Good Morning Traders!

Today's economic calendar closes out the week with the highly anticipated January PPI report at 8:30AM ET, including Final Demand, Core PPI, and PPI Ex Food, Energy, and Trade. This release will be closely monitored for signs of upstream inflation pressures that could influence future Fed policy expectations and bond yields. At 9:45AM ET, the MNI Chicago PMI provides insight into regional manufacturing conditions. 

At 10:00AM ET, Construction Spending data is released, followed by the Kansas City Fed Services Activity report at 11:00AM ET. Later in the afternoon at 3:00PM ET, Agricultural Prices Paid and Received round out the data slate. With inflation data driving early positioning and lighter releases into the afternoon, expect volatility around 8:30AM ET and potential consolidation into the weekend.

Now we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

If SPY loses 685.75 with conviction, sellers may press into 683.50. A breakdown there could expose 681.25, and continued downside pressure may test 678.75. Inflation data tends to trigger sharp bond market reactions, so expect volatility around the 8:30AM window.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading around 606.25 and remains sensitive to rate driven moves following PPI. Holding above this pivot may allow a rotation into 608.75, followed by 611.50 if growth names regain traction. A break above 613.75 would reflect stronger upside momentum and potential continuation into the upper range. 

If 606.25 fails to hold, sellers may guide price into 603.50. A sustained breakdown could bring 600.75 into focus, and deeper weakness may target 597.25. Tech may exaggerate any yield reaction to inflation data.

Apple Inc. (AAPL)

AAPL is currently trading around 272.25 and attempting to build higher structure after recent consolidation. If buyers defend this zone, a move toward 274.75 may develop, followed by 277.00 if broader tech firms. Sustained strength above 279.50 would signal improving institutional demand. 

If 272.25 breaks lower, sellers may test 269.90. A breakdown there could expose 267.50, and continued weakness may bring 264.75 into view. Watch Apple's relative strength for signs of mega cap resilience.

Microsoft Corp. (MSFT)

MSFT is currently trading around 397.50 and remains just below the key 400 level. If buyers reclaim 400.00 with strength, price may rotate toward 402.75, followed by 405.50 if momentum builds. A sustained push above 408.00 would indicate structural improvement in large cap tech. 

If 397.50 fails to hold, sellers may press into 394.75. Continued weakness could extend into 392.00, and deeper downside may test 389.25. Microsoft's reaction to bond yields will likely influence QQQ sentiment.

NVIDIA Corporation (NVDA)

NVDA is currently trading around 184.25 and remains volatile following earnings. If buyers defend this pivot, a move toward 187.75 may develop, followed by 190.50 if upside momentum returns. Sustained trade above 193.25 would reflect renewed confidence in the semiconductor space. 

If 184.25 breaks lower, sellers may test 181.75 quickly. A breakdown there could expose 178.50, and continued weakness may target 175.75. NVDA's direction will likely set the tone for broader tech.

Alphabet Inc Class A (GOOGL)

GOOGL is currently trading around 306.25 and attempting to stabilize above recent consolidation. If buyers defend this zone, a move toward 308.75 may unfold, followed by 311.50 if communication services strengthen. A break above 314.00 would signal renewed upside momentum. 

If 306.25 fails, sellers may press into 303.75. A sustained breakdown could expose 301.25, and deeper weakness may target 298.50. Losing the 300 region would dampen enthusiasm in large cap growth.

Meta Platforms Inc (META)

META is currently trading around 651.75 and maintaining relative stability. If buyers step in, price may rotate toward 655.50, followed by 659.25 if upside momentum expands. Sustained strength above 662.00 would indicate continued leadership within growth names. 

If 651.75 breaks down, sellers may guide price into 647.50. A deeper pullback could test 643.75, and continued weakness may bring 639.50 into focus. Relative performance here will provide clues about broader risk appetite.

Tesla Inc. (TSLA)

TSLA is currently trading around 406.50 and remains reactive to macro tone. If buyers defend this pivot, a push toward 410.25 may develop, followed by 414.00 if momentum builds. A breakout above 418.50 would signal stronger speculative participation. 

If 406.50 fails to hold, sellers may test 402.75. Continued downside pressure could extend into 399.25, and deeper weakness may bring 395.50 into view. Tesla often amplifies broader market swings.

Final Word: 

Trade with discipline, manage risk carefully, happy Friday, and have a great weekend.

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.