Benzinga - by Mando Trading, Benzinga Contributor.
Jackson Hole Week comes to a close with a pretty ugly weekly candle. With DXY still strong, it's pretty hard for me to be bullish on the higher time frame right now. That weekly volume imbalance just below 4300 is where I am looking. Range is pretty big right now, meaning that even retracements higher can be pretty large. Should be a nice week for traders! Non Farm Payroll comes in on Friday morning.
NQ has an untouched bullish imbalance starting at 14432, which would line up with the volume imbalance on ES. Unlike ES, Nasdaq did take out the previous weekly high last week AND held the weekly volume imbalance to the tick... Similar game plan as I watch DXY closely for additional information.
Another winning week for the dollar, making it 6 in a row. Liquidity at 104.69 and 105.88. A break above the swing high at 104.69 would create a bullish breaker on the weekly (low, high, lower low, then break on the previous high) which I'd view as support moving forward. As long as DXY remains hot, it is hard for me to be bullish on the indices.
While I lean bearish on the higher time frames, SPY (ARCA: SPY) did take out the swing high Friday morning, creating a bullish market structure. While it is technically bullish on the 30, I am not totally sold, as there are no bullish imbalances in the area I look for dip buys (.62-.79). There are order blocks that have respected, but it doesn't give me the extra layer of confidence I'd prefer.
On a larger outlook, AAPL (NASDAQ: AAPL) is approaching 50% of the range and heading for some resistance. 3 levels to beat on AAPL, the last one being 182.78 to switch things up.
TSLA (NASDAQ: TSLA) took out recent swing high and created a bullish imbalance in discount (below 50% of the swing range).
GOOGL (NASDAQ: GOOGL) looks pretty weak in comparison to some other big names. Multiple bearish levels overhead. Can switch up the short term structure with a break of 130.76.
AMZN (NASDAQ: AMZN) resistance level at both the 50% level and the 70% from Thursday's high to Friday's low. Liquidity was taken out Friday prior to the bounce.
MRNA (NASDAQ: MRNA) holding up pretty well since the big run up last week. Bulls want to see a hold of the -2 standard deviation bullish imbalance for another leg higher.
NVDA (NASDAQ: NVDA) if the market wants to reverse higher, I believe NVDA has to bounce from the bullish imbalance from 457-455. Failure to do so and liquidity at 448.76 could be next.
MSFT (NASDAQ: MSFT) lots of resistance overhead, but relative equal highs were left behind at 334.72... Bulls want to see price hold the bullish imbalance right below for a move higher. A bounce wouldn't be unrealistic from this level with such a large range.
AMD (NASDAQ: AMD) big range and a lot of imbalances overhead...
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