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Market Analysis - 05.20.2020

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:

26.75

28.24

29 - GEX

29.18

30.05

31.50


Key Resistance Levels:

32.73

33.78

35 - GEX


Auction Profile:

Up auction


/CL futures are again trading in a narrow range within the previous value area. Contracts continue to consolidate around the 32 level. The likelihood that price will breakout in either direction remains high today. Wait for the influx of buyers or sellers and ride the wave to the next support/resistance level.

 

S&P 500


Key Support Levels:

2750.25

2810.50

2846.75

2883.50

2900 - GEX

2945.75


Key Resistance Levels:

3000 - GEX


Auction Profile:

Range bound


/ES futures are trading within the previous value area after a sharp decline yesterday afternoon. As with crude oil, we will await a strong push out of this consolidation from buyers or sellers and expect continuation in that direction.

 

NATURAL GAS


Key Support Levels:

1.564

1.613

1.697

1.719

1.75 - GEX

1.757


Key Resistance Levels:

1.831

1.86

1.912

2 - GEX


Auction Profile:

Up auction


/NG futures are trading within the previous value area after continuing to consolidate since yesterday afternoon. Watch for a breakout to either side once aggressive participants enter the market.

 

NASDAQ


Key Support Levels:

8963

9155.75

9240

9250 - GEX

9335.50


Key Resistance Levels:

9480 - GEX


Auction Profile:

Range bound


/NQ futures are trading slightly above the previous value area while continuing their consolidation. Once again strong moves to the upside have been met with resistance around 9405.50. As with crude oil and S&P futures, wait for a breakout and then continuation in one direction once buyers or sellers enter the market aggressively.

 

EURO


Key Support Levels:

1.07 - GEX

1.08319

1.08726

1.09113

1.09425


Key Resistance Levels:

1.10041

1.105 - GEX


Auction Profile:

Up auction


/6E futures are trading within the previous value area after a choppy overnight session. Resistance remains strong above current price. Wait for aggressive market participants to push these contracts into a breakout in either direction.

 

BRITISH POUND


Key Support Levels:

1.2132

1.215 - GEX

1.2222


Key Resistance Levels:

1.2293

1.2361

1.24 - GEX

1.2472

1.2544



Auction Profile:

Range bound


/6B futures are trading within the previous value area after being supported around 1.2222 overnight. The last few hours of trading have shown consolidation as buyers and sellers agree on a fair price. Be patient and wait for a strong move in either direction.

 

FINAL THOUGHTS


/VX futures remain in the high 20s. Gamma rose slightly again yesterday, and continues to be positive. DIX rose sharply, displaying renewed buying interest from institutions. We continue to recommend keeping smaller contract size and using tighter stops.

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