Good Morning Traders!
Today the market digests yesterday's FOMC rate decision where the Fed delivered a 25 basis point cut that was widely anticipated, but the tone of the statement and Powell's comments introduced a new layer of nuance. There were three dissenters, with one pushing for a larger cut and two expressing concern about easing too quickly. The statement included subtle adjustments that suggested the committee may be nearing a pause, or at least intends to raise the bar for additional cuts as we move into 2026.
The surprise came from the announcement that the Fed will begin purchasing Treasury bills next week to ensure that the system maintains ample reserves. The size, forty billion dollars, and the timing created meaningful discussion among traders, with some viewing it as a quiet but deliberate step toward injecting liquidity. This has implications for risk assets because it eases financial conditions even as the Fed signals caution about further rate cuts.
Powell emphasized patience, balance, and a willingness to observe how the economy responds from here. His remarks on the labor market were intentionally softer, acknowledging cooling trends without framing them as alarming. This blend of caution and quiet easing creates a unique backdrop for price action today, especially as traders adjust positioning after yesterday's violent moves.
On the data front we have several releases that can shape intraday tone. At 8:30AM we get continuing and initial jobless claims along with the October trade balance. At 10:00AM we receive the final wholesale inventories from October. At 10:30AM natural gas inventories will be released. At 11:00AM the Treasury will announce three and six month bills along with TIPS and bond announcements. At 11:30AM we get the four and eight week bill auctions. At 12:00PM we get the household change in net worth for Q3. At 1:00PM the Treasury will hold a thirty year bond auction.
Given yesterday's FOMC volatility, today's session has elevated risk for sharp bursts of movement as large participants reposition. Liquidity may be uneven and certain pockets of the tape may expand rapidly before fading just as quickly.
Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
SPDR S&P 500 ETF Trust (SPY)
SPY begins the session at 685.00, where buyers will try to firm up support after yesterday's volatility. If strength holds here, a move into 686.20 may develop, and clearing that level could invite a push toward 687.40. Continued momentum may carry SPY into 688.75, and if buyers press their advantage, an expansion into 690.10 can unfold. A more aggressive extension may reach 691.35, which would show institutions re-establishing control after the FOMC reaction.
If SPY loses 685.00, sellers may attempt to drag price into 683.60. A break of that area could release pressure toward 682.25, and if buyers fail to defend, a slide into 681.00 may follow. A deeper unwind can take SPY toward 679.50, with room for further weakness into 678.15 if liquidity pockets thin out. Heavy downside continuation would signal the market is still recalibrating to Powell's messaging and the new expectations around policy.
Invesco QQQ Trust Series 1 (QQQ)
QQQ opens at 624.00, with bulls looking to stabilize after yesterday's wide ranges. Holding above this mark can send price into 625.40. If buyers maintain traction, a lift into 626.75 may appear, followed by a potential expansion toward 628.25. Stronger flows may target 629.80, and an optimistic tape could stretch the index toward 631.25 as tech recalibrates post-FOMC.
If QQQ slips under 624.00, sellers may pressure the index toward 622.55. Losing that level can expose 621.10, and a sharper unwind may drag price into 619.50. If downside continues, QQQ may test 618.10, with risk of further weakness into 616.50 if volatility accelerates.
Apple Inc. (AAPL)
Apple begins at 280.00, where bulls want to establish a constructive base. If they succeed, price may lift into 281.10, and continuation there can bring movement into 282.30. A stronger bid could push Apple toward 283.45, and if broader tech flows strengthen, an extension into 284.60 may emerge. Clearing that level opens the door for a climb toward 285.80.
If Apple loses 280.00, sellers may pull price into 278.90. A break there can open the way toward 277.75, and if weakness continues, a move into 276.60 may unfold. A heavier fade may carry price into 275.40, with potential for further downside into 274.25 if market sentiment deteriorates.
Microsoft Corp. (MSFT)
Microsoft opens at 476.50, and bulls will try to steady the tape after a choppy post-FOMC response. Holding above this zone can bring MSFT into 477.85, with further upside into 479.20 if momentum builds. A strong bid may launch price toward 480.55, and clearing that area allows potential continuation into 482.00. A powerful session could extend into 483.50.
If MSFT falls below 476.50, pressure may quickly guide price into 475.00. Losing that area can expose 473.60, with sellers aiming for 472.10. Continued weakness can drag MSFT toward 470.65, and if market conditions worsen, a decline into 469.15 may follow.
NVIDIA Corporation (NVDA)
NVIDIA trades at 181.25 to begin the day. If buyers stabilize here, price may push into 182.30, with follow-through potentially carrying into 183.35. Maintaining strength could bring a move into 184.50, and if enthusiasm broadens, NVDA may stretch into 185.75. A more aggressive upside sequence can reach toward 187.00.
If NVDA sinks under 181.25, sellers can test 180.10. A break there risks a move into 178.95, and continued weakness may pull price into 177.80. If downside momentum accelerates, NVDA may slide toward 176.60, with room for further pressure into 175.40.
Alphabet Inc Class A (GOOGL)
Alphabet begins at 319.50, where buyers will attempt to create early footing. If successful, a lift into 320.85 may develop, followed by a test of 322.25. Stronger upside can send price toward 323.60, and if tech strengthens broadly, GOOGL may reach toward 325.10. A powerful continuation could extend into 326.50.
If GOOGL loses 319.50, sellers may push price toward 318.10. A deeper slide can carry into 316.75, and weakness through that level can expose 315.40. Continued selling pressure may guide price toward 314.00, with room for further downside into 312.75 if volatility picks up.
Meta Platforms Inc (META)
Meta opens at 645.75, where bulls will try to reclaim control after recent swings. If support holds, META can lift into 647.70. Sustained momentum may carry price into 649.60, and a stronger push could reach into 651.50. Clearing that zone may invite an expansion toward 653.40, with potential for 655.25 if the market turns constructive.
If META breaks below 645.75, price may decline into 643.85. Continued weakness can target 641.90, and if selling pressure intensifies, META may slide into 639.95. A heavy tape can push price toward 638.00, with extension potential into 636.10.
Tesla Inc. (TSLA)
Tesla begins at 448.50, and buyers will try to build stability after yesterday's wide-range movement. Holding above this level may bring a move into 450.00, and stronger momentum could lift price into 451.45. If bulls maintain control, TSLA may expand into 452.90, with room to stretch into 454.40. A powerful advance can reach toward 455.90 as volatility unwinds.
If TSLA loses 448.50, sellers may drive price into 447.00. A break there exposes 445.40, and deeper weakness may pull TSLA into 443.85. Continued pressure can guide price toward 442.20, with room for further decline into 440.60 if sentiment deteriorates.
Final Word: Treat every trade with discipline, stay patient, and let the market reveal where the real strength and weakness is.
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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