Good Morning Traders!
Wednesday's economic calendar is light, but do not let that fool you. We could still see some movement. The 10-Year Note Auction at 1:00 PM ET might give insight into market sentiment around yields and inflation expectations.
Keep an ear out for Fed speakers: Collins and Cook at 2:00 PM ET, followed by Daly at 3:00 PM ET. They may hint at policy direction even if the FOMC recently made moves. With fewer headlines, be ready for unexpected price swings on low volume.
Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
SPDR S&P 500 ETF Trust (SPY)
SPY is hovering around a key level at 629.50. If buyers can get it moving above 630.75, we could see a push up to 632.29. Holding that zone would likely open the door for a continuation move to 633.15, with 633.99 as the upside target bulls have their eyes on today.
If 629.50 does not hold, sellers will likely step in and test 628.44. A break below that could lead to a move toward 627.15, and if selling picks up, 625.41 might come into play. In an aggressive selloff, we are watching 623.86 as the session’s lowest bear target.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is sitting near an important level at 561.50. Bulls need to get and stay above that to firm up 563.43 as intraday support. If they can do that, 565.91 is the next resistance to watch. A strong buying day could stretch this move up to 569.29 or even 572.59.
If QQQ slips below 561.50 and cannot recover, sellers will likely push toward 559.75. Further weakness puts 558.61 in focus. Continued pressure from the bears might take us to 556.89, and if that goes, 555.88 is the level to keep an eye on.
Apple Inc. ( AAPL)
Apple is trading near 204.00, a level bulls really want to defend. If they do, the first upside target is 205.31. From there, momentum could carry it to 206.63, and if buyers stay in control, 208.26 is on the table.
But if 204.00 breaks down, sellers will likely test 203.00 pretty quickly. A deeper pullback could hit 202.12, and if selling continues, 201.37 or even 200.74 might get tested.
Microsoft Corp. (MSFT)
Microsoft is trading around 532.50. Bulls want to reclaim and hold 532.20, which would set up a move to 534.40. Holding above that gives buyers a shot at 536.27, and if momentum is strong, we could see 538.71 hit today.
If price slips under 532.50, bears will likely go after 531.33. A breakdown there could lead to 529.78, and if sellers stay aggressive, 528.26 and 526.89 are the next levels to watch.
NVIDIA Corporation (NVDA)
NVIDIA is hanging out near 177.50. Bulls need to regain control above 178.54 to get the ball rolling toward 179.91. If buying picks up steam, we could see a run toward 181.25, and 182.91 is the stretch target for the day.
If NVIDIA cannot hold 177.50, expect sellers to test 175.30. A break below that could drop us down to 173.79, then 172.48. If weakness persists, 171.49 is the final downside level on the radar.
Alphabet Inc Class A (GOOGL)
Alphabet is trading near 195.00, a key level to watch. Bulls want to hold it as support and push higher toward 196.05. If momentum keeps up, 197.92 is the big upside target.
If 195.00 fails, sellers may step in and take the price down to 193.89. A breakdown there could drag GOOGL lower to 192.78, and if things get heavy, 191.05 is in play.
Meta Platforms Inc (META)
Meta is bouncing around the 767.50 area. Bulls are looking to push it above 770.21, which could open up a move to 772.16. If the trend stays strong, 774.80 is next, and the bulls’ target for the session is 777.45.
If 767.50 does not hold, expect sellers to step in and aim for 763.59. Continued pressure could send Meta to 761.13, and if that goes, we could see a move down to 759.13.
Tesla Inc. (TSLA)
Tesla is trading around 308.50. If bulls can push it to 310.78, that might trigger a climb toward 314.46. With solid momentum, TSLA could make a run for 320.39, with 322.64 as the bullish target.
But if it loses 308.50, sellers will likely test 306.66. More downside action could bring us to 304.82, and if that breaks, 303.43 is where things might land.
Overall, it is a day to stay nimble. Keep your stops tight and your position sizing smart. Let the market come to you and trade safe out there. Good luck!
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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