Good morning to all the traders out there. Today's economic calendar won't exactly keep you on the edge of your seat. At 8:30 AM, we'll get the weekly continuing and initial jobless claims numbers along with October trade balance, export totals, and import totals. At 11:00 AM, the Treasury will announce the upcoming 3 and 6 Month Bills and the next Note issuance schedule. At 11:30 AM, they'll auction 4 and 8 Week Bills.
The only potential wildcard comes at 12:00 PM when Fed Vice Chair for Supervision Michelle Bowman speaks virtually about bank supervision and regulation. Depending on her tone, we might see some short-lived volatility. But honestly, with no major market-moving data scheduled, today's session will probably come down to positioning, order flow, and how traders react to whatever headlines pop up intraday.
So let's talk about where the technical levels sit for SPY, QQQ, and six of the biggest names in the market: Apple (AAPL), Microsoft (MSFT), NVIDIA (NVDA), Alphabet (GOOGL), Meta (META), and Tesla (TSLA).
SPDR S&P 500 ETF Trust
SPY starts the morning at 684.50, and buyers will be looking to establish early support right at this level. If they can find their footing, we might see a push into 685.60, where the real test will be whether momentum can actually strengthen. If buyers maintain control there, price could work its way into 686.75, and continuation through that zone might allow a move toward 687.90. Should the enthusiasm persist, an extension into 689.05 becomes possible as buyers work to reassert dominance after some recent swings.
On the flip side, if SPY loses 684.50, sellers will likely lean on the tape and drive price into 683.35. Breaking below that level could invite a slide into 682.20, where how buyers respond becomes pretty important. If support fails to materialize, SPY may get pulled into 681.00, with continued downside pressure bringing 679.85 into view. Weakness through that zone would reflect a definite shift in control toward the sellers.
Invesco QQQ Trust Series 1
QQQ opens at 623.75, and bulls will be aiming to stabilize near this level. If confidence holds, price may lift into 624.85, where traders will watch for signs of continuation. A sustained advance could open the path toward 626.00, and clearing that level may bring a move into 627.20. Should broader tech sentiment improve throughout the day, QQQ could stretch toward 628.30 as buyers attempt to build some trend.
If QQQ slips below 623.75, sellers may press price into 622.60. A breakdown there could move the index into 621.40, with fading demand potentially exposing 620.25. If pressure intensifies, price may drift into 619.10, where buyers will either step up or risk letting further downside momentum take hold.
Apple Inc.
Apple starts the session at 284.00, and buyers will want to keep price supported here. A lift into 284.85 may develop if confidence builds, and strong follow-through could drive price into 285.70. Should momentum hold, Apple may reach toward 286.55, with an extension into 287.40 possible if bulls strengthen their grip.
If Apple loses 284.00, a move into 283.10 may unfold. Continued pressure can draw price into 282.20, and if buyers remain passive, a slide into 281.25 may materialize. Further weakness could open the door toward 280.35, where sentiment would face a real test.
Microsoft Corp.
Microsoft opens at 479.75, where bulls will attempt to generate early support. If they succeed, a move into 480.85 may take shape, giving price room to test toward 482.00. Holding strength there can create opportunity for an advance into 483.10, and stronger trend participation may reach into 484.25.
If MSFT falls below 479.75, sellers may guide price into 478.55. Breaking that level could initiate a move into 477.35, with further weakness drawing MSFT toward 476.20. Losing that zone may create pressure into 475.00 as sellers gain momentum.
NVIDIA Corporation
NVIDIA begins the morning at 180.25, and buyers will try to steady the tape at this level. A bounce into 181.10 is possible if support holds, and carrying strength may open the path toward 182.00. If semiconductors firm up broadly, price may move into 182.95, with upside potential extending toward 183.90.
If NVIDIA loses 180.25, sellers may pressure price into 179.40. A breakdown can drag price into 178.55, and failure for buyers to defend may lead to 177.70 coming into focus. A deeper fade could take the stock toward 176.85 if weakness expands.
Alphabet Inc Class A
Alphabet opens at 320.75, and bulls will look to maintain footing here. If they manage that, a lift into 321.70 may appear, with continued progress allowing movement toward 322.65. Stronger upward participation may open the door into 323.60, with the potential for an extension toward 324.55 if buyers maintain pressure.
If GOOGL slips below 320.75, sellers may guide price into 319.75. Losing that level could expose 318.70, and continued weakness may draw the tape into 317.65. If pressure accelerates, a move toward 316.60 could unfold as sentiment softens.
Meta Platforms Inc.
Meta begins the session at 645.00, and buyers will try to produce stability here. If they can, a lift into 646.60 may develop, where strength can carry momentum into 648.20. Should energy persist, META may progress toward 649.85, with the potential to stretch into 651.50.
If META loses 645.00, sellers may drive price toward 643.30. Breakdown pressure may pull the stock toward 641.55, and if demand continues to fade, movement into 639.85 becomes possible. Heavier selling could send META into 638.15.
Tesla Inc.
Tesla opens at 449.75, and bulls will aim to create early momentum at this level. If they succeed, price may lift into 451.10, with broader continuation allowing movement toward 452.40. A firm bid could bring TSLA into 453.75, and stronger follow-through may extend toward 455.15.
If TSLA loses 449.75, sellers may pressure price into 448.35. A deeper fade could bring 446.95 into view, and losing that zone may expose 445.60. Continued weakness may bring the stock into 444.20.
Good luck out there and trade safely.