Market Analysis - 06.15.2020
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
34.48
34.88
35 - GEX
35.85
Key Resistance Levels:
36 - GEX
36.35
37.07
37.88
38.83
41.05
Auction Profile:
Down auction
/CL futures are trading below the previous value area after price gapped down overnight. Contracts are ranging between 34.48 and 35.85. Consolidation is the most likely near term scenario until aggressive buyers or sellers enter the market.
S&P 500
Key Support Levels:
2832.25
2846.75
2883.50
2945.75
2950 - GEX
Key Resistance Levels: 2976
3000 - GEX
3013.50
3037
3051.25
Auction Profile:
Down auction
/ES futures are trading below the previous value area after a sharp decrease in price overnight. Support has been found around 2923 near the bottom of the current high volume node. Resistance exists toward the top of the HVN near 2976. Expect price to remain in this range until strong buyers or sellers push the market out of balance.
NATURAL GAS
Key Support Levels:
1.674
1.70 - GEX
1.725
Key Resistance Levels:
1.75
1.819
1.84
1.86
1.896
1.94
2 - GEX
Auction Profile:
Down auction
/NG futures are trading below the previous value area as price finds support around 1.725 overnight. Expect a big move when price action breaks out of its current consolidation between 1.725 and 1.75.
NASDAQ
Key Support Levels:
9240
9335.50
9400 - GEX
9416.25
9477.50
Key Resistance Levels:
9600 - GEX
9660
9763
9900
10016
Auction Profile:
Down auction
/NQ futures are again trading below the previous value area after support was found around 9400 during the overnight session. Downward pressure remains high today.
EURO
Key Support Levels:
1.11 - GEX
1.11419
1.12
1.12297
1.127
Key Resistance Levels:
1.13 - GEX
1.1327
1.13707
1.14165
Auction Profile:
Range bound
/6E futures are trading below the previous value area after price was supported around 1.126 overnight. Range bound activity is likely to continue today, until significant buyers or sellers enter the market.
BRITISH POUND
Key Support Levels:
1.2364
1.2407
1.2472
1.2527
1.255 - GEX
Key Resistance Levels:
1.264
1.27 - GEX
1.2732
1.2885
1.3082
Auction Profile:
Down auction
/6B futures are trading just below the previous value area after price was strongly supported around 1.2472 overnight. Downside risk remains elevated today.
FINAL THOUGHTS
/VX futures rose higher into the 40s as volatility increases steadily. Gamma exposure almost doubled on Friday, signifying continued positive gamma, yet volatility in /ES price action will most likely continue. DIX rose again Friday as dark pool buying remains high. It remains to be seen if this is a simple breather on the way to higher highs or if we are in the middle of an extended downturn. Expect continued increased volatility in most, if not all, futures instruments. We continue to recommend keeping smaller contract size and using tighter stops.