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.