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Market Analysis - 05.13.2020

Updated: May 14, 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:

23.41

24

24.90

25 - GEX

25.49


Key Resistance Levels:

26.75

30 - GEX


Auction Profile:

Range bound


/CL futures are trading in a narrow range within the previous value area, with market participants anxiously awaiting the EIA inventories report at 10:30 AM ET. A decrease in inventories is expected, and if true should push oil prices past 26.75, at least temporarily. Upside risk is elevated again today.

S&P 500


Key Support Levels:

2750.25

2810.50

2835 - GEX

2846.75


Key Resistance Levels:

2883.50

2895 - GEX

2945.75


Auction Profile:

Range bound


/ES futures are trading far below the previous value area after falling dramatically yesterday afternoon. Contracts have since rebounded around support at 2846.75. Expect this volatility to continue as congress discusses a new stimulus package. Downside risk is elevated.

NATURAL GAS


Key Support Levels:

1.532

1.564

1.613

1.697

1.70 - GEX


Key Resistance Levels:

1.719

1.757

1.831

1.86

2 - GEX


Auction Profile:

Down auction


/NG futures are trading back far below the previous value area after dropping significantly yesterday. Price has found support around 1.697. It looks as though buyers have begun to reenter the market at these lower prices, however, downside risk remains elevated.