Good Morning Traders!
Today’s economic calendar launched with the Advance Retail Sales data alongside the Import Price Index for August and the New York Fed Services Business Activity for September all out at 8:30AM ET, offering a mix of consumer spending and regional service sector insights, though their impact is typically moderate. At 9:15 AM ET, Industrial Production, Manufacturing Production, and Capacity Utilization for August provided a broader view of factory output and resource use.
At 10:00 AM ET, the Business Inventories for July and the NAHB Housing Market Index for September shed light on inventory levels and housing sentiment, while at 1:00 PM ET, the Treasury's 20-Year Bond Auction will gauge long-term debt demand, potentially influencing yield trends. With a high volume of data releases, compounded by contract roll week and the eve of the FOMC rate decision, expect a high amount of volatility as traders position themselves for these events and react to the data. Employ robust risk management tools, such as stop-losses, to navigate today's potential market swings effectively.
Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
SPDR S&P 500 ETF Trust (NYSE:SPY)
SPY is currently stationed at 661.50, a sturdy support shaped by recent market patterns, offering a firm base for bullish strategies. The plan is to ascend toward 662.00, a resistance with a history of resilience in past uptrends, drawing trader attention. If it surges past 662.00 with steady momentum, buyers might push it to 662.29, a level with historical volume strength. Should this hold firm through the session, anticipate a rise to 663.15, with our top target set at 663.99.
If 661.50 wavers under selling pressure, bears could challenge 660.44, a pivot with a history of role transitions. Growing bearish momentum might target 659.15, a key threshold. A break below could slide it to 657.41, where prior support has often surfaced, and a heavy sell-off with strong volume might drag it to 655.86, our lowest point.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is nestled at 592.50, 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 593.00 as a firm intraday support with a legacy of past gains. If the upward trend gains traction, the next resistance at 593.91 comes into view, a barrier with historical tests. With active buying today, it could rise to 595.29, setting our highest target at 596.59.
Should 592.50 falter during regular hours, bears might probe 591.15, a prior rebound spot. If weakness persists, it could dip to 590.01, a historical cushion. If bearish control strengthens, the price may slide to 588.41, and a break there could expose 586.86, our deepest bearish goal.
Apple Inc. (AAPL)
Apple is positioned at 236.50, a resilient support crafted by recent market dynamics, offering a stable base for action. Bulls are intent on guarding this and pushing toward 237.00, a resistance that has shifted roles in past trends. If it breaks with momentum, aim for 237.13, a key hurdle. Strong buying could lift it to 238.76, our top target.
If 236.50 starts to soften, bears may target 235.72, a previous level with depth. Rising sell pressure could pull it to 234.65, a tested zone. A breach below might trigger a drop to 232.91, and further weakness could hit 231.36, our lowest bearish mark.
Microsoft Corp. (MSFT)
Microsoft is grounded at 516.50, a notable support that has navigated recent market waves, providing a steady foundation. Bulls are prepared to bolster this and advance to 517.00, a point supported by volume from past trades. If it climbs above 517.00, the stock could reach 518.57, a resistance with bounce history. Consistent buying might carry it to 520.01, our daily peak.
Should 516.50 begin to slip, bears might test 515.10, a prior hold with resilience. Further pressure could strike 513.78, a support area. A break might fall to 511.26, and intensified selling could drop it to 509.89, our bottom target.
NVIDIA Corporation (NVDA)
NVDA is situated at 177.00, a key level that has sparked recent trader interest, establishing a strategic base. Bulls are focused on securing this and targeting 177.50, a support with a history of firmness. If the upward trend strengthens, push to 178.13, a resistance tested earlier. Vigorous buying could raise it to 179.91, our highest mark.
If 177.00 can't hold, bears might aim for 176.92, a prior dip with weight. A breakdown with solid volume could sink to 175.79, a past level. Further decline might challenge 174.48, and sustained selling could reach 172.49, our lowest target.
Alphabet Inc Class A (GOOGL)
Google is fixed at 253.00, a support with a legacy of role transitions, providing a firm footing. Bulls plan to anchor this and rise to 253.50, your set limit, a resistance with past relevance. If it breaks, target 254.29, a higher barrier. Strong buying could stretch to 255.42.
If 253.00 softens, bears may hit 252.39, a prior support. Rising pressure could pull to 251.28, a tested zone. Heavy selling might drag it to 249.55, our lowest mark.
Meta Platforms Inc (META)
META is braced at 769.00, a solid base from recent sessions, offering a stable launchpoint. Bulls target 769.50, a resistance with bounce potential. If it holds, aim for 770.13, a key hurdle. Robust buying could linger near 771.59, our high target.
If 769.00 wavers, bears might test 767.50, a past support. More selling could drop to 765.13. A break may sink to 763.13, our bottom target.
Tesla Inc. (TSLA)
Tesla is set at 414.00, a significant level with recent activity, laying a strong base for bullish moves. Bulls are eager to push toward 414.50, your set limit, a resistance that has shown resilience in past rallies, attracting trader attention. If it breaks through 414.50 with steady momentum, buyers might nudge it to 415.29, a level with historical volume support. Should this hold firm through the session, anticipate a rise to 415.15, with our top target fixed at 414.50.
If 414.00 weakens under selling pressure, bears could test 412.44, a pivot with a history of role reversals. Growing bearish momentum might target 410.15, a key threshold. A break below could slide it to 408.41, where prior support has often appeared, and a heavy sell-off with heavy volume might drag it to 406.86, our lowest point.
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.
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