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Market Analysis - 05.14.2020

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 - GEX

26.75


Auction Profile:

Range bound


/CL futures are trading slightly above the previous value area, with rejection coming overnight around 26.75. We remain inside the range from last Thursday and will most likely stay in this range today.

S&P 500


Key Support Levels:

2750 - GEX

2750.25

2784.75


Key Resistance Levels: 2810.50

2832.25

2846.75

2850 - GEX

2883.50


Auction Profile:

Down auction


/ES futures are trading far below the previous value area again after massive selling continued yesterday afternoon. Contracts hit a new support level at 2784.75 yesterday with a bounce, yet continue to head in that direction today. Expect this volatility to continue as congress discusses a new stimulus package. Downside risk remains elevated.

NATURAL GAS


Key Support Levels:

1.50 - GEX

1.532

1.564

1.613


Key Resistance Levels:

1.697

1.719

1.757

1.831

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.