Market Analysis - 05.04.2020

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:

13.73

15.37

17 - GEX

17.88

18.50


Key Resistance Levels:

19.35

20.42

21.01

21.56

21.94

22 - GEX


Auction Profile:

Range bound


/CL futures are trading within the previous value area. Contracts likely to remain between 17.88 and 20.42 today, with upside risk elevated.

 

S&P 500


Key Support Levels:

2630.75

2699.75

2730 - GEX

2750.25


Key Resistance Levels:

2810.50

2846.75

2850 - GEX

2883.50

2945.75


Auction Profile:

Down auction


/ES futures are trading below the previous value area with selling pressure continuing to mount. Lots of liquidity between 2750.25 and 2810.50, which will likely hold price within that range. Downside risk remains elevated today.

 

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.831

1.86

1.912


Key Resistance Levels:

1.971

2 - GEX

2.016


Auction Profile:

Range bound


/NG futures are trading above the previous value area. Rejection is coming in around 1.971, however, buyers are still present. Upside risk is elevated.

 

NASDAQ


Key Support Levels:

8374.50

8621.50

8500 - GEX


Key Resistance Levels:

8841.50

8963

8800 - GEX

9155.75


Auction Profile:

Range bound


/NQ futures are trading below the previous value area with support coming in around 8621.50. Downside risk is elevated with the next level of support coming in near 8504.50.

 

EURO


Key Support Levels:

1.08081

1.08319

1.085 - GEX

1.08726

1.09113


Key Resistance Levels:

1.09425

1.095 - GEX

1.10041

1.10482


Auction Profile:

Range bound


/6E futures are trading far below the previous value area as price was rejected strongly around 1.102. Support is now coming in around 1.09425 and could hold for the near term. Downside risk is elevated 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

1.25 - GEX


Auction Profile:

Range bound


/6B futures are trading far below the previous value area. Resistance is holding around 1.2472 as price whipsaws back and forth today. There is some support around the 1.24 level with downside risk elevated for today.

 

FINAL THOUGHTS


/VX futures increased again today, remaining elevated. Gamma dropped significantly on Friday indicating an increase in volatility in /ES price action. DIX rose sharply higher, showing institutions increased their buying again prior to the weekend. We continue to recommend keeping smaller contract size and using tighter stops.

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