Good Morning Traders!
Today's economic calendar features a handful of releases that help color the macro backdrop, beginning at 8:30AM with October Housing Starts and Preliminary Building Permits. These reports can offer insight into consumer demand and construction activity, both of which are sensitive to interest-rate conditions.
At 1:00PM, the Treasury will hold a 20-Year Bond Auction, which traders will watch closely for signs of investor appetite at longer maturities. At 2:00PM, the FOMC Meeting Minutes for October will be released, providing deeper insight into committee debate and how unified policymakers were on the latest rate stance.
Several Fed officials are scheduled to speak throughout the day, including Governor Stephen Miran, Richmond's Thomas Barkin, and New York Fed President John Williams. These speeches may influence intraday volatility, especially in the absence of heavier economic data. With NVDA earnings after the close adding another catalyst, traders should expect active, headline-sensitive flows.
Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
SPDR S&P 500 ETF Trust (SPY)
SPY opens at 663.00, where buyers will try to steady the tape after yesterday's mixed session. If they can build support here, a push into 664.10 may unfold. Strength above that zone could carry price toward 665.20, and continued momentum may guide SPY into 666.35. A stronger tape could send price into 667.50. Each step higher reflects buyers attempting to regain short-term control amid choppy market structure.
If SPY loses 663.00, sellers may quickly probe into 661.85. A breakdown here could drag price toward 660.70, and deeper pressure may open a path into 659.55. If downside momentum expands, SPY could slip toward 658.40. These lower levels represent areas where buyers previously supported the tape, and failure to defend them may indicate broader market hesitation.
Invesco QQQ Trust Series 1 (QQQ)
QQQ begins at 599.50, with bulls hoping to hold this level as a foundation for upside attempts. A push into 600.60 may develop if buyers firm up. Continued strength could drive a move toward 601.75, and if the tape cooperates, QQQ may lift into 602.90. A more extended intraday move could reach 604.00, signaling renewed appetite for mega-cap tech.
If 599.50 breaks, sellers may nudge QQQ into 598.35. A lack of reaction there opens the door to 597.15. Should pressure persist, price may slide into 595.95, and an aggressive downside extension could test 594.80. Each push lower reflects buyers stepping aside while bears attempt to reclaim control.
Apple Inc. (AAPL)
Apple opens at 267.75, where buyers will look to defend early. If stability develops, a lift into 268.60 may take shape. Continued strength could push price into 269.45, and with follow-through, AAPL may advance toward 270.30. A stronger bid could bring a test into 271.15, signaling increased confidence ahead of the holiday season.
If Apple slips below 267.75, sellers may steer price into 266.90. Breaking that level could pull AAPL into 266.00. Persistent weakness may extend into 265.10, and if pressure gains traction, 264.20 may be tested. These zones help define where buyers might attempt to slow downside momentum.
Microsoft Corp. (MSFT)
Microsoft starts at 494.50, with bulls attempting to reclaim some footing after recent softness. If support holds, a move into 495.70 may follow. Sustained buying could push MSFT into 496.90, and a stronger tape may drive price into 498.10. A more extended session could reach toward 499.30, showing buyers attempting to reestablish trend structure.
If MSFT breaks below 494.50, sellers may guide price into 493.20. Continued downside could drag MSFT into 491.95, and if pressure builds, a move into 490.70 may occur. A deeper rotation could test 489.45, suggesting a lack of near-term conviction from buyers.
NVIDIA Corporation (NVDA)
NVIDIA opens at 183.50, with buyers watching this level closely ahead of the company's earnings release after the bell. If the stock finds early footing, a move into 184.40 may unfold. Continued interest could carry price toward 185.35, and stronger appetite may lift NVDA into 186.30. A robust intraday bid could attempt to reach 187.25 as traders position themselves ahead of the earnings event.
If NVDA slips under 183.50, sellers may target 182.55. A breakdown may pull price into 181.60, and continued weakness could open the door toward 180.65. If bearish pressure expands, NVDA might slide into 179.70. Expect more reactive, jumpy flows today as traders position cautiously ahead of the earnings report.
Alphabet Inc Class A (GOOGL)
Alphabet trades at 288.75 to begin the session, with buyers attempting to maintain the recent recovery trend. A move into 289.70 may form if support holds. Continued strength might guide price toward 290.65, and if momentum builds, GOOGL could push into 291.55. A more extended climb may reach toward 292.50, signaling improving sentiment in the communication services space.
If 288.75 breaks, sellers may test 287.75. A failure there opens movement into 286.70. Additional weakness could carry the stock toward 285.65, and if selling accelerates, price may explore 284.60. These levels show where buyers may reappear to stabilize trend structure.
Meta Platforms Inc (NASDAQ:META)
Meta opens at 599.25, with bulls looking to defend after last week's pullback. If they succeed, price could lift into 601.00. Continued momentum may guide the stock into 602.75, and if buyers stay active, META could advance into 604.50. A stronger tape might even push toward 606.20, signaling renewed demand in the social media heavyweight.
If 599.25 fails, sellers may probe into 597.50. A continued decline could drag META toward 595.70. Should weakness persist, price may slide into 593.95, and heavier selling may open a move toward 592.20. This progression would indicate hesitancy among dip buyers.
Tesla Inc. (TSLA)
Tesla begins the morning at 404.75, and buyers will be watching this zone closely. A firm hold could produce a move into 406.25. Continued strength may lift price toward 407.80, and with broader market help, TSLA could see 409.30. A stronger push might stretch into 410.85 as traders attempt to regain directional momentum.
If TSLA drops below 404.75, sellers may press price into 403.20. Breaking there may send TSLA into 401.70. Further weakness could carry into 400.20, and if pressure grows, the stock might test 398.70. These levels highlight where buyers previously stepped in during last week's trade.
Final Word: Trade safely and stay disciplined.
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.
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