Market Analysis - 06.17.2020
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:
36.35
37 - GEX
37.88
Key Resistance Levels:
38 - GEX
38.45
38.83
40
41.05
Auction Profile:
Range bound
/CL futures are trading within the previous value area after price was rejected around 38.83 overnight. Consolidation is likely today until aggressive buyers or sellers enter the market and push price outside of the range between 37.50 and 38.83.
S&P 500
Key Support Levels:
3051.25
3075
3090.50
3115 - GEX
3129.50
Key Resistance Levels:
3152
3190
3200 - GEX
3214.75
Auction Profile:
Up auction
/ES futures are trading slightly above the previous value area after strong support around 3100 overnight. Upward risk is elevated, but strong resistance exists around 3152 may prove powerful.
NATURAL GAS
Key Support Levels:
1.50 - GEX
1.60
Key Resistance Levels:
1.636
1.674
1.725
1.75
1.80 - GEX
Auction Profile:
Down auction
/NG futures are trading below the previous value area in a narrow range. Consolidation will continue until aggressive participants enter the market and push price above 1.636 or below 1.60 strongly.
NASDAQ
Key Support Levels:
9600
9660
9763
9850 - GEX
9900
Key Resistance Levels:
10016
10078.50
10155.50
10200 - GEX
Auction Profile:
Up auction
/NQ futures are trading just above the previous value area as price is currently oscillating around 10016. Upside risk remains elevated today.
EURO
Key Support Levels:
1.11 - GEX
1.12
1.12297
Key Resistance Levels: 1.127
1.1327
1.135 - GEX
1.13707
1.14165
Auction Profile:
Range bound
/6E futures are trading in the lower portion of the previous value area after price was supported around 1.124 recently. Strong resistance exists at 1.2297, yet downside risk is elevated today.
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:
Range bound
/6B futures are trading below the previous value area in a narrow range just above the high put gamma strike. Price action is likely to remain range bound until it can breakthrough strongly above 1.2613 or below 1.2527.
FINAL THOUGHTS
/VX futures remain in the low 30s as volatility is elevated. Gamma exposure rose yesterday, signifying continued positive gamma. DIX dropped moderately 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.