How To Trade SPY, Top Tech Stocks Using Technical Analysis

Good Morning Traders!

Today’s economic calendar kicks off with a moderate lineup that could influence market sentiment early in the session. The Trade Balance for June will offer insights into the U.S. trade deficit or surplus and its implications for the dollar and economic health. 

At 9:45 AM ET, the Final S&P Global Services PMI for July will provide a refined view of service sector performance, while at 10:00 AM ET, the August TIPP Economic Optimism numbers, alongside the critical July ISM Services Index—including Prices Paid, New Orders, and Employment data—will gauge business activity and inflationary pressures in the service economy. 

Continuing at 11:30 AM ET, the Treasury will hold a 52-Week Bill Auction, followed by a 3-Year Note Auction at 1:00 PM ET, which may affect yield curves and investor demand for government debt. In this lighter data environment, stay alert for breaking news headlines that could drive volatility, and prioritize disciplined trading strategies. 

Now, let’s dive into the technical analysis:

SPDR S&P 500 ETF Trust (SPY)

SPY is presently trading near our important level of 632.50. Bulls are targeting an initial advance to 633.75. If momentum persists above 633.75, we anticipate buyers driving prices toward our next key support at 635.29. Should buyers confidently defend 635.29 throughout regular session trading, look for a continuation upward to 636.15, with our ultimate bullish target for the day sitting at 636.99. 

If bulls lose their grip at 632.50, sellers will aim for downside momentum, initially challenging the 631.44 level. Continued bearish pressure will put the 630.15 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 628.41. If selling intensifies dramatically, bears might reach our lowest target for the session at 626.86.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 566.50. Bulls must firmly establish price action above this mark, subsequently securing 568.43 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 570.91. If today’s buying is robust, anticipate a stretch toward 574.29, with our top bullish objective for the QQQ standing at 577.59. 

Should QQQ fail to hold 566.50 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 564.75 area. If weakness persists, expect a deeper selloff toward 563.61. Continued bearish dominance could trigger further downside pressure toward the support at 561.89. A breach here opens the door to our lowest bearish target of the day at 560.88.

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 538.50. Bulls will first need to secure the area above 538.20, setting the stage for a move upward toward 540.40, which would then act as an intraday support. Holding firmly above 540.40 would position Microsoft for a bullish run toward 542.27, with sustained buyer participation likely pushing prices to our daily bullish target of 544.71. 

If 538.50 is not maintained, expect bears to swiftly challenge the 537.33 mark. Breaking below this support will encourage additional downside pressure, targeting 535.78. Should selling intensify, the next bearish objective becomes 534.26, ultimately opening a path toward our lowest bearish target for the session at 532.89.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our critical level of 181.50. Bulls must push the price higher initially to reclaim and firmly establish support at 182.54. Continued upward momentum would then open a pathway to the next resistance point at 183.91. Strong buying throughout the day could drive NVIDIA further upward toward 185.25, with our top bullish target today placed at 186.91. 

If NVIDIA cannot hold above 181.50, expect bearish sellers to target a move lower initially toward 179.30. A breakdown here with notable selling volume could rapidly take prices down to 177.79. Further weakening could see bears testing 176.48, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 175.49.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 195.00. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 196.05. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 197.92. 

If buyers are unable to protect 195.00, sellers will likely take control and aggressively test support lower at 193.89. If bearish sentiment intensifies, expect the auction to continue downward toward 192.78. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 191.05.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 778.50. Bulls will look to establish firm price strength above 781.21, setting up the opportunity for further advances toward 783.16. Continued bullish conviction should then lift Meta toward the next resistance level at 785.80, with potential for buyers to drive price action toward our bullish target at 788.45. 

If Meta fails to maintain support at 778.50, sellers will immediately target a decline to the support level at 774.59. Continued bearish activity would encourage a further drop toward 772.13. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 770.13.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 310.50. Bulls should first target a move upward to 312.78, with continued buying momentum potentially lifting prices to the next resistance at 316.46. If market sentiment is strongly bullish today, Tesla may push higher toward 322.39, with our maximum bullish objective sitting at 324.64. 

If the support level at 310.50 is compromised, anticipate sellers moving swiftly to test lower prices around 308.66. Additional bearish pressure would likely bring Tesla down further to 306.82. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 305.43.

Navigate the session with cautious optimism, employing stop-losses and position sizing to manage risks effectively. 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.