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Market Analysis - 05.05.2020

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:

19.35

20 - GEX

20.42

21.01

21.56

21.94


Key Resistance Levels:

23.02

24

25.49

26.75

27 - GEX


Auction Profile:

Up auction


/CL futures are trading far above the previous value area with buyers in control following the overnight session. A lot of volume has been traded around the 23 level, which may slow down the upside move. Upside risk is elevated.

S&P 500


Key Support Levels:

2699.75

2750.25

2810.50

2830 - GEX

2846.75


Key Resistance Levels:

2883.50

2900 - GEX

2945.75


Auction Profile:

Range bound


/ES futures are trading above the previous two value areas above resistance around 2846.75. Strong rejection around 2860 was countered by increasing buying pressure during the overnight session. Upside risk is elevated today.

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.831

1.86

1.912

1.971

2.016


Key Resistance Levels:

2.116

2.50 - GEX


Auction Profile:

Up auction


/NG futures are trading far above the previous value area and have surged through a longer term low volume area, but are now experiencing resistance. The series of lower highs with strong seller presence seem to indicate buyer strength is waning. Momentum, for the time being, remains with the buyers but expect resistance for any further movement upward.