How To Trade SPY And Top Tech Stocks Using Technical Analysis

Good Morning Traders!

Today’s economic calendar has a light schedule that may not drive significant market moves. At 2:00 PM ET, the FOMC Meeting Minutes for July will reveal recent policy discussions, followed by Fed’s Bostic, a non-voting member, at 3:00 PM ET during a Fintech event in Atlanta, sharing regional views. With minimal economic data, traders will turn to breaking news headlines and yesterday’s market shifts for cues, expecting low volatility. Stay alert and use stop-losses to manage risks.

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

SPDR S&P 500 ETF Trust SPY

SPY is currently grounded at 638.50, a sturdy support carved from recent market trends, giving bulls a solid starting point. The plan is to thrust upward to 639.75, a resistance that has shown resilience in prior upswings, drawing interest from traders. Should it break through 639.75 with steady momentum, buyers might propel it to 641.29, a level bolstered by significant past volume. If this holds firm through the session, expect a gradual rise to 642.15, with our ceiling target set at 642.99 for the day, reflecting a potential high. 

On the flip side, if 638.50 begins to erode under selling pressure, bears could challenge 637.44, a pivot with a history of shifting roles. Escalating bearish momentum might target 636.15, a critical juncture. A clear breach below could send it sliding to 634.41, where previous support has kicked in, and a heavy sell-off with strong volume might drag it to 632.86, our bottom target for the session.

Invesco QQQ Trust Series 1 QQQ

QQQ is positioned at 567.50, a central hub that’s attracted consistent price movement in recent days, serving as a key focus. Bulls are ready to assert dominance, aiming for 569.43 as a solid intraday support with a proven track record from past gains. If the upward trend persists, the next resistance at 571.91 emerges, a barrier that has faced multiple tests. With robust buying today, it could climb to 575.29, setting our highest target at 578.59 for the session. 

Should 567.50 weaken during standard trading hours, bears might step in to test 565.75, a level with prior bounce activity. If softness continues, it could retreat to 564.61, a historical support zone. If bearish control takes over, the price may fall to 562.89, and a break there could open the door to 561.88, our lowest bearish goal for the day.

Apple Inc. AAPL

Apple is settled at 229.50, a resilient support formed by recent market dynamics, offering a strong base for action. Bulls are keen to protect this and drive it toward 230.81, a resistance that has shifted roles in past trends, adding some psychological weight. If it surges past with momentum, aim for 232.13, a significant hurdle. Vigorous buying could elevate it to 233.76, marking our top target for the day. 

If 229.50 starts to give under pressure, bears may target 228.50, a previous support with some depth. Increased selling could pull it down to 227.62, a tested zone. A break below might spark a drop to 226.87, and further weakness could land at 226.24, our lowest bearish mark for the session.

Microsoft Corp. MSFT

Microsoft is anchored at 509.50, a notable support that has endured recent market swings, providing a stable launchpad. Bulls are set to reinforce this and push to 511.70, a level supported by solid volume from past trades. If it rises above 511.70, the stock could climb to 513.57, a resistance with bounce history. Consistent buying might carry it to 516.01, our daily high target. 

Should 509.50 begin to weaken, bears might challenge 508.33, a prior hold with some resilience. Further pressure could test 506.78, a support area. A break below might send it to 505.26, and if selling intensifies, it could fall to 503.89, our bottom target for the day.

NVIDIA Corporation NVDA

NVDA is positioned at 175.50, a pivotal spot that’s seen active trading lately, offering a strategic entry point. Bulls are focused on holding this and targeting 176.54, a support with a history of strength in past sessions. If the upward move gains traction, aim for 177.91, a resistance tested before. Robust buying could push it to 180.91, setting our highest target for the day. 

If 175.50 can’t hold firm, bears might aim for 173.30, a prior dip with some weight. A breakdown with solid volume could drop it to 171.79, a level seen earlier. Further decline might challenge 170.48, and sustained selling could reach 169.49, our lowest bearish target.

Alphabet Inc Class A GOOGL

Google is grounded at 200.50, a support with a track record of role reversals, providing a firm base. Bulls plan to secure this and advance to 201.55, a resistance with past relevance. If it breaks, target 203.42, a higher ceiling. Strong buying could extend to 205.42, our top mark. 

If 200.50 weakens, bears may test 199.39, a prior support level. Rising pressure could pull it to 198.28, a tested zone. Heavy selling might drag it to 196.55, marking our lowest target.

Meta Platforms Inc META

META is propped at 746.50, a solid foundation from recent trades, offering a stable start. Bulls are set to target 749.21, a resistance with a bounce history. If it holds, aim for 751.85, the next step. Robust buying could lift it to 754.50, our high target. 

If 746.50 falters, bears might challenge 742.59, a past support with depth. More selling could drop to 740.13, a known level. A break may sink to 738.13, hitting our bottom target.

Tesla Inc. TSLA

Tesla is poised at 328.50, a significant level with recent market interest, setting the stage. Bulls aim to push to 330.78, a resistance with historical strength. If it holds, target 334.46, a higher barrier. Strong buying could elevate it to 340.39, our top goal. 

If 328.50 weakens, bears may test 326.66, a prior dip point. Further pressure could drop to 324.82, a support zone. Heavy selling might pull it to 323.43, our lowest target.

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.