How To Trade SPY, Top Tech Stocks Using Support/Resistance Strategies

Good Morning Traders!

Today’s economic calendar kicks off with the July Non-Farm Payrolls numbers, a pivotal release that will shape expectations for labor market strength and influence Fed policy speculation ahead of future rate decisions. At 9:45 AM ET, the Final S&P Global Manufacturing PMI for July will provide a refined view of factory activity, offering insights into industrial health.

At 10:00 AM ET, the ISM Manufacturing data for July—including Prices Paid, New Orders, and Employment—will be released alongside the Final University of Michigan Sentiment and 1-Year and 5-10 Year Inflation Outlook, delivering a comprehensive snapshot of manufacturing trends and consumer expectations that could drive market reactions. 

Expect extreme volatility in today's session, fueled by the significance of these releases and the equity markets' recent highs.

We will now 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 626.50. Bulls are targeting an initial advance to 627.75. If momentum persists above 627.75, we anticipate buyers driving prices toward our next key support at 629.29. Should buyers confidently defend 629.29 throughout regular session trading, look for a continuation upward to 630.15, with our ultimate bullish target for the day sitting at 630.99. 

If bulls lose their grip at 626.50, sellers will aim for downside momentum, initially challenging the 625.44 level. Continued bearish pressure will put the 624.15 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 622.41. If selling intensifies dramatically, bears might reach our lowest target for the session at 620.86.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 559.50. Bulls must firmly establish price action above this mark, subsequently securing 561.43 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 563.91. If today’s buying is robust, anticipate a stretch toward 567.29, with our top bullish objective for the QQQ standing at 570.59. 

Should QQQ fail to hold 559.50 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 557.75 area. If weakness persists, expect a deeper selloff toward 556.61. Continued bearish dominance could trigger further downside pressure toward the support at 554.89. A breach here opens the door to our lowest bearish target of the day at 553.88.

Apple Inc. (AAPL)

Apple is trading near our crucial price level of 211.50. Bulls should aim to maintain this support, driving the stock upward initially toward 212.81. Sustained buying could elevate Apple to the next upside hurdle at 214.13. If bullish participants decisively dominate today’s trading, our high-end bullish target of 215.76 becomes attainable. 

If buyers fail to defend the critical level at 211.50, bearish sellers will quickly target 210.50 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 209.62. A breakdown of that level might induce additional selling toward 208.87, with further weakness potentially reaching our lower bear target at 208.24.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our highlighted level of 537.75. Bulls will first need to secure the area above 537.45, setting the stage for a move upward toward 539.65, which would then act as an intraday support. Holding firmly above 539.65 would position Microsoft for a bullish run toward 541.52, with sustained buyer participation likely pushing prices to our daily bullish target of 543.96. 

If 537.75 is not maintained, expect bears to swiftly challenge the 536.58 mark. Breaking below this support will encourage additional downside pressure, targeting 535.03. Should selling intensify, the next bearish objective becomes 533.51, ultimately opening a path toward our lowest bearish target for the session at 532.14.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our critical level of 174.50. Bulls must push the price higher initially to reclaim and firmly establish support at 175.54. Continued upward momentum would then open a pathway to the next resistance point at 176.91. Strong buying throughout the day could drive NVIDIA further upward toward 178.25, with our top bullish target today placed at 179.91. 

If NVIDIA cannot hold above 174.50, expect bearish sellers to target a move lower initially toward 172.30. A breakdown here with notable selling volume could rapidly take prices down to 170.79. Further weakening could see bears testing 169.48, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 168.49.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 188.50. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 189.55. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 191.42. 

If buyers are unable to protect 188.50, sellers will likely take control and aggressively test support lower at 187.39. If bearish sentiment intensifies, expect the auction to continue downward toward 186.28. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 184.55.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 766.50. Bulls will look to establish firm price strength above 769.21, setting up the opportunity for further advances toward 771.16. Continued bullish conviction should then lift Meta toward the next resistance level at 773.80, with potential for buyers to drive price action toward our bullish target at 776.45. 

If Meta fails to maintain support at 766.50, sellers will immediately target a decline to the support level at 762.59. Continued bearish activity would encourage a further drop toward 760.13. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 758.13.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 306.50. Bulls should first target a move upward to 308.78, with continued buying momentum potentially lifting prices to the next resistance at 312.46. If market sentiment is strongly bullish today, Tesla may push higher toward 318.39, with our maximum bullish objective sitting at 320.64. 

If the support level at 306.50 is compromised, anticipate sellers moving swiftly to test lower prices around 304.66. Additional bearish pressure would likely bring Tesla down further to 302.82. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 301.43.

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.