How To Trade SPY, Top Tech Stocks Using Technical Analysis

Good Morning Traders!

Today’s economic calendar is quite restrained, offering few major triggers but inviting strategic positioning as the week concludes. At 8:30 AM ET, the Preliminary Durable Goods Orders for June will provide a key measure of capital spending trends, potentially signaling shifts in business confidence and manufacturing momentum that could resonate across industrial sectors. 

Later, at 11:00 AM ET, the Kansas City Fed Services Activity Index for July will offer regional perspectives on service industry performance, contributing to a fuller picture of non-manufacturing economic activity. With the FOMC rate decision on the horizon next Wednesday, some traders may initiate or adjust positions in anticipation, fostering selective volatility amid lighter summer volumes. 

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

SPDR S&P 500 ETF Trust (SPY)

SPY is presently trading near our important level of 634.42. Bulls are targeting an initial advance to 635.67. If momentum persists above 635.67, we anticipate buyers driving prices toward our next key support at 637.21. Should buyers confidently defend 637.21 throughout regular session trading, look for a continuation upward to 638.07, with our ultimate bullish target for the day sitting at 638.91. 

If bulls lose their grip at 634.42, sellers will aim for downside momentum, initially challenging the 633.36 level. Continued bearish pressure will put the 632.07 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 630.33. If selling intensifies dramatically, bears might reach our lowest target for the session at 628.78.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 565.01. Bulls must firmly establish price action above this mark, subsequently securing 566.94 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 569.42. If today’s buying is robust, anticipate a stretch toward 572.80, with our top bullish objective for the QQQ standing at 576.10. 

Should QQQ fail to hold 565.01 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 563.26 area. If weakness persists, expect a deeper selloff toward 562.12. Continued bearish dominance could trigger further downside pressure toward the support at 560.40. A breach here opens the door to our lowest bearish target of the day at 559.39.

Apple Inc. (AAPL)

Apple is trading near our crucial price level of 213.76. Bulls should aim to maintain this support, driving the stock upward initially toward 215.07. Sustained buying could elevate Apple to the next upside hurdle at 216.39. If bullish participants decisively dominate today’s trading, our high-end bullish target of 218.02 becomes attainable. 

If buyers fail to defend the critical level at 213.76, bearish sellers will quickly target 212.76 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 211.88. A breakdown of that level might induce additional selling toward 211.13, with further weakness potentially reaching our lower bear target at 210.50.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our highlighted level of 510.88. Bulls will first need to secure the area above 510.58, setting the stage for a move upward toward 512.78, which would then act as an intraday support. Holding firmly above 512.78 would position Microsoft for a bullish run toward 514.65, with sustained buyer participation likely pushing prices to our daily bullish target of 517.09. 

If 510.88 is not maintained, expect bears to swiftly challenge the 509.71 mark. Breaking below this support will encourage additional downside pressure, targeting 508.16. Should selling intensify, the next bearish objective becomes 506.64, ultimately opening a path toward our lowest bearish target for the session at 505.27.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our critical level of 172.64. Bulls must push the price higher initially to reclaim and firmly establish support at 173.68. Continued upward momentum would then open a pathway to the next resistance point at 175.05. Strong buying throughout the day could drive NVIDIA further upward toward 176.39, with our top bullish target today placed at 178.05. 

If NVIDIA cannot hold above 172.64, expect bearish sellers to target a move lower initially toward 170.44. A breakdown here with notable selling volume could rapidly take prices down to 168.93. Further weakening could see bears testing 167.62, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 166.63.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 192.17. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 193.22. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 195.09. 

If buyers are unable to protect 192.17, sellers will likely take control and aggressively test support lower at 191.06. If bearish sentiment intensifies, expect the auction to continue downward toward 189.95. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 188.22.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 714.80. Bulls will look to establish firm price strength above 717.51, setting up the opportunity for further advances toward 719.46. Continued bullish conviction should then lift Meta toward the next resistance level at 722.10, with potential for buyers to drive price action toward our bullish target at 724.75. 

If Meta fails to maintain support at 714.80, sellers will immediately target a decline to the support level at 710.89. Continued bearish activity would encourage a further drop toward 708.43. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 706.43.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 305.30. Bulls should first target a move upward to 307.58, with continued buying momentum potentially lifting prices to the next resistance at 311.26. If market sentiment is strongly bullish today, Tesla may push higher toward 317.19, with our maximum bullish objective sitting at 319.44. 

If the support level at 305.30 is compromised, anticipate sellers moving swiftly to test lower prices around 303.46. Additional bearish pressure would likely bring Tesla down further to 301.62. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 300.23.

This is a transitional environment, so remain vigilant for sentiment swings or news-driven reactions, employing tight risk controls and focusing on confirmed setups to navigate the session effectively. Good luck, trade responsibly, and enjoy a relaxing weekend ahead!

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.