Good Morning Traders!
Today’s economic calendar launches with a packed schedule that could significantly influence early market dynamics. The release of Housing Starts and Building Permits for August, alongside the Canada BOC Interest Rate Decision, for insights into construction activity and monetary policy shifts, with the post-rate decision press conference at 10:30 AM ET adding further clarity. At 9:15 AM ET, Industrial Production, Manufacturing Production, and Capacity Utilization for August will offer a comprehensive view of factory output and resource use.
The main event unfolds at 2:00 PM ET with the FOMC Interest Rate Decision, where the Fed is anticipated to cut rates by 25 basis points and unveil the SEP dot plot, a critical indicator of future policy intentions, likely intensifying market reactions. The Chair Powell Post-Rate Decision Press Conference at 2:30 PM ET will further amplify volatility as traders interpret his remarks. Given the importance of these events, expect an extremely high amount of volatility, so employ robust risk management tools, such as stop-losses, to navigate today's potential market turbulence effectively.
Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
SPDR S&P 500 ETF Trust (SPY)
SPY is currently anchored at 659.00, a robust support shaped by recent market rhythms, laying a firm groundwork for bullish plays. The strategy is to rise toward 659.50, a resistance with a history of holding in past upswings, drawing trader focus. If it surges past 659.50 with steady momentum, buyers might push it to 660.29, a level with historical volume strength. Should this hold firm through the session, anticipate a rise to 661.15, with our top target set at 661.99.
If 659.00 wavers under selling pressure, bears could challenge 658.44, a pivot with a track record of shifts. Growing bearish momentum might target 657.15, a key threshold. A break below could slide it to 655.41, where prior support has often surfaced, and a heavy sell-off with strong volume might drag it to 653.86, our lowest point.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is nestled at 590.50, a central mark that has drawn steady price movements in recent trades, serving as a pivotal juncture. Bulls are eager to take charge, targeting 591.00 as a firm intraday support with a history of past gains. If the upward trend gains traction, the next resistance at 591.91 emerges, a barrier with historical tests. With active buying today, it could rise to 593.29, setting our highest target at 594.59.
Should 590.50 falter during regular hours, bears might probe 589.15, a prior rebound spot. If weakness persists, it could dip to 588.01, a historical cushion. If bearish control strengthens, the price may slide to 586.41, and a break there could expose 584.86, our deepest bearish goal.
Apple Inc. (AAPL)
Apple is positioned at 237.50, a resilient support crafted by recent market dynamics, offering a stable platform for action. Bulls are intent on safeguarding this and pushing toward 238.00, a resistance that has shifted roles in past trends. If it breaks with momentum, aim for 238.13, a key hurdle. Strong buying could lift it to 239.76, our top target.
If 237.50 starts to soften, bears may target 236.72, a previous level with depth. Rising sell pressure could pull it to 235.65, a tested zone. A breach below might trigger a drop to 233.91, and further weakness could hit 232.36, our lowest bearish mark.
Microsoft Corp. (MSFT)
Microsoft is grounded at 510.50, a notable support that has navigated recent market waves, providing a steady foundation. Bulls are prepared to bolster this and advance to 511.00, a point supported by volume from past trades. If it climbs above 511.00, the stock could reach 512.57, a resistance with bounce history. Consistent buying might carry it to 514.01, our daily peak.
Should 510.50 begin to slip, bears might test 509.10, a prior hold with resilience. Further pressure could strike 507.78, a support area. A break might fall to 505.26, and intensified selling could drop it to 503.89, our bottom target.
NVIDIA Corporation (NVDA)
NVDA is situated at 172.50, a key level that has drawn recent trader focus, establishing a strategic base. Bulls are intent on securing this and targeting 173.00, a support with a history of firmness. If the upward trend strengthens, push to 173.13, a resistance tested earlier. Vigorous buying could raise it to 174.91, our highest mark.
If 172.50 can't hold, bears might aim for 171.92, a prior dip with weight. A breakdown with solid volume could sink to 170.79, a past level. Further decline might challenge 169.48, and sustained selling could reach 167.49, our lowest target.
Alphabet Inc Class A (GOOGL)
Google is fixed at 251.50, a support with a legacy of role transitions, providing a firm footing. Bulls plan to anchor this and rise to 252.00, a resistance with past relevance. If it breaks, target 252.29, a higher barrier. Strong buying could stretch to 253.42.
If 251.50 softens, bears may hit 250.39, a prior support. Rising pressure could pull to 249.28, a tested zone. Heavy selling might drag it to 247.55, our lowest mark.
Meta Platforms Inc (META)
META is braced at 776.00, a solid base from recent sessions, offering a stable launchpoint. Bulls target 776.50, a resistance with bounce potential. If it holds, aim for 777.13, a key hurdle. Robust buying could linger near 778.59, our high target.
If 776.00 wavers, bears might test 774.50, a past support. More selling could drop to 772.13. A break may sink to 770.13, our bottom target.
Tesla Inc. (TSLA)
Tesla is set at 415.00, a significant level with recent activity, laying a strong base for bullish moves. Bulls are eager to push toward 415.50, your set limit, a resistance that has shown resilience in past rallies, attracting trader attention. If it breaks through 415.50 with steady momentum, buyers might nudge it to 416.29, a level with historical volume support. Should this hold firm through the session, anticipate a rise to 416.15, with our top target fixed at 415.50.
If 415.00 weakens under selling pressure, bears could test 413.44, a pivot with a history of role reversals. Growing bearish momentum might target 411.15, a key threshold. A break below could slide it to 409.41, where prior support has often appeared, and a heavy sell-off with heavy volume might drag it to 407.86, 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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