Benzinga - It feels like every week has the ability to be a crazy one lately, and this week is no different. AAPL (NASDAQ: AAPL), AMZN (NASDAQ: AMZN) and AMD (NASDAQ: AMD) report earnings, along with a bunch of other big names. Non Farm Payroll Data also comes in on Friday. Heading into this week I am indifferent. Can I see a path for higher? Yes. Can I see a path for lower? Yes. Some mega caps look good in my book, others not so much. While we are in a bullish trend, I don't know if the high of this most recent swing has been set, and trying to short what COULD be the top could be profitable, it could also shred for another high. I tend to not trade much during NFP week anyway, so I don't expect a big week on my end.
NQ continued to run last week, closing the weekly above previous swing high (liquidity) at 15800. Price did close last week below the 50% level of the wick from the previous week. Personally would like to see a pullback down towards 15200 over the next week or so but again, not trying to call tops in a bullish trend.
Levels. On. Point. Beautiful hold of the daily bullish imbalance. Is the current swing range set or will the 4638 swing high get taken out first? Time will tell!
Strong week from DXY, reaching the 101.57 level I mentioned in last week's newsletter and running towards the imbalance at 102.05. To get the pullback I believe DXY will have to remain strong and move towards that 102.73 level. Above 103.57 and things get VERY interesting.
Here's a potential move I can see coming on BTC (CRYPTO: BTC). Of course it won't look this pretty, but I do see BTC getting deeper into discount towards that .79 before the next leg higher, very similar to what I am anticipating on SPY (ARCA: SPY) and QQQ (NASDAQ: QQQ).
I'll be looking at these names from a 30m time frame. If you have requests, let me know!
Green box - support or bullish imbalances
Red box - resistance or bearish imbalances
Blue lines - swing high or swing low aka liquidity
Orange lines - imbalance mid point
Purple lines - Order Blocks (+OB = Bullish, -OB = Bearish)
Crucial spot here on the SPY 30 min chart. Currently in a bearish imbalance in premium. A move above 458.60 can shift market structure back bullish, while a rejection here and I'd expect 451.44 to get a run.
AAPL Completed a 1.5 SD move from the swing high on Thursday, but did not complete the ideal 2 SD move. Price bounced back into the golden pocket of the range and rejected on the first attempt. HUGE Earnings report on Thursday afternoon that can really set the stage for the market going forward.
Similar to AAPL in that price retraced back into a bearish imbalance in premium and rejected so far. Built a few levels of support, but without follow through here I think the ultimate destination for TSLA (NASDAQ: TSLA) could be 250.30, which is the 2 SD move from the range set back on earnings.
GOOGL silent but deadly, remaining strong following the massive earnings gap up. Lots of support down below as well. Bears are going to need to attack GOOGL to aid in bringing down SPY.
AMD total cluster at the moment. With earnings Tuesday afternoon, I prefer not to speculate on where it could go. At the moment, the two areas of liquidity are 115.08 and 109.23.
$PLTR (NYSE: PLTR) Strong close to the week with a runner back to $18 on Friday. Reaction to 18.99 is all I'll be watching here!
AMZN Earnings Thursday. Just retraced into the bearish imbalance in premium created back on 7/20. Leaning down but with earnings it is really a coin flip. Bulls want to take out 134.79 to shift market structure back bullish.
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