Benzinga - by Mando Trading, Benzinga Contributor.
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We'll start off this week looking at the NQ Weekly chart. Two straight weeks of pain for bulls, but is there a silver lining? I am personally in the camp that we found some support (will show in depth on the daily) and set the range. From here, since we are currently in a bearish trend, I am looking for a discount retracement back up to the bearish order block, which is around that 14900 area. It is difficult to call tops and bottoms, but from here I think I can justify this bounce with more than just "we're down a lot from the high" See below for more.
DXY puts in a green candle following the previous week's red. Ultimately, I think DXY will reach buyside liquidity at 107.99, but I am not so sure price doesn't retrace first. This is what makes "being bullish" in a bearish trend difficult. I really am not bullish for anything more than a retracement on the indices, but the fact DXY is relatively close to my target makes it even more difficult.
I tweeted it Thursday but I do like the low so far on NQ. Currently in a discount bullish imbalance of the daily range set back from April lows to July Highs and swept 14173 which was a previous daily low. Can I be wrong? Absolutely. Picking tops and bottoms is difficult, but with Friday's gap higher and futures gapping up Sunday night, I can justify this being the mark for a bounce.
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Market Structure is currently bearish. Only one very small imbalance in discount of the bearish range which is right above that 411.90 50% mark. Bulls take over with a move above 414.59.
Market Structure is currently bearish. Price rejected the discount bearish imbalance to the tick on Friday right around that 62% retracement mark. It is worth noting that Apple Inc. (NASDAQ: AAPL) took out higher time frame liquidity on Friday as well. Bulls shift market structure above 171.37.
Tesla, Inc. (NASDAQ: TSLA) - Market Structure is currently bearish and already has rejected the discount bearish imbalance (red box above 211.47). Another name that took out higher time frame liquidity and has held bullish imbalances following rejecting. Bulls take market structure back over 214.80.
NVIDIA Corporation (NASDAQ: NVDA) - Market Structure is currently bearish and perfectly rejected the bearish order block at 50% of the range. Like the others, higher time frame liquidity was swept and has held the bullish imbalance it created on the way up. Long way for bulls to recapture market structure, with the mark being at 422.50. One untouched bearish imbalance at 62% of the range.
Advanced Micro Devices, Inc. (NASDAQ: AMD) - Market Structure is currently bearish but not by much. Higher time frame liquidity was swept on Thursday and has since run higher to challenge that swing high. Above 97.52 and bulls take over market structure.
Alphabet Inc. (NASDAQ: GOOGL) - Market Structure is currently bearish following last week's earnings report. Higher time frame liquidity was swept at 121.10 before finding support at a bullish imbalance at 120.21. 50% of the range is at 125.70 with multiple bearish imbalances in the way.
Amazon.Com, Inc. (NASDAQ: AMZN) - Market Structure is currently bullish following earnings last week. Large bullish imbalance in discount of the range below.
Microsoft Corporation (NASDAQ: MSFT) - Market Structure is currently bearish. Perfect rejection of the bearish imbalance in discount of the range, but like many others, closed Friday holding a bullish imbalance.
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This newsletter is a collection of my thoughts and is intended for educational purposes only. Nothing posted above is ever to be construed as financial advice.
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