How To Trade SPY, Top Tech Stocks Using Technical Analysis

Good Morning Traders!

Today’s economic calendar kicks off with a dynamic lineup that could significantly shape early market sentiment. At 8:30 AM ET, the Initial and Continuing Jobless Claims for the week will be released, alongside the Philly Fed Business Outlook for September, offering a snapshot of labor market trends and regional manufacturing sentiment that traders will closely watch for policy cues. At 10:00 AM ET, the Leading Index for August will provide a forward-looking economic gauge.

At 11:30 AM ET, the Treasury's 4 and 8-Week Bill Auction will assess short-term debt demand, followed by the 10-Year TIPS Auction at 1:00 PM ET, which could influence yield curves. Coming on the heels of yesterday's FOMC rate decision where the Fed cut rates by 25 basis points, this data could amplify reactions. Expect a good amount of volatility as traders digest the implications.

Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

SPDR S&P 500 ETF Trust (SPY)

SPY is presently stationed at 663.00, a sturdy support molded by recent market rhythms, offering a solid springboard for bullish strategies. The goal is to climb toward 663.50, your set limit, a resistance that has shown tenacity in past upswings, drawing trader interest. If it surges past 663.50 with steady momentum, buyers might push it to 664.29, a level with historical volume strength. Should this hold firm through the session, anticipate a rise to 665.15, with our top target set at 665.99.

If 663.00 wavers under selling pressure, bears could challenge 662.44, a pivot with a history of role transitions. Growing bearish momentum might target 661.15, a key threshold. A break below could slide it to 659.41, where prior support has often surfaced, and a heavy sell-off with strong volume might drag it to 657.86, our lowest point.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is nestled at 592.50, a central hub that has seen steady price movements in recent trades, serving as a pivotal focus. Bulls are eager to take charge, targeting 593.00 as a firm intraday support with a legacy of past gains. If the upward trend gains traction, the next resistance at 593.91 comes into view, a barrier with historical tests. With active buying today, it could rise to 595.29, setting our highest target at 596.59.

Should 592.50 falter during regular hours, bears might probe 591.15, a prior rebound spot. If weakness persists, it could dip to 590.01, a historical cushion. If bearish control strengthens, the price may slide to 588.41, and a break there could expose 586.86, our deepest bearish goal.

Apple Inc. (AAPL)

Apple is positioned at 236.50, a resilient support crafted by recent market dynamics, offering a stable base for action. Bulls are intent on guarding this and pushing toward 237.00, a resistance that has shifted roles in past trends. If it breaks with momentum, aim for 237.13, a key hurdle. Strong buying could lift it to 238.76, our top target.

If 236.50 starts to soften, bears may target 235.72, a previous level with depth. Rising sell pressure could pull it to 234.65, a tested zone. A breach below might trigger a drop to 232.91, and further weakness could hit 231.36, our lowest bearish mark.

Microsoft Corp. (MSFT)

Microsoft is grounded at 512.50, a notable support that has navigated recent market waves, providing a steady foundation. Bulls are prepared to bolster this and advance to 513.00, a point supported by volume from past trades. If it climbs above 513.00, the stock could reach 514.57, a resistance with bounce history. Consistent buying might carry it to 516.01, our daily peak.

Should 512.50 begin to slip, bears might test 511.10, a prior hold with resilience. Further pressure could strike 509.78, a support area. A break might fall to 507.26, and intensified selling could drop it to 505.89, our bottom target.

NVIDIA Corporation (NVDA)

NVDA is situated at 175.00, a key level that has sparked recent trader interest, establishing a strategic base. Bulls are focused on securing this and targeting 175.50, a support with a history of firmness. If the upward trend strengthens, push to 176.13, a resistance tested earlier. Vigorous buying could raise it to 177.91, our highest mark.

If 175.00 can't hold, bears might aim for 174.92, a prior dip with weight. A breakdown with solid volume could sink to 173.79, a past level. Further decline might challenge 172.48, and sustained selling could reach 170.49, our lowest target.

Alphabet Inc Class A (GOOGL)

Google is fixed at 251.50, a support with a legacy of role transitions, providing a firm footing. Bulls plan to anchor this and rise to 252.00, a resistance with past relevance. If it breaks, target 252.29, a higher barrier. Strong buying could stretch to 253.42.

If 251.50 softens, bears may hit 250.39, a prior support. Rising pressure could pull to 249.28, a tested zone. Heavy selling might drag it to 247.55, our lowest mark.

Meta Platforms Inc (META)

META is braced at 776.00, a solid base from recent sessions, offering a stable launchpoint. Bulls target 776.50, a resistance with bounce potential. If it holds, aim for 777.13, a key hurdle. Robust buying could linger near 778.59, our high target.

If 776.00 wavers, bears might test 774.50, a past support. More selling could drop to 772.13. A break may sink to 770.13, our bottom target.

Tesla Inc. (TSLA)

Tesla is set at 431.00, a significant level with recent activity, laying a strong base for bullish moves. Bulls are eager to push toward 431.50, your set limit, a resistance that has shown resilience in past rallies, attracting trader attention. If it breaks through 431.50 with steady momentum, buyers might nudge it to 432.29, a level with historical volume support. Should this hold firm through the session, anticipate a rise to 432.15, with our top target fixed at 431.50.

If 431.00 weakens under selling pressure, bears could test 429.44, a pivot with a history of role reversals. Growing bearish momentum might target 427.15, a key threshold. A break below could slide it to 425.41, where prior support has often appeared, and a heavy sell-off with heavy volume might drag it to 423.86, our lowest point.

Final Word: Good luck and trade safely!

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.