As always on Sunday's, we will start by taking a look at the S&P from a higher timeframe. For the third time, the market rejected the monthly bearish order block, back from March of 2022. It is interesting to note that despite the harsh afternoon sell off on Friday, ES held the bottom of the weekly bearish imbalance that was created back in April of 2022. Bulls want to see that level hold as support, for a potential move back up to fill the imbalance at 4503. There is a weekly volume imbalance down near 4300 (shown above) that I think will get tested at some point, but the question I am asking myself is will it be before or after this current bearish imbalance fills... This week there are multiple FED Speakers, in addition to CPI and PPI data.
ES DAILY - Nasty candle Friday, setting up another bearish volume imbalance. Two levels I am looking towards to offer some support are 4425 and 4417. If ES is to slip up I see some downside to 4389, which is a daily bullish order block dating back to 6/27... If support holds up my upside target to fill in the current bearish imbalance is 4503.
NQ QQQ- Nasdaq has been leading the charge for some time now, so I felt it was worth charting for the week. NQ has 3 levels of support I'm watching, with the 1 resistance level I am watching being the bearish volume imbalance that formed on Friday.
The one thing throwing in a major wrench for me this week is DXY. The dollar looks pretty bearish, with a nasty candle being put in on Friday, slicing through support. Last week, the dollar rejected the 50% level of the current range again, also setting lower highs on the daily timeframe. Without a strong bounce back Monday, DXY can set up a bearish imbalance for more downside.
BTC BTC/USD - I drew the forecast about two weeks ago now, and it has pretty much moved in slow motion... While I still favor a move towards 32k, I'd prefer that bitcoin did not drop into support a second time, and would like to see some bullish order flow come in to drive price higher, quickly.
KEY:
Green box - support or bullish imbalances
Red box - resistance or bearish imbalances
Blue lines - swing high or swing low aka liquidity
Orange lines - imbalance mid point
Purple lines - Order Blocks (+OB = Bullish, -OB = Bearish)
SPY 1H - 1H is sooo clean. Low of range set on a bounce off hourly bullish order block. Fill and Bounce from bullish imbalance formed at 12PM Thursday. Retracement into bearish imbalance and .79 level. FLUSH
AAPL AAPL - premarket bounce from support created Thursday morning up to the dreaded 192.50 level that has rejected about 17 times in the last week. Price flushed hard, creating some resistance on the way down, before finding support again. Below support at 190.50 and I'll look for lower prices.
TSLA TSLA - Range set on Thursday and rejected a premium imbalance (above 50%). I think TSLA is in a pretty big spot... A hold here and I think prices can bounce and challenge the high of 284.25. Taking out the low of 272.88 and I think a staircase down can start to set up.
GOOGL GOOGL - ran into resistance formed on Thursday at 121, before falling back down into support. Biggest area to hold on GOOGL for me is 118.40 support. Since Wednesday, there have been multiple levels of resistance formed.
MARA MARA - still following trend, with a run into resistance and setting a new short term high. Rejected to the tick and pulled back into support. If my BTC idea plays out, MARA has some more room to the upside.
AMZN AMZN - strong day on Friday, but is still in the range it has been stuck in for quite some time now. Bulls would have to defend that 129.50 level for a push higher back into that resistance level it has been struggling with.
AMD AMD - I did a price recap short on my YouTube channel, which may help those who are still learning how I go about this... Pretty big spot to hold here if bulls want that push back to 118.
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