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.