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Market Analysis - 06.05.2020

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

37.07

37.88


Key Resistance Levels:

40 - GEX


Auction Profile:

Up auction


/CL futures are trading above the previous value area as buyers have entered the market aggressively. One factor affecting price action is the discussion of OPEC+ production cut extensions. Upside risk is elevated today.

S&P 500


Key Support Levels:

3013.50

3037

3051.25

3075 - GEX

3090.50


Key Resistance Levels:

3152

3175 - GEX

3180.75


Auction Profile:

Up auction


/ES futures are trading above the previous value area nearing resistance around 3152. Upside risk is elevated, barring any significant news catalyst.

NATURAL GAS


Key Support Levels:

1.75 - GEX

1.819

1.84


Key Resistance Levels:

1.896

1.951

2 - GEX


Auction Profile:

Range bound


/NG futures are trading above the previous value area as price has broken through 1.84. Resistance came in around 1.858 a few days ago, so wait for contracts to move past this level before expecting continuation.

NASDAQ