What a week it was! After 4 weeks inside a weekly bearish imbalance from April of 2022, the S&P fiiled, broke above AND closed above that level. ES was points away from reaching into the next imbalance, this one from January of 2022. That imbalance has been filled, but there was never a close above, and that is why I still have the level on my chart. That imbalance starts at 4560 and closes at 4692. The next area of liquidity to the upside rests at 4638. 4486 is the level for bulls to hold, which is a bullish order block. FOMC is on Wednesday this week, so I am expecting some more explosive price action. For those who are new to my content... I chart on ES, which is S&P futures, because futures run 23 hours a day, 5 days a week. In the times SPY (NYSE:SPY) or SPX would show gaps, ES shows levels that can turn out to be important in the following session.
I think it is noteworthy that NQ filled a bearish imbalance on the weekly and also took out the weekly swing high from April 2022. Following the liquidity sweep, the market faded. I do expect some sort of a pullback, but I don't think the run is over.
The dollar got demolished this week, creating multiple imbalance in the process. DXY did take out a few swing lows, so if price were to bounce here, I'm looking towards that bearish volume imbalance at 101.57, right above the 50% level of the range.
SPY 30 MIN - Took liquidity and reached for the 30 min imbalance at 451.50... That swing high to the low of the next candle set the range that was later broken to the downside. A pullback could take SPY down for a 2 SD move to 445.85. We'll monitor it throughout the week!
AAPL (NASDAQ:AAPL) held up on the volume imbalance formed on Tuesday AH. I'm thinking AAPL may need a deeper retracement before its next move higher. 2 SD from this range would be 201. a break of that .79 and we'd see a shift in market structure, which I'd then be looking for lower prices.
TSLA (NASDAQ:TSLA) - I drew those trendlines for Twitter Thursday night and they shook out pretty well, though there wasn't a retracement back to discount. On the fence on TSLA here since the discount imbalances were untouched. Let's see what next week brings.
GOOGL (NASDAQ:GOOGL) a beautiful 2 SD move was completed on Friday, as stated throughout the week in the newsletter. A break of Friday's swing low and I'd look for a pullback.
AMD (NASDAQ:AMD) the round trip express took a stop at AMD Friday, running up into the imbalance at 121 before pulling back hard back into support. A break of that low and I think those imbalances below will get a test.
Like GOOGL, MARA (NASDAQ:MARA) completed a 2SD move on Thursday, before taking out another high and setting a new range. I'd expect a bounce here, but a loss of current support could lead to a deeper pullback. 17.49 is the level I am watching.
Almost a full 2 SD move on AMZN (NASDAQ:AMZN), reaching for 1.5 SD on Friday before fading to close the day. Price can bounce here to complete the 2 SD move next week. Bulls don't want to fall below support at 134.
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