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Market Analysis - 06.04.2020

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:

33.16

33.78

34.88

35 - GEX

36.35


Key Resistance Levels:

37.07

37.88

38.50 - GEX


Auction Profile:

Up auction


/CL futures are trading within the previous value area again today in a narrow range between 36.35 and 37. As mentioned previously, OPEC+ production cut extensions continue to weigh on the minds of traders. Wait for aggressive buyers or sellers to enter the market and push price outside of its current consolidation.

 

S&P 500


Key Support Levels:

3013.50

3037

3051.25

3090.50

3100 - GEX


Key Resistance Levels:

3120 - GEX


Auction Profile:

Up auction


/ES futures are trading within the previous value area in a narrow range. Price is currently consolidating between the high gamma strikes. Wait for a breakout of either of these levels accompanied by strong volume.

 

NATURAL GAS


Key Support Levels:

1.75 - GEX


Key Resistance Levels:

1.819

1.84

1.896

1.951

2 - GEX


Auction Profile:

Range bound


/NG futures are trading within the previous value area with rejection coming in around 1.84. Price is currently in a narrow range and will wait for aggressive market participants before move strongly in either direction.

 

NASDAQ


Key Support Levels:

9335.50

9416.25

9477.50

9500 - GEX

9600

9660


Key Resistance Levels:

9763

9800 - GEX


Auction Profile:

Up auction


/NQ futures are trading within the previous value area again in a tight range as price remains just above support at 9660. We continue to watch for a breakout in either direction accompanied by strong volume before initiating a trade.

 

EURO


Key Support Levels:

1.10959

1.11419

1.11657

1.12 - GEX

1.12297


Key Resistance Levels:

1.13 - GEX


Auction Profile:

Up auction


/6E futures are trading above the previous value area after contracts were rejected around 1.12745 in the past few hours. Upward risk remains elevated today, however, there is more resistance on upside price action.

 

BRITISH POUND


Key Support Levels:

1.2472

1.25 - GEX

1.2516

1.2544


Key Resistance Levels:

1.255 - GEX

1.264


Auction Profile:

Range bound


/6B futures are trading below the previous value area after strong rejection cam in around 1.2581, which is at the POC from yesterday. As price couldn't move past yesterday's fairest price, this indicates downward risk is still elevated.

 

FINAL THOUGHTS


/VX futures have fallen further into the upper 20s again as volatility remains high. Gamma exposure rose modestly again yesterday showing continued positive gamma. DIX fell dramatically yesterday as it seems buyers have been exhausted. We continue to recommend keeping smaller contract size and using tighter stops.

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