Search

Market Analysis - 05.06.2020

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:

20 - GEX

21.56

21.94

23.02

24


Key Resistance Levels:

25.49

26.75

28 - GEX


Auction Profile:

Up auction


/CL futures are trading slightly above the previous value area with price rejected strongly around 25.49. Contracts having been oscillating between 24 and 25.49 through the overnight session, which shows active interest by both buyers and sellers. Downside risk is elevated.

 

S&P 500


Key Support Levels:

2699.75

2750.25

2810.50

2846.75

2865 - GEX


Key Resistance Levels:

2883.50

2890 - GEX

2945.75


Auction Profile:

Range bound


/ES futures are trading within the previous value area while showing resistance again today around the 2883.50 level and support in the vicinity of 2846.75. Upside risk remains elevated.

 

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.831

1.86

1.912

1.971

2.016


Key Resistance Levels:

2.116

2.25 - GEX


Auction Profile:

Range bound


/NG futures are trading below the previous value area in a narrow range. Currently, contracts are showing little conviction from both buyers and sellers. Downside risk is elevated today.

 

NASDAQ


Key Support Levels:

8374.50

8621.50

8800 - GEX


Key Resistance Levels:

8841.50

8963

9000 - GEX

9155.75


Auction Profile:

Range bound


/NQ futures are trading within the previous value area with rejection coming again today around 9000. Low volume above 9000 may provide some resistance in the near term, but upside risk is elevated.

 

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


Auction Profile:

Down auction


/6E futures are trading far below the previous value area again today as price was rejected close to 1.0845. Support has come in around 1.08081 currently, but downside risk remains elevated.

 

BRITISH POUND


Key Support Levels:

1.2132

1.2222

1.2293

1.235 - GEX

1.2361


Key Resistance Levels:

1.245 - GEX

1.2472

1.2544

1.264


Auction Profile:

Range bound


/6B futures are trading far below the previous value area with support coming in around 1.2361. There's a large low volume area between the overnight open and its current price, and this will most likely keep contracts trading lower. Downside risk is elevated.

 

FINAL THOUGHTS


/VX futures continue to meander back and forth in from the low to high 30s as volatility remains high. Gamma increased ever so slightly again yesterday indicating a small decrease in volatility in /ES price action. DIX dropped for the third consecutive day, illustrating a lack of interest in buying. We continue to recommend keeping smaller contract size and using tighter stops.

25 views0 comments