Good morning, traders. Let's talk about what just happened and what comes next.

Yesterday's FOMC decision gave us the expected 25 basis point rate cut, but the real action was in the details. Three committee members dissented, which is unusual enough on its own. One wanted a bigger cut, two thought the Fed was moving too fast. That's not exactly a unified front, and the subtle language tweaks in the statement suggest the committee might be gearing up for a pause or at least making it harder to justify additional cuts as we head toward 2026.

Then came the surprise. The Fed announced it will start purchasing forty billion dollars worth of Treasury bills next week to ensure the system has ample reserves. The size and timing caught people off guard, and traders immediately started debating what it means. Some see it as a quiet but deliberate liquidity injection, which matters because it eases financial conditions even while Powell is verbally pumping the brakes on more rate cuts. That's a tension worth paying attention to.

Powell's press conference was classic central banker speak: patience, balance, careful observation. He softened his tone on the labor market, acknowledging it's cooling but stopping short of sounding alarms. What we're left with is this unusual mix of caution on rates but accommodation through liquidity. That creates a complicated environment for price action, especially after yesterday's violent moves forced a lot of repositioning.

Today brings a packed calendar of data releases that could shift intraday momentum. At 8:30AM we get continuing and initial jobless claims along with the October trade balance. At 10:00AM, final wholesale inventories from October. At 10:30AM, natural gas inventories. At 11:00AM, the Treasury announces three and six month bills along with TIPS and bond announcements. At 11:30AM, four and eight week bill auctions. At 12:00PM, household change in net worth for Q3. And at 1:00PM, a thirty year bond auction that could be particularly interesting given the liquidity dynamics.

After yesterday's FOMC volatility, today's session carries elevated risk for sharp bursts of movement as large participants adjust their books. Liquidity may be patchy, and certain pockets could expand rapidly before fading just as quickly. Stay alert.

Let's walk through the technical levels for SPY, QQQ, and the major tech names.

SPDR S&P 500 ETF Trust

SPY starts the session at 685.00, and buyers need to hold this level to maintain any sense of control after yesterday's chaos. If they succeed, watch for movement into 686.20, and clearing that could open the door to 687.40. Continued momentum might carry the index into 688.75, and if buyers really lean in, an expansion to 690.10 is possible. Push beyond there to 691.35 and it would signal institutions are re-establishing control after the FOMC reaction.

On the downside, losing 685.00 could pull price into 683.60. Break that and sellers may target 682.25, with a failure to defend bringing 681.00 into play. A deeper unwind could take SPY toward 679.50, and if liquidity gets thin, further weakness into 678.15 is on the table. Heavy downside would tell us the market is still digesting Powell's messaging and recalibrating policy expectations.

Invesco QQQ Trust Series 1

QQQ opens at 624.00, with bulls trying to stabilize after yesterday's wide ranges. Hold above this and price could move into 625.40. Maintain traction there and a lift into 626.75 becomes likely, followed by potential expansion toward 628.25. Stronger flows might target 629.80, and an optimistic tape could stretch the index toward 631.25 as tech recalibrates post-FOMC.

Slip under 624.00 and sellers may pressure the index toward 622.55. Losing that level exposes 621.10, and a sharper unwind could drag price into 619.50. If downside continues, QQQ may test 618.10, with risk of further weakness into 616.50 if volatility accelerates.

Apple Inc.

Apple Inc. (AAPL) begins at 280.00, where bulls want to establish a constructive base. Success here could lift price into 281.10, and continuation there might bring movement into 282.30. A stronger bid could push Apple toward 283.45, and if broader tech flows strengthen, an extension into 284.60 may emerge. Clear that level and a climb toward 285.80 opens up.

If Apple loses 280.00, sellers may pull price into 278.90. Break there and the path toward 277.75 opens, with continued weakness potentially bringing a move into 276.60. A heavier fade may carry price into 275.40, with potential for further downside into 274.25 if market sentiment deteriorates.

Microsoft Corp.

Microsoft Corp. (MSFT) opens at 476.50, and bulls will try to steady things after a choppy post-FOMC response. Hold above this zone and Microsoft could move into 477.85, with further upside into 479.20 if momentum builds. A strong bid may launch price toward 480.55, and clearing that area allows potential continuation into 482.00. A powerful session could extend into 483.50.

Fall below 476.50 and pressure may quickly guide price into 475.00. Lose that area and sellers can expose 473.60, with further downside aiming for 472.10. Continued weakness can drag MSFT toward 470.65, and if market conditions worsen, a decline into 469.15 may follow.

NVIDIA Corporation

NVIDIA Corporation (NVDA) trades at 181.25 to begin the day. If buyers stabilize here, price may push into 182.30, with follow-through potentially carrying into 183.35. Maintain strength and a move into 184.50 becomes likely, and if enthusiasm broadens, NVIDIA may stretch into 185.75. A more aggressive upside sequence can reach toward 187.00.

Sink under 181.25 and sellers can test 180.10. Break there and a move into 178.95 becomes possible, with continued weakness potentially pulling price into 177.80. If downside momentum accelerates, NVDA may slide toward 176.60, with room for further pressure into 175.40.

Alphabet Inc Class A

Alphabet Inc. (GOOGL) begins at 319.50, where buyers will attempt to create early footing. If successful, a lift into 320.85 may develop, followed by a test of 322.25. Stronger upside can send price toward 323.60, and if tech strengthens broadly, Alphabet may reach toward 325.10. A powerful continuation could extend into 326.50.

Lose 319.50 and sellers may push price toward 318.10. A deeper slide can carry into 316.75, and weakness through that level can expose 315.40. Continued selling pressure may guide price toward 314.00, with room for further downside into 312.75 if volatility picks up.

Meta Platforms Inc.

Meta Platforms Inc. (META) opens at 645.75, where bulls will try to reclaim control after recent swings. If support holds, Meta can lift into 647.70. Sustained momentum may carry price into 649.60, and a stronger push could reach into 651.50. Clear that zone and an expansion toward 653.40 becomes possible, with potential for 655.25 if the market turns constructive.

Break below 645.75 and price may decline into 643.85. Continued weakness can target 641.90, and if selling pressure intensifies, META may slide into 639.95. A heavy tape can push price toward 638.00, with extension potential into 636.10.

Tesla Inc.

Tesla Inc. (TSLA) begins at 448.50, and buyers will try to build stability after yesterday's wide-range movement. Hold above this level and a move into 450.00 becomes likely, with stronger momentum potentially lifting price into 451.45. If bulls maintain control, Tesla may expand into 452.90, with room to stretch into 454.40. A powerful advance can reach toward 455.90 as volatility unwinds.

Lose 448.50 and sellers may drive price into 447.00. Break there and 445.40 gets exposed, with deeper weakness potentially pulling TSLA into 443.85. Continued pressure can guide price toward 442.20, with room for further decline into 440.60 if sentiment deteriorates.

Final word: Treat every trade with discipline, stay patient, and let the market reveal where the real strength and weakness is. Today's tape could be messy.