How To Trade SPY, Top Tech Stocks Today Using Technical Analysis

Good Morning Traders!

Today’s economic calendar commences with the ECB’s Interest Rate decision at 8:15 AM ET, where rates are anticipated to remain unchanged for the first time in this cycle, potentially offering clues on future European monetary policy directions through accompanying statements or press conferences. Shortly after, at 8:30 AM ET, the weekly Initial and Continuing Jobless Claims will be published, providing essential updates on U.S. labor market conditions and unemployment trends that could sway sentiment regarding economic resilience. 

Continuing at 9:45 AM ET, the Preliminary S&P Global Manufacturing PMI, Services PMI, and Composite PMI for July will emerge, delivering early indicators of sector performance and overall business activity that often preview broader growth patterns. At 10:00 AM ET, June’s New Home Sales figures will shed light on housing market vitality, influenced by mortgage rates and buyer demand, while the Kansas City Fed Manufacturing Activity Index at 11:00 AM ET rounds out regional industrial insights. 

Concluding at 1:00 PM ET, the Treasury’s 10-Year TIPS Auction may reflect investor inflation expectations through demand levels. Amid this substantial data flow and ongoing reactions to yesterday’s earnings from GOOGL and TSLA, prepare for notable market fluctuations, advocating for proactive monitoring and strategic adjustments.

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

SPDR S&P 500 ETF Trust (SPY)

SPY is presently trading near our important level of 634.72. Bulls are targeting an initial advance to 635.97. If momentum persists above 635.97, we anticipate buyers driving prices toward our next key support at 637.51. Should buyers confidently defend 637.51 throughout regular session trading, look for a continuation upward to 638.37, with our ultimate bullish target for the day sitting at 639.21. 

If bulls lose their grip at 634.72, sellers will aim for downside momentum, initially challenging the 633.66 level. Continued bearish pressure will put the 632.37 mark at risk. Breaking this level decisively could see SPY quickly trading down toward the strong support at 630.63. If selling intensifies dramatically, bears might reach our lowest target for the session at 629.08.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently trading near our pivotal level of 565.19. Bulls must firmly establish price action above this mark, subsequently securing 567.12 as reliable intraday support. Persistent bullish sentiment should then encourage further upside momentum, targeting the next resistance at 569.60. If today’s buying is robust, anticipate a stretch toward 572.98, with our top bullish objective for the QQQ standing at 576.28. 

Should QQQ fail to hold 565.19 convincingly during market hours, bears will seize control and push downward aggressively, first testing the 563.44 area. If weakness persists, expect a deeper selloff toward 562.30. Continued bearish dominance could trigger further downside pressure toward the support at 560.58. A breach here opens the door to our lowest bearish target of the day at 559.57.

Apple Inc. (AAPL)

Apple is trading near our crucial price level of 213.75. Bulls should aim to maintain this support, driving the stock upward initially toward 215.06. Sustained buying could elevate Apple to the next upside hurdle at 216.38. If bullish participants decisively dominate today’s trading, our high-end bullish target of 218.01 becomes attainable. 

If buyers fail to defend the critical level at 213.75, bearish sellers will quickly target 212.75 as their first destination. Continuation of selling momentum would bring Apple down to the next support zone at 211.87. A breakdown of that level might induce additional selling toward 211.12, with further weakness potentially reaching our lower bear target at 210.49.

Microsoft Corp. (MSFT)

Microsoft is currently trading near our highlighted level of 505.87. Bulls will first need to secure the area above 505.57, setting the stage for a move upward toward 507.77, which would then act as an intraday support. Holding firmly above 507.77 would position Microsoft for a bullish run toward 509.64, with sustained buyer participation likely pushing prices to our daily bullish target of 512.08. 

If 505.87 is not maintained, expect bears to swiftly challenge the 504.70 mark. Breaking below this support will encourage additional downside pressure, targeting 503.15. Should selling intensify, the next bearish objective becomes 501.63, ultimately opening a path toward our lowest bearish target for the session at 500.26.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our critical level of 172.77. Bulls must push the price higher initially to reclaim and firmly establish support at 173.81. Continued upward momentum would then open a pathway to the next resistance point at 175.18. Strong buying throughout the day could drive NVIDIA further upward toward 176.52, with our top bullish target today placed at 178.18. 

If NVIDIA cannot hold above 172.77, expect bearish sellers to target a move lower initially toward 170.57. A breakdown here with notable selling volume could rapidly take prices down to 169.06. Further weakening could see bears testing 167.75, and continued downside momentum might ultimately push NVIDIA toward our daily bearish objective at 166.76.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading close to our significant level of 197.50. Bulls will first aim to firmly secure this area as intraday support, targeting a push higher toward resistance at 198.55. Strong bullish activity might then extend this rally to reach today’s ultimate bullish target of 200.42. 

If buyers are unable to protect 197.50, sellers will likely take control and aggressively test support lower at 196.39. If bearish sentiment intensifies, expect the auction to continue downward toward 195.28. Under heavy selling pressure, Alphabet could fall toward our low-end bearish objective of 193.55.

Meta Platforms Inc (META)

Meta is currently trading near our key level of 718.80. Bulls will look to establish firm price strength above 721.51, setting up the opportunity for further advances toward 723.46. Continued bullish conviction should then lift Meta toward the next resistance level at 726.10, with potential for buyers to drive price action toward our bullish target at 728.75. 

If Meta fails to maintain support at 718.80, sellers will immediately target a decline to the support level at 714.89. Continued bearish activity would encourage a further drop toward 712.43. Should this area fail to hold, increased selling might accelerate the move down toward our lowest bearish target of the session at 710.43.

Tesla Inc. (TSLA)

Tesla is currently trading around our significant price level of 313.05. Bulls should first target a move upward to 315.33, with continued buying momentum potentially lifting prices to the next resistance at 319.01. If market sentiment is strongly bullish today, Tesla may push higher toward 324.94, with our maximum bullish objective sitting at 327.19. 

If the support level at 313.05 is compromised, anticipate sellers moving swiftly to test lower prices around 311.21. Additional bearish pressure would likely bring Tesla down further to 309.37. Failure at this level with intensified selling could prompt further downside to our daily bearish target of 307.98.

Good luck and trade safely!

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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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