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Market Analysis - 05.21.2020

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:

30.05

31.50

32 - GEX

32.73

33.78


Key Resistance Levels:

34.89

35 - GEX

36.35

41.05


Auction Profile:

Up auction


/CL futures are trading in a narrow range above the previous value area as contracts pushed past resistance around 33.78 overnight. Price is currently consolidating as buyers and sellers agree on a fair price, for the time being. Upside risk remains elevated, but contracts are nearing the gap from early March where price fell substantially. Expect the road upward to get harder as we get closer to the 34.88 - 36.35 region.

S&P 500


Key Support Levels:

2846.75

2883.50

2900 - GEX

2945.75


Key Resistance Levels:

2976

3000 - GEX

3037


Auction Profile:

Range bound


/ES futures are trading below the previous value area after being rejected around 2976 yesterday afternoon. Support is currently holding around 2945.75, with contracts still in consolidation mode. Upside risk remains elevated, however, 3037 is another low volume node that we should keep our eyes on.

NATURAL GAS


Key Support Levels:

1.564

1.613

1.697

1.70 - GEX

1.719


Key Resistance Levels:

1.75 - GEX

1.757

1.831

1.86

1.912


Auction Profile:

Range bound


/NG futures are trading far below the