Market Analysis - 05.07.2020

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

25.49


Key Resistance Levels:

26.75

28 - GEX


Auction Profile:

Up auction


/CL futures are trading far above the previous value area and are approaching resistance around 26.75. Upside risk is elevated.

 

S&P 500


Key Support Levels:

2699.75

2750.25

2810.50

2846.75

2850 - GEX


Key Resistance Levels:

2883.50

2900 - GEX

2945.75


Auction Profile:

Range bound


/ES futures are trading slightly above the previous value area while again showing resistance around the 2883.50 level. Upside risk is elevated.

 

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.831

1.86

1.912

1.971


Key Resistance Levels:

2 - GEX

2.016

2.116


Auction Profile:

Range bound


/NG futures are trading above the previous value area having recently broken through resistance at 1.971. Upside risk is elevated today.

 

NASDAQ


Key Support Levels:

8374.50

8621.50

8841.50

8963

9000 - GEX


Key Resistance Levels:

9155.75

9160 - GEX


Auction Profile:

Up auction


/NQ futures are trading above the previous value area with the contracts trading in a narrow range currently. Upside risk is elevated.

 

EURO


Key Support Levels:

1.075 - GEX

1.07659


Key Resistance Levels:

1.08081

1.08319

1.08726

1.085 - GEX

1.09113


Auction Profile:

Down auction


/6E futures are trading below the previous value area again today in a wide range. Support at 1.08081 has become resistance and downside risk remains elevated.

 

BRITISH POUND


Key Support Levels:

1.2132

1.2222

1.2293

1.23 - GEX

1.2361


Key Resistance Levels:

1.24 - GEX

1.2472

1.2544

1.264


Auction Profile:

Range bound


/6B futures are trading within the previous value area in a wide range, with strong resistance coming again today around 1.24. Downside risk is elevated.

 

FINAL THOUGHTS


/VX futures remains in the 30s as volatility is still elevated. Gamma increased again yesterday indicating a continued decrease in volatility in /ES price action. DIX rose strongly yesterday, illustrating an increase in institutional buying. We continue to recommend keeping smaller contract size and using tighter stops.

7 views0 comments

Recent Posts

See All