Benzinga - by Mando Trading, Benzinga Contributor.
Starting with S&P Weekly, I am a bit undecided at the moment. Last week we rejected a bearish imbalance to close out the week, and left open a bullish volume imbalance from the previous week. With CPI and PPI this week and not much else, I plan on treading lightly until price moves out of this range.
NQ pulled back quite a bit last week, as stated in the newsletter last Sunday. While I do still favor price moving towards 15100, the fact we almost perfectly held previous resistance as support led me to pump the brakes a bit. DXY will be my main watch for the week, which will help me make decisions on NQ. If you are unaware of the dollar's correlation, check out my YouTube channel for more.
DXY with a strong break and hold of buyside liquidity at 104.69 last week, using previous resistance from March as support. Next level I am watching is 105.88. If price moves below that 104.69 level, I'll feel much more comfortable with longs. If not, I will continue to tread lightly on long scalps and predominantly look for lower prices.
A very nice hold of 50% of the range and the bullish imbalance formed last week. Was this pullback enough or will ES see one of the lower volume imbalances?
NQ got into the bearish imbalance from Wednesday and pulled back immediately. Continuation would suggest movement down towards the volume imbalance below 15200...
DXY with one resistance level to beat until the next level of liquidity.
Zooming in to a 30 min chart, price closed pretty bullish, with a bullish market structure shift and bounce off the golden pocket 62-79% retracement. The question is how much of a bounce does this create? A few levels of resistance overhead, but until this shows its hand as bearish, I won't fight it. Again, pretty neutral until CPI...
AAPL (NASDAQ: AAPL) completed a 1 standard deviation move from the initial bearish market structure shift last week. Price is still a ways away from the 50% level of the initial range.
TSLA (NASDAQ: TSLA) maintains bullish market structure despite a pretty harsh sell off Friday. Relative equal lows below can get swept, which would also shift market structure back to the bears.
GOOGL (NASDAQ: GOOGL) a few cents from taking liquidity at 136.80. Bulls want to see the green box below current price hold for a next leg up.
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