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Trading the Big Names Around Today's FOMC Decision: SPY, QQQ, and the Magnificent Seven

MarketDash Editorial Team
4 hours ago
With the Federal Reserve's rate decision looming this afternoon, traders are positioning for extreme volatility across major indices and mega-cap tech stocks. Here's what technical levels matter most as markets await Powell's tone on the cutting cycle.

Good morning, and welcome to one of those days where your calendar probably has "FOMC" written in all caps with several exclamation points. The Federal Reserve delivers its rate decision this afternoon, and while the consensus expects a 25 basis point cut, that's honestly the least interesting part. What really matters is the tone Powell strikes during his press conference and whether the statement signals a pause in the cutting cycle or keeps the door open for more easing down the road.

Any language shift around inflation progress, labor market cooling, or financial conditions will ripple immediately through equities, yields, and the dollar. Translation: buckle up, because this afternoon is going to be wild.

The Morning Setup: Data Before the Main Event

Before we get to the headline attraction, there's a lineup of notable releases that could shape how traders position ahead of the decision. At 8:30AM ET, we get the Q3 Employment Cost Index, which measures wage pressures that Fed officials have repeatedly highlighted as a key inflation input. At 9:45AM ET, the Bank of Canada announces its interest rate decision, followed by a press conference at 10:30AM ET. That same time slot also brings weekly DoE inventory data, which could move energy markets around.

Then the real show begins. At 2PM ET, the FOMC delivers its interest rate decision along with updated Summary of Economic Projections. Half an hour later, at 2:30PM ET, Powell takes the podium for his press conference. If you've traded through these before, you know this is when the most violent intraday swings happen as traders react to every word, pause, and inflection. Expect extreme volatility, wider ranges, fast reversals, and sudden expansion in liquidity pockets. Today demands discipline, awareness, and controlled execution.

Technical Levels That Matter Today

Let's break down the key technical zones for the major indices and the big tech names everyone's watching.

SPDR S&P 500 ETF Trust

SPY starts the session at 682.50, and with FOMC looming, the early tone carries more weight than usual. If buyers can stabilize near this open, a move into 684.00 may develop as traders position ahead of the announcement. Strength above that level opens the door toward 686.10, where momentum algorithms might start leaning into pre-FOMC drift. Continued buying could push toward 688.25, with a more aggressive upside sweep toward 690.40 possible if volatility expands later in the session. Any rally today will be less about establishing trend and more about positioning, so every reclaim of overhead resistance becomes meaningful.

On the downside, if SPY loses 682.50 early, sellers may drag the index into 680.75. A breakdown there exposes 678.60, where real demand needs to show up to avoid a heavier unwind. If selling pressure builds ahead of Powell, a move into 676.40 may form as traders de-risk positions. Continued weakness could slide the tape into 674.25, with a deeper wash into 672.10 remaining possible if the market starts pricing in a more hawkish tone from the press conference. Downside levels deserve more respect than usual today.

Invesco QQQ Trust Series 1

QQQ opens at 624.25, and buyers will attempt to establish footing since tech tends to drive pre-FOMC sentiment. If support holds, a move into 626.00 may follow, where buyers can test early control. Pushing above that brings 628.10 into view, and a sustained bid can power a run toward 630.25 as traders anticipate dovish language. If volatility expands later in the day, QQQ could stretch toward 632.50, with a maximum pre-FOMC extension into 634.75 if large caps rotate higher together.

If QQQ sinks below 624.25, sellers may quickly pressure price into 622.15. Failure to stabilize can drag the index into 620.00, a level that determines whether today becomes a fade or a breakdown. A deeper move into 617.90 may appear if the market leans defensive. If sellers gain momentum, the index could flush into 615.75, with a heavier slide toward 613.50 possible if traders reposition aggressively before Powell speaks.

Apple Inc.

Apple Inc. (AAPL) begins the day at 277.00, and bulls will attempt to create early balance. If they succeed, price may lift into 278.10, with a further push into 279.25 possible if the tape firms up ahead of FOMC. Holding strength can bring 280.40 into play, and with enough momentum Apple could stretch toward 281.60. A more powerful move into 282.75 is possible if indices lean higher as traders prepare for Powell.

If Apple loses 277.00, sellers may attempt to fade the stock into 275.85. A breakdown there could send price into 274.65, with continued pressure potentially pulling the stock toward 273.50. If volatility expands and tech weakens, Apple could slide into 272.30, with an extended flush toward 271.15 possible if markets treat the morning as a de-risking window before the rate decision.

Microsoft Corp.

Microsoft Corp. (MSFT) opens at 486.50 and will be heavily watched as one of the cleanest macro barometers. If buyers defend the open, a move into 488.10 may emerge. Strength above that can lift the tape toward 489.75, and if momentum builds Microsoft could climb into 491.40. Sustained buying ahead of the announcement can push the stock toward 493.10, with a stronger extension into 494.90 if markets anticipate a supportive message from Powell.

If MSFT breaks below 486.50, sellers may pressure price into 484.90. A continuation lower may bring 483.20 into focus. If buyers don't step in, a move into 481.55 becomes likely, where liquidity will matter. A deeper slide into 479.90 can appear if risk comes off before the decision. Should the tape turn heavy, Microsoft may push toward 478.20.

NVIDIA Corporation

NVIDIA Corporation (NVDA) starts the session at 185.25, and semis will be extremely sensitive to rate expectations. If support forms, price may lift into 186.40. Strength above that could open a move toward 187.60, with further upside toward 188.85 if flows turn risk-on ahead of FOMC. Should momentum extend, NVIDIA could press into 190.10, with a strong tape across semis and AI-related names potentially carrying price toward 191.40.

If NVIDIA fails to hold 185.25, sellers may lean into 184.00. A sustained breakdown may send price into 182.75. If buyers hesitate, a slide toward 181.55 can unfold. Heavier volatility could trigger a move into 180.25, with a deeper wash into 179.00 possible if the market de-risks aggressively before the rate announcement.

Alphabet Inc Class A

Alphabet Inc Class A (GOOGL) opens at 315.25, and if buyers stabilize the tape early, a move into 316.70 may take shape. Continued strength can push the stock toward 318.10. Should flows improve, GOOGL may extend toward 319.50 with room toward 321.00 if market breadth improves ahead of Powell. A more aggressive bid could stretch into 322.40.

If GOOGL breaks below 315.25, sellers may drive price toward 313.90. Failure to hold could drag the tape into 312.50, with a deeper fade potentially bringing 311.10 into view. If tech softens broadly, the stock may slide toward 309.75. If FOMC anxiety rises, Alphabet could probe into 308.40.

Meta Platforms Inc.

Meta Platforms Inc. (META) begins at 651.75, and buyers will look to reassert control at this level. A move into 654.00 may develop if stabilization holds. Strength above that can carry the stock toward 656.25, with a momentum extension toward 658.50 possible if traders position bullishly ahead of the announcement. If volume expands, META could stretch into 660.75, with a more forceful upside move potentially reaching 663.00.

If Meta loses 651.75, sellers may target 649.25. Continued weakness could drive price toward 646.75, with a heavier fade potentially pulling the stock toward 644.25. If pressure intensifies, a test of 641.75 can appear. A deeper unwind into 639.25 remains possible with elevated pre-FOMC volatility.

Tesla Inc.

Tesla Inc. (TSLA) opens at 447.50, and bulls will try to build a floor. If support holds, Tesla may climb into 449.25. A push above that can create room toward 451.00, with stronger flows possibly driving a move into 452.75. If buyers remain engaged, the stock could press into 454.50, with an extended move into 456.25 possible if traders lean risk-on before the event.

If Tesla loses 447.50, sellers may test 445.75. A breakdown can drag price toward 444.00, with continued weakness potentially bringing 442.25 into view. If downside accelerates, Tesla may move into 440.50. A deeper slide into 438.75 remains possible if macro tension rises ahead of Powell.

The Bottom Line

Today is all about managing risk around a binary event. The technical levels outlined above provide a roadmap, but remember that FOMC days rewrite the script quickly. Protect your capital, size positions appropriately, and don't chase moves in either direction without confirmation. When Powell starts talking at 2:30PM ET, the market will tell you everything you need to know about how to trade the rest of the session.

Trade safely out there.

Back to News

Trading the Big Names Around Today's FOMC Decision: SPY, QQQ, and the Magnificent Seven

MarketDash Editorial Team
4 hours ago
With the Federal Reserve's rate decision looming this afternoon, traders are positioning for extreme volatility across major indices and mega-cap tech stocks. Here's what technical levels matter most as markets await Powell's tone on the cutting cycle.

Good morning, and welcome to one of those days where your calendar probably has "FOMC" written in all caps with several exclamation points. The Federal Reserve delivers its rate decision this afternoon, and while the consensus expects a 25 basis point cut, that's honestly the least interesting part. What really matters is the tone Powell strikes during his press conference and whether the statement signals a pause in the cutting cycle or keeps the door open for more easing down the road.

Any language shift around inflation progress, labor market cooling, or financial conditions will ripple immediately through equities, yields, and the dollar. Translation: buckle up, because this afternoon is going to be wild.

The Morning Setup: Data Before the Main Event

Before we get to the headline attraction, there's a lineup of notable releases that could shape how traders position ahead of the decision. At 8:30AM ET, we get the Q3 Employment Cost Index, which measures wage pressures that Fed officials have repeatedly highlighted as a key inflation input. At 9:45AM ET, the Bank of Canada announces its interest rate decision, followed by a press conference at 10:30AM ET. That same time slot also brings weekly DoE inventory data, which could move energy markets around.

Then the real show begins. At 2PM ET, the FOMC delivers its interest rate decision along with updated Summary of Economic Projections. Half an hour later, at 2:30PM ET, Powell takes the podium for his press conference. If you've traded through these before, you know this is when the most violent intraday swings happen as traders react to every word, pause, and inflection. Expect extreme volatility, wider ranges, fast reversals, and sudden expansion in liquidity pockets. Today demands discipline, awareness, and controlled execution.

Technical Levels That Matter Today

Let's break down the key technical zones for the major indices and the big tech names everyone's watching.

SPDR S&P 500 ETF Trust

SPY starts the session at 682.50, and with FOMC looming, the early tone carries more weight than usual. If buyers can stabilize near this open, a move into 684.00 may develop as traders position ahead of the announcement. Strength above that level opens the door toward 686.10, where momentum algorithms might start leaning into pre-FOMC drift. Continued buying could push toward 688.25, with a more aggressive upside sweep toward 690.40 possible if volatility expands later in the session. Any rally today will be less about establishing trend and more about positioning, so every reclaim of overhead resistance becomes meaningful.

On the downside, if SPY loses 682.50 early, sellers may drag the index into 680.75. A breakdown there exposes 678.60, where real demand needs to show up to avoid a heavier unwind. If selling pressure builds ahead of Powell, a move into 676.40 may form as traders de-risk positions. Continued weakness could slide the tape into 674.25, with a deeper wash into 672.10 remaining possible if the market starts pricing in a more hawkish tone from the press conference. Downside levels deserve more respect than usual today.

Invesco QQQ Trust Series 1

QQQ opens at 624.25, and buyers will attempt to establish footing since tech tends to drive pre-FOMC sentiment. If support holds, a move into 626.00 may follow, where buyers can test early control. Pushing above that brings 628.10 into view, and a sustained bid can power a run toward 630.25 as traders anticipate dovish language. If volatility expands later in the day, QQQ could stretch toward 632.50, with a maximum pre-FOMC extension into 634.75 if large caps rotate higher together.

If QQQ sinks below 624.25, sellers may quickly pressure price into 622.15. Failure to stabilize can drag the index into 620.00, a level that determines whether today becomes a fade or a breakdown. A deeper move into 617.90 may appear if the market leans defensive. If sellers gain momentum, the index could flush into 615.75, with a heavier slide toward 613.50 possible if traders reposition aggressively before Powell speaks.

Apple Inc.

Apple Inc. (AAPL) begins the day at 277.00, and bulls will attempt to create early balance. If they succeed, price may lift into 278.10, with a further push into 279.25 possible if the tape firms up ahead of FOMC. Holding strength can bring 280.40 into play, and with enough momentum Apple could stretch toward 281.60. A more powerful move into 282.75 is possible if indices lean higher as traders prepare for Powell.

If Apple loses 277.00, sellers may attempt to fade the stock into 275.85. A breakdown there could send price into 274.65, with continued pressure potentially pulling the stock toward 273.50. If volatility expands and tech weakens, Apple could slide into 272.30, with an extended flush toward 271.15 possible if markets treat the morning as a de-risking window before the rate decision.

Microsoft Corp.

Microsoft Corp. (MSFT) opens at 486.50 and will be heavily watched as one of the cleanest macro barometers. If buyers defend the open, a move into 488.10 may emerge. Strength above that can lift the tape toward 489.75, and if momentum builds Microsoft could climb into 491.40. Sustained buying ahead of the announcement can push the stock toward 493.10, with a stronger extension into 494.90 if markets anticipate a supportive message from Powell.

If MSFT breaks below 486.50, sellers may pressure price into 484.90. A continuation lower may bring 483.20 into focus. If buyers don't step in, a move into 481.55 becomes likely, where liquidity will matter. A deeper slide into 479.90 can appear if risk comes off before the decision. Should the tape turn heavy, Microsoft may push toward 478.20.

NVIDIA Corporation

NVIDIA Corporation (NVDA) starts the session at 185.25, and semis will be extremely sensitive to rate expectations. If support forms, price may lift into 186.40. Strength above that could open a move toward 187.60, with further upside toward 188.85 if flows turn risk-on ahead of FOMC. Should momentum extend, NVIDIA could press into 190.10, with a strong tape across semis and AI-related names potentially carrying price toward 191.40.

If NVIDIA fails to hold 185.25, sellers may lean into 184.00. A sustained breakdown may send price into 182.75. If buyers hesitate, a slide toward 181.55 can unfold. Heavier volatility could trigger a move into 180.25, with a deeper wash into 179.00 possible if the market de-risks aggressively before the rate announcement.

Alphabet Inc Class A

Alphabet Inc Class A (GOOGL) opens at 315.25, and if buyers stabilize the tape early, a move into 316.70 may take shape. Continued strength can push the stock toward 318.10. Should flows improve, GOOGL may extend toward 319.50 with room toward 321.00 if market breadth improves ahead of Powell. A more aggressive bid could stretch into 322.40.

If GOOGL breaks below 315.25, sellers may drive price toward 313.90. Failure to hold could drag the tape into 312.50, with a deeper fade potentially bringing 311.10 into view. If tech softens broadly, the stock may slide toward 309.75. If FOMC anxiety rises, Alphabet could probe into 308.40.

Meta Platforms Inc.

Meta Platforms Inc. (META) begins at 651.75, and buyers will look to reassert control at this level. A move into 654.00 may develop if stabilization holds. Strength above that can carry the stock toward 656.25, with a momentum extension toward 658.50 possible if traders position bullishly ahead of the announcement. If volume expands, META could stretch into 660.75, with a more forceful upside move potentially reaching 663.00.

If Meta loses 651.75, sellers may target 649.25. Continued weakness could drive price toward 646.75, with a heavier fade potentially pulling the stock toward 644.25. If pressure intensifies, a test of 641.75 can appear. A deeper unwind into 639.25 remains possible with elevated pre-FOMC volatility.

Tesla Inc.

Tesla Inc. (TSLA) opens at 447.50, and bulls will try to build a floor. If support holds, Tesla may climb into 449.25. A push above that can create room toward 451.00, with stronger flows possibly driving a move into 452.75. If buyers remain engaged, the stock could press into 454.50, with an extended move into 456.25 possible if traders lean risk-on before the event.

If Tesla loses 447.50, sellers may test 445.75. A breakdown can drag price toward 444.00, with continued weakness potentially bringing 442.25 into view. If downside accelerates, Tesla may move into 440.50. A deeper slide into 438.75 remains possible if macro tension rises ahead of Powell.

The Bottom Line

Today is all about managing risk around a binary event. The technical levels outlined above provide a roadmap, but remember that FOMC days rewrite the script quickly. Protect your capital, size positions appropriately, and don't chase moves in either direction without confirmation. When Powell starts talking at 2:30PM ET, the market will tell you everything you need to know about how to trade the rest of the session.

Trade safely out there.