Search

Market Analysis - 05.26.2020

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:

28.24

29.18

30 - GEX

30.05

32.73

33.78


Key Resistance Levels:

34.88

35 - GEX

36.35

41.05


Auction Profile:

Range bound


/CL futures are trading above the previous value area as contracts have pushed past resistance around 33.78. As mentioned previously, the 34.88 - 36.35 area is a strong resistance level do to the gap down on March 9th of this year. Upside risk is elevated, yet resistance remains.

 

S&P 500


Key Support Levels:

2846.75

2883.50

2945 - GEX

2945.75

2976


Key Resistance Levels:

3020 - GEX

3037


Auction Profile:

Range bound


/ES futures are trading above the previous value area and above support after significant buying came in overnight. Next major resistance level is around 3037. Price is currently trading in a narrow range. Wait for a significant move in either direction to confirm the breakout.

 

NATURAL GAS


Key Support Levels:

1.564

1.613

1.697

1.75 - GEX

1.719

1.757


Key Resistance Levels:

1.81

1.85 - GEX

1.86

1.912


Auction Profile:

Range bound


/NG futures are trading far above the previous value area as buyers have entered the market strongly this morning. Upside risk is elevated with strong resistance coming in around 1.81.

 

NASDAQ


Key Support Levels:

9300 - GEX

9335.50

9405.50

9477.50

9513.50


Key Resistance Levels:

9600 - GEX

9660


Auction Profile:

Up auction


/NQ futures are trading above the previous value area after buyers came in overnight. More recently, price was rejected around 9600, as strong selling action has countered the previous buying pressure. Upside risk is elevated, but faces some resistance between 9600-9660.

 

EURO


Key Support Levels:

1.08081

1.08319

1.085 - GEX

1.08726

1.09113

1.09425


Key Resistance Levels:

1.10041

1.10285

1.10482

1.105 - GEX


Auction Profile:

Range bound


/6E futures are trading above the previous value area after buyers have entered the market forcefully over the past few hours. Upside risk is elevated with resistance coming in around 1.10041.

 

BRITISH POUND


Key Support Levels:

1.2132

1.2222

1.2293

1.23 - GEX


Key Resistance Levels:

1.2361

1.24 - GEX

1.2472

1.2544


Auction Profile:

Range bound


/6B futures are trading far above the previous value area after buying pressure increased greatly overnight and into the morning. Strong resistance exists around 1.24, with upside risk elevated today.

 

FINAL THOUGHTS


/VX futures remain in the upper 20s as volatility stays on the minds of traders. There is currently no GEX or DIX data available for yesterday. Sentiment is high today across the board as most futures (commodities, indices and currencies) rise. The trend looks to continue throughout the day as optimism enters the markets. We continue to recommend keeping smaller contract size and using tighter stops.

5 views0 comments