How To Trade SPY, Top Tech Stocks Using Technical Analysis

Good Morning Traders!

Today’s economic calendar launches with the June PCE Price Index at 8:30 AM ET, a key inflation metric favored by the Fed, released alongside the Initial and Continuing Jobless Claims, which will offer fresh perspectives on labor market conditions and consumer spending power amid ongoing economic assessments. 

At 11:30 AM ET, the Treasury’s 4-Week and 8-Week Bill Auctions will gauge short-term debt demand, potentially impacting yield curves and liquidity views. Traders will continue digesting yesterday’s FOMC meeting outcomes and Jerome Powell’s press conference, as well as yesterday’s earnings from META and MSFT, which could influence tech sector sentiment. 

Looking ahead, post-close earnings from AAPL and AMZN are anticipated to drive after-hours action, with implications for consumer tech and e-commerce trends. Given the equity markets’ proximity to all-time highs, expect elevated volatility throughout the session, underscoring the need for vigilant monitoring of intraday flows and headline developments. 

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 640.50. Bulls are targeting an initial advance to 641.75. If momentum persists above 641.75, we anticipate buyers driving prices toward our next key support at 643.29. Should buyers confidently defend 643.29 throughout regular session trading, look for a continuation upward to 644.15, with our ultimate bullish target for the day sitting at 644.99. 

If bulls lose their grip at 640.50, sellers will aim for downside momentum, initially challenging the 639.44 level. Continued bearish pressure will put the 638.15 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 636.41. If selling intensifies dramatically, bears might reach our lowest target for the session at 634.86.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 575.50. Bulls must firmly establish price action above this mark, subsequently securing 577.43 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 579.91. If today’s buying is robust, anticipate a stretch toward 583.29, with our top bullish objective for the QQQ standing at 586.59. 

Should QQQ fail to hold 575.50 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 573.75 area. If weakness persists, expect a deeper selloff toward 572.61. Continued bearish dominance could trigger further downside pressure toward the support at 570.89. A breach here opens the door to our lowest bearish target of the day at 569.88.

Apple Inc. (AAPL)

Apple is trading near our crucial price level of 209.50. Bulls should aim to maintain this support, driving the stock upward initially toward 210.81. Sustained buying could elevate Apple to the next upside hurdle at 212.13. If bullish participants decisively dominate today’s trading, our high-end bullish target of 213.76 becomes attainable. 

If buyers fail to defend the critical level at 209.50, bearish sellers will quickly target 208.50 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 207.62. A breakdown of that level might induce additional selling toward 206.87, with further weakness potentially reaching our lower bear target at 206.24.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our highlighted level of 556.50. Bulls will first need to secure the area above 556.20, setting the stage for a move upward toward 558.40, which would then act as an intraday support. Holding firmly above 558.40 would position Microsoft for a bullish run toward 560.27, with sustained buyer participation likely pushing prices to our daily bullish target of 562.71. 

If 556.50 is not maintained, expect bears to swiftly challenge the 555.33 mark. Breaking below this support will encourage additional downside pressure, targeting 553.78. Should selling intensify, the next bearish objective becomes 552.26, ultimately opening a path toward our lowest bearish target for the session at 550.89.

NVIDIA Corp. (NVDA)

NVIDIA is currently trading around our critical level of 183.50. Bulls must push the price higher initially to reclaim and firmly establish support at 184.54. Continued upward momentum would then open a pathway to the next resistance point at 185.91. Strong buying throughout the day could drive NVIDIA further upward toward 187.25, with our top bullish target today placed at 188.91. 

If NVIDIA cannot hold above 183.50, expect bearish sellers to target a move lower initially toward 181.30. A breakdown here with notable selling volume could rapidly take prices down to 179.79. Further weakening could see bears testing 178.48, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 177.49.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 195.50. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 196.55. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 198.42. 

If buyers are unable to protect 195.50, sellers will likely take control and aggressively test support lower at 194.39. If bearish sentiment intensifies, expect the auction to continue downward toward 193.28. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 191.55.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 777.50. Bulls will look to establish firm price strength above 780.21, setting up the opportunity for further advances toward 782.16. Continued bullish conviction should then lift Meta toward the next resistance level at 784.80, with potential for buyers to drive price action toward our bullish target at 787.45. 

If Meta fails to maintain support at 777.50, sellers will immediately target a decline to the support level at 773.59. Continued bearish activity would encourage a further drop toward 771.13. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 769.13.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 318.50. Bulls should first target a move upward to 320.78, with continued buying momentum potentially lifting prices to the next resistance at 324.46. If market sentiment is strongly bullish today, Tesla may push higher toward 330.39, with our maximum bullish objective sitting at 332.64. 

If the support level at 318.50 is compromised, anticipate sellers moving swiftly to test lower prices around 316.66. Additional bearish pressure would likely bring Tesla down further to 314.82. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 313.43.

Prioritize your risk management to navigate potential swings effectively in this dynamic environment. 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.