How To Trade SPY, Top Tech Stocks Using Technical Analysis

Good Morning Traders!

Today’s economic calendar kicks off with a pivotal yet concise schedule that could significantly shape early market sentiment. The hotly anticipated Core CPI for August was released, widely regarded as the week's most crucial data point, providing a vital measure of inflation trends that may influence monetary policy expectations and dominate trader focus. This was accompanied by the Initial and Continuing Jobless Claims for the week, offering fresh insights into labor market conditions.

At 1:00 PM ET, the Treasury's 30-Year Bond Auction will assess long-term debt demand, potentially impacting yield curves and investor outlook. Given the high impact of the Core CPI release, expect a good amount of volatility as markets digest its implications, with potential for sharp price movements.

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

SPDR S&P 500 ETF Trust (SPY)

SPY is presently anchored at 653.50, a resilient support molded by recent market flows, providing a solid foundation for bullish action. The strategy is to climb toward 653.77, your set limit, a resistance that has held firm in past rallies, drawing trader interest. If it surges past 653.77 with steady momentum, buyers might nudge it to 654.29, a level with historical volume backing, though capped by your ceiling. Should this hold firm through the session, expect a rise to 654.15, with our top target pegged at 653.77.

If 653.50 begins to waver under selling pressure, bears could challenge 652.44, a pivot with a history of role shifts. Growing bearish momentum might target 651.15, a key threshold. A break below could slide it to 649.41, where prior support has often emerged, and a heavy sell-off with strong volume might drag it to 647.86, our lowest point.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is nestled at 582.00, a central hub that has seen steady price shifts in recent trades, serving as a pivotal focus. Bulls are poised to seize the lead, targeting 582.42, your set limit, as a firm intraday support with a legacy of past gains. If the upward trend gains traction, the next resistance at 582.78 comes into view, a barrier with historical tests, though bound by your cap. With active buying today, it could hover near 582.42, our highest target.

Should 582.00 falter during regular hours, bears might probe 581.15, a prior rebound spot. If weakness persists, it could dip to 580.01, a historical cushion. If bearish control strengthens, the price may slide to 578.41, and a break there could expose 576.86, our deepest bearish goal.

Apple Inc. (AAPL)

Apple is positioned at 227.00, a durable support shaped by recent market trends, offering a reliable platform for action. Bulls are set to shield this and push toward 227.45, your set limit, a resistance that has toggled roles in past cycles. If it breaks with momentum, aim for 227.45, a key hurdle, though capped by your ceiling, with potential to 227.00 if buying slows. Strong buying could keep it near 227.45, our top target.

If 227.00 starts to soften, bears may target 225.77, a previous level with depth. Rising sell pressure could pull it to 224.65, a tested zone. A breach below might trigger a drop to 222.91, and further weakness could hit 221.36, our lowest bearish mark.

Microsoft Corp. (MSFT)

Microsoft is based at 502.00, a notable support that has withstood recent market fluctuations, providing a steady base. Bulls are ready to reinforce this and advance to 502.15, your set limit, a point backed by volume from past trades. If it climbs above 502.15, the stock could reach 503.57, a resistance with bounce history, though capped by your cap. Consistent buying might hover near 502.15, our daily peak.

Should 502.00 begin to slip, bears might test 500.33, a prior hold with resilience. Further pressure could strike 498.78, a support area. A break might fall to 496.26, and intensified selling could drop it to 494.89, our bottom target.

NVIDIA Corporation (NVDA)

NVDA is situated at 178.00, a key level that has drawn recent trader engagement, establishing a strategic foothold. Bulls are focused on securing this and targeting 178.37, your set limit, a support with a history of firmness. If the upward trend strengthens, push to 178.37, a resistance tested earlier, though bound by your cap. Vigorous buying could keep it near 178.37, our highest mark.

If 178.00 can't hold, bears might aim for 176.30, a prior dip with weight. A breakdown with solid volume could sink to 174.79, a past level. Further decline might challenge 173.48, and sustained selling could reach 171.49, our lowest target.

Alphabet Inc Class A (GOOGL)

Google is fixed at 239.00, a support with a legacy of role transitions, providing a firm platform. Bulls plan to anchor this and rise to 239.46, your set limit, a resistance with past relevance. If it breaks, target 239.46, a higher barrier, though capped by your cap. Strong buying could hold near 239.46, our top mark.

If 239.00 softens, bears may hit 238.39, a prior support. Rising pressure could pull to 237.28, a tested zone. Heavy selling might drag it to 235.55, our lowest mark.

Meta Platforms Inc (META)

META is braced at 754.00, a solid base from recent sessions, offering a stable launch point. Bulls target 754.59, your set limit, a resistance with bounce potential. If it holds, aim for 754.59, a key hurdle, though capped by your cap. Robust buying could linger near 754.59, our high target.

If 754.00 wavers, bears might test 750.59, a past support. More selling could drop to 748.13. A break may sink to 746.13, our bottom target.

Tesla Inc. (TSLA)

Tesla is set at 351.00, a significant level with recent activity, laying a strong base. Bulls aim to push to 351.56, your set limit, a resistance with past strength. If it holds, target 351.56, a barrier, though capped by your cap. Strong buying could hover near 351.56, our top goal.

If 351.00 weakens, bears may test 349.66, a prior dip. Further pressure could drop to 347.82, a support zone. Heavy selling might hit 346.43, our lowest target.

Final Word: 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.