How To Trade SPY, Top Tech Stocks Using Technical Analysis

Good Morning Traders!

Today’s economic calendar kicks off the week on Monday with a very light data schedule that may not ignite significant market momentum at the outset. At 8:30 AM ET, the Chicago Fed National Activity Index for August was released, though its impact is typically modest and unlikely to drive major shifts. At 11:30 AM ET, the Treasury's 3-Month and 6-Month Bill Auction will assess short-term debt demand, potentially causing minor yield adjustments but lacking substantial influence.

At 6:00 PM ET, the Monthly SEMI Billings Report will offer insights into semiconductor industry trends, a key sector for tech-focused traders. The day will also feature a cavalcade of Fed speakers, starting with Williams at 9:45 AM ET, followed by Musalem at 10:00 AM ET, and concluding with Miran, Barkin, and Hammack at 12:00 PM ET, where their commentary on monetary policy could spark reactions. Due to the high volume of Fed speak today, we could expect to see a decent amount of volatility around what their remarks imply for future policy.

Let us discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

SPDR S&P 500 ETF Trust (SPY)

SPY is currently nestled at 661.50, a sturdy support etched from recent market rhythms, offering a dependable foundation for bullish strategies. The agenda is to inch upward to 662.00, a resistance that has stood resilient in past upward surges, sparking trader curiosity. If it powers past 662.00 with consistent momentum, buyers might steer it to 663.29, a level underpinned by earlier volume peaks. Should this hold steady through the session, expect a steady ascent to 664.15, with our highest target fixed at 664.99 for the day.

On the flip side, if 661.50 begins to buckle under selling force, bears could probe 660.44, a pivot with a mixed past. Mounting bearish momentum might target 659.15, a crucial line. A clear breach below could send it tumbling to 657.41, where earlier support has kicked in, and a robust sell-off with heavy volume might pull it to 655.86, our lowest threshold.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is perched at 596.50, a central node that has pulled in steady price action in recent days, acting as a key battleground. Bulls are primed to dominate above this, aiming for 597.00 as a robust intraday support with a track record of past upturns. If the upward drive persists, the next resistance at 598.91 comes into sight, a barrier with prior volume tests. With keen buying today, it could soar to 601.29, establishing our peak target at 602.59.

Should 596.50 weaken during standard hours, bears might press 595.15, a former recovery zone. If fragility continues, a deeper retreat to 594.01 is on the cards, a zone with historical cushioning. If bearish dominance takes over, the price may ease to 592.41, and a breach there would clear the path to 590.86, our deepest bearish aim.

Apple Inc. (AAPL)

Apple is lodged at 246.50, a tough support formed by recent market dynamics, offering a reliable footing for action. Bulls are determined to preserve this and drive it toward 247.00, a resistance that has flipped roles in past trends, adding psychological weight. If the buying builds, the stock could progress to 247.13, a notable obstacle. Should bullish forces gain full sway today, our upper target might reach 248.76, signaling a potential peak.

If 246.50 starts to yield under pressure, bearish sellers could step in to test 245.50, a prior support with some depth. Escalating sell orders might drag it down to 244.62, a tested zone. A decisive break below could fuel additional declines to 243.87, with extra pain possibly hitting our lower bear target of 243.24.

Microsoft Corp. (MSFT)

Microsoft is based at 514.00, a significant support that has absorbed recent market jolts, providing a stable launchpad. Bulls are ready to shore up this and push to 514.50, a point strengthened by solid volume from past sessions. If it rises above 514.50, the stock could scale to 515.57, a resistance with bounce potential. With persistent buying pressure, it might reach our daily high of 517.01, a plausible ceiling.

Should 514.00 fail to hold, bears could swiftly test 512.83, a level that’s served as support in earlier pullbacks. Further weakness might challenge the 511.28 zone, a prior hold with staying power. A decisive break could send it lower to 509.26, and if the rout intensifies, our session low could land at 507.89.

NVIDIA Corporation (NVDA)

NVDA is grounded at 175.50, a pivotal spot that has piqued trader interest lately, setting a tactical entry. Bulls are eager to lock this and target 176.00, a support with a history of resilience, offering a good takeoff point. If the upward move takes hold, the next resistance at 176.91 emerges, a barrier tested with past volume. With keen buying today, NVDA could climb to 179.91, marking our top target for the day.

If 175.50 can't hold firm, bearish sellers might target 174.30, a prior dip with some heft. A breakdown with substantial volume could drop it to 172.79, a level seen before. Further softening might test 171.48, and relentless downward pressure could land at 169.49, our bottom bearish target.

Alphabet Inc Class A (GOOGL)

Google is planted at 253.50, a support with a record of role changes, laying a dependable groundwork. Bulls intend to secure this and rise to 254.00, a resistance with past importance. If it breaks, target 254.29, a higher barrier. Strong buying could extend to 255.42.

If 253.50 starts to fade, bears might strike 252.39, a prior support. Rising pressure could pull to 251.28, a tested zone. Heavy selling might drag it to 249.55, our lowest mark.

Meta Platforms Inc (META)

META is supported at 774.50, a firm base from recent trades, providing a steady start. Bulls are targeting 775.00, a resistance with bounce history to build on. If it holds, aim for 775.63, the next step. Robust buying could propel it to 776.50, our high target.

If 774.50 cracks, bears might test 771.59, a prior support with depth. More selling could drop to 769.13, a known level. A break may sink to 767.13, hitting our bottom target.

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.