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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.


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