How To Trade SPY, Top Tech Stocks Using Technical Analysis

Good Morning Traders!

Today’s economic calendar kicks off the week on Monday, August 4, 2025, with a modest lineup that may set a cautious tone for trading. At 10:00 AM ET, Factory Orders, Final Durable Goods Orders, and Final Capital Goods Orders for June will be released, providing insights into manufacturing demand and investment trends that could signal broader industrial health. 

At 10:30 AM ET, the Treasury will host 3-Month and 6-Month Bill Auctions, offering a glimpse into short-term debt appetite and yield movements that might influence market liquidity. With a light data schedule, market movements are likely to hinge on breaking news headlines, potentially amplifying reactions to geopolitical or trade-related developments. 

Now, let’s dive into the technical analysis:

SPDR S&P 500 ETF Trust (SPY)

SPY is presently trading near our important level of 625.50. Bulls are targeting an initial advance to 626.75. If momentum persists above 626.75, we anticipate buyers driving prices toward our next key support at 628.29. Should buyers confidently defend 628.29 throughout regular session trading, look for a continuation upward to 629.15, with our ultimate bullish target for the day sitting at 629.99. 

If bulls lose their grip at 625.50, sellers will aim for downside momentum, initially challenging the 624.44 level. Continued bearish pressure will put the 623.15 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 621.41. If selling intensifies dramatically, bears might reach our lowest target for the session at 619.86.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 558.50. Bulls must firmly establish price action above this mark, subsequently securing 560.43 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 562.91. If today’s buying is robust, anticipate a stretch toward 566.29, with our top bullish objective for the QQQ standing at 569.59. 

Should QQQ fail to hold 558.50 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 556.75 area. If weakness persists, expect a deeper selloff toward 555.61. Continued bearish dominance could trigger further downside pressure toward the support at 553.89. A breach here opens the door to our lowest bearish target of the day at 552.88.

Apple Inc. (AAPL)

Apple is trading near our crucial price level of 204.00. Bulls should aim to maintain this support, driving the stock upward initially toward 205.31. Sustained buying could elevate Apple to the next upside hurdle at 206.63. If bullish participants decisively dominate today’s trading, our high-end bullish target of 208.26 becomes attainable. 

If buyers fail to defend the critical level at 204.00, bearish sellers will quickly target 203.00 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 202.12. A breakdown of that level might induce additional selling toward 201.37, with further weakness potentially reaching our lower bear target at 200.74.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our highlighted level of 528.00. Bulls will first need to secure the area above 527.70, setting the stage for a move upward toward 530.00, which would then act as an intraday support. Holding firmly above 530.00 would position Microsoft for a bullish run toward 531.87, with sustained buyer participation likely pushing prices to our daily bullish target of 534.31. 

If 528.00 is not maintained, expect bears to swiftly challenge the 526.83 mark. Breaking below this support will encourage additional downside pressure, targeting 525.28. Should selling intensify, the next bearish objective becomes 523.76, ultimately opening a path toward our lowest bearish target for the session at 522.39.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our critical level of 175.50. Bulls must push the price higher initially to reclaim and firmly establish support at 176.54. Continued upward momentum would then open a pathway to the next resistance point at 177.91. Strong buying throughout the day could drive NVIDIA further upward toward 179.25, with our top bullish target today placed at 180.91. 

If NVIDIA cannot hold above 175.50, expect bearish sellers to target a move lower initially toward 173.30. A breakdown here with notable selling volume could rapidly take prices down to 171.79. Further weakening could see bears testing 170.48, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 169.49.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 190.50. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 191.55. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 193.42. 

If buyers are unable to protect 190.50, sellers will likely take control and aggressively test support lower at 189.39. If bearish sentiment intensifies, expect the auction to continue downward toward 188.28. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 186.55.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 758.50. Bulls will look to establish firm price strength above 761.21, setting up the opportunity for further advances toward 763.16. Continued bullish conviction should then lift Meta toward the next resistance level at 765.80, with potential for buyers to drive price action toward our bullish target at 768.45. 

If Meta fails to maintain support at 758.50, sellers will immediately target a decline to the support level at 754.59. Continued bearish activity would encourage a further drop toward 752.13. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 750.13.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 309.50. Bulls should first target a move upward to 311.78, with continued buying momentum potentially lifting prices to the next resistance at 315.46. If market sentiment is strongly bullish today, Tesla may push higher toward 321.39, with our maximum bullish objective sitting at 323.64. 

If the support level at 309.50 is compromised, anticipate sellers moving swiftly to test lower prices around 307.66. Additional bearish pressure would likely bring Tesla down further to 305.82. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 304.43.

Maintain flexibility and employ disciplined risk management, such as stop-loss orders and conservative position sizing, to navigate potential volatility driven by news flows. 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.