strong to push through the low volume node above this area. Upside risk is elevated today, but selling pressure will remain stronger until low volume area is filled.

 

S&P 500


Key Support Levels:

2810.50

2846.75

2883.50

2900 - GEX


Key Resistance Levels:

2945.75

2950 - GEX


Auction Profile:

Range bound


/ES futures are trading within the previous value area with selling pressure coming in around 2960. Downside risk is elevated with a likely range day today.

 

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.831

1.86

1.912

1.971


Key Resistance Levels:

2 - GEX

2.016


Auction Profile:

Range bound


/NG futures have are trading below the previous value area in a wide range. Strong buying activity was immediately and swiftly smothered by sellers. Downside risk remains elevated today.

 

NASDAQ


Key Support Levels:

8374.50

8621.50

8841.50

8963

9000 - GEX


Key Resistance Levels:

9030 - GEX

9155.75


Auction Profile:

Range bound


/NQ futures are trading above the previous value area. Strong resistance was displayed around 9155.75 driving price action back down. Downside risk is elevated today.

 

EURO


Key Support Levels:

1.08 - GEX

1.08081

1.08319


Key Resistance Levels:

1.08726

1.09113

1.09425

1.095 - GEX

1.10041

1.10482


Auction Profile:

Range bound


/6E futures are trading slightly above the previous value area in a wide range indicating engagement from both buyers and sellers with accepted value. A range day is the most likely scenario with 1.08726 providing near term support.

 

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

1.26 - GEX


Auction Profile:

Range bound


/6B futures are trading above the previous value area in a tighter range after being rejected around 1.2516. Upside risk is elevated as price action looks ready to break through resistance.

 

FINAL THOUGHTS


/VX futures remain in the 30s and is still decreasing day over day. Volatility remains elevated but is quietly seeping from the markets. Gamma rose yesterday which indicates a slight decrease in volatility in /ES price action. DIX rose higher in value, showing institutions increased their buying yesterday. We continue to recommend keeping smaller contract size and using tighter stops.

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