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Market Analysis - 06.11.2020

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:

35.85

36.35

37 - GEX


Key Resistance Levels:

37.88

38.83

40 - GEX

41.05


Auction Profile:

Range bound


/CL futures are trading far below the previous value area after price was rejected strongly around 37.88. Contracts have fallen to the next high volume node which currently exists between 36.35 and 37. Consolidation is the most likely near term scenario until aggressive buyers or sellers enter the market.

S&P 500


Key Support Levels:

3090.50

3100 - GEX


Key Resistance Levels: 3129.50

3152

3190

3200 - GEX

3214.75


Auction Profile:

Range bound


/ES futures are trading far below the previous value area after a drastic fall in price during the overnight session. Fears of a second wave of the coronavirus may be the driving force behind this sharp move lower. Support has been located at the high put gamma strike and price action will likely consolidate on the high volume node between there and 3129.50 in the near term.

NATURAL GAS


Key Support Levels:

1.725

1.75 - GEX


Key Resistance Levels:

1.819

1.84

1.86

1.896

1.94

2 - GEX


Auction Profile:

Range bound


/NG futures are trading within the previous value area as price finds balance overnight. The best opportunities exist when price action breaks from this range on higher volume.