Benzinga - by Mando Trading, Benzinga Contributor. Ugly week last week, creating a weekly bearish imbalance and closing below previous support. Price did hold the weekly bullish order block, which to me means one of two things... 1 being bulls need to step up this week to reclaim the previously lost support or more downside is to come, or 2 being even if bulls do not step up, I'm not really seeing the potential for a large, swift move down, as there are two previous bullish order blocks in this area that make take some time to work through. Not the biggest data week ahead, but there are a few that can move price.
Like ES, NQ had an ugly week as well. The one difference here is that while ES created a bearish Imbalance in the process, NQ did not. NQ is in dangerous territory though, Approaching weekly swing low at 14853, which would shift weekly market structure bearish in my book for the first time in a long time.
Despite last week's bearish PA, the ES daily doesn't look too bad for bulls. Price got into the lowest discount bullish imbalance and bounced, closing back inside the imbalance from early July and between the 62% and 79% retracement. ES bulls do not want to lose the bullish levels below 4450.
NQ daily saved itself for now, closing above recent swing low at 15080. Took liquidity and bounced to close Friday. I am very neutral at the moment, knowing that the bulls have a chance to save themselves this week, but could also lose some really important support levels to the bears.
DXY remains strong and fills the daily bearish imbalance just above the 79% retracement level. Could this be the week for DXY to head for the swing high at 103.57, driving the price of indices lower, or will price reject here for a drive lower for a bounce on indices?
SPY (ARCA: SPY) 30 min shifted market structure to bullish on Friday, taking out the swing high from Thursday, retracing and holding the discount bullish imbalance and closing in resistance. Upside levels at 446.70, 447.48 and 447.95. A shift back bearish would occur on a break of swing low liquidity at 443.35.
AAPL (NASDAQ: AAPL) took out swing low from 8/9 and found support at 176.55 before bouncing on Friday. Met resistance above 178.50 again, and consolidated into close. Bulls want to see a move above that resistance level, which could lead to a test of the 179.50 level getting a test.
Like AAPL, TSLA (NASDAQ: TSLA) took out a swing low and found support at 238.19 before bouncing to close out the day. UNLIKE AAPL, TSLA did not take out any recent swing highs, leaving market structure bearish. Heavy put flow came in on Friday as well.
GOOGL (NASDAQ: GOOGL) rejected Friday's opening gap and dropped 1.5 points, before finding support at 128.50. Market structure remains bearish for me until one of those swing highs are taken out.
AMD (NASDAQ: AMD) a beautiful short last week. Retracement into the 79% level and dumped, taking out the swing low at 107.38, a 12 point move. Next area of downside liquidity is 105.15.
PLTR (NYSE: PLTR) has been consolidating following the 8/9 dump. Currently pinned between two levels of liquidity at 15.87 and 14.92.
Like PLTR, AMZN (NASDAQ: AMZN) is currently pinned between two levels of liquidity at 140.40 and 137.15. Until then, not much cooking here for me.
If you'd like to join our community of over 500 traders that start their mornings off with my newsletter, Markets With Mando, click the link below and use code 'AUGUST100" for your first month free!
Sign Up Here!
NEW YOUTUBE VIDEO IS LIVE!
Educational YouTube Channel
Follow me on Twitter, Instagram and TikTok @MandoTrading for more content!
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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.