We analyze density-wave and Pomeranchuk orders in twisted bilayer graphene near half-filling of the conduction or valence bands. This compliments our earlier analysis of the pairing instabilities. We assume that near half-filling of either conduction or valence band, the Fermi level is close to Van Hove points, where the density of states diverges, and study the potential instabilities in the particle-hole channel within a patch model with two orbitals. The hexagonal symmetry of twisted bilayer graphene allows for either six or twelve Van Hove points. We consider both cases and find the same two leading candidates for particle-hole order. One is an SU(2)-breaking spin state with ferromagnetism within an orbital and antiferromagnetism between orbitals (a.k.a. a valley antiferromagnet). The same state has also been obtained in strong coupling approaches, indicating that this order is a robust one. The other is a mixed state with 120 • complex spin order and orthogonal complex charge order. In addition, we find a weaker, but still attractive interaction in nematic channels and discuss the type of a nematic order.