Good morning, traders. If you're wondering why today might feel busier than usual, here's your answer: we've got a full menu of economic data that could actually move markets.

The action kicks off at 8:30 AM ET with preliminary third quarter Non Farm Productivity and Unit Labor Costs, alongside Continuing and Initial Jobless Claims and revisions to the Philadelphia Fed Manufacturing Business Outlook. This isn't just noise—these numbers tell us about labor efficiency, wage pressure, and whether the economy is holding up or starting to crack.

At 10:00 AM ET, Wholesale Trade Sales for November will give us a read on inventory and demand trends. Then at 11:00 AM ET, we get the New York Fed one year inflation expectations, which matters because if that number moves significantly, it could shift rate outlook expectations in a hurry. Treasury activity picks up late morning with note announcements and bill auctions, followed by Consumer Credit at 3:00 PM ET, which tells us how household borrowing behavior is trending.

With data dropping throughout the day, expect volatility to spike around release times. This is a session where patience and discipline aren't just nice to have—they're essential. Now let's look at the technical levels traders are watching in the major names.

SPDR S&P 500 ETF Trust (SPY)

SPY begins the session at 588.50, sitting just below recent highs as traders assess whether the strong push earlier this week has legs. Buyers want to see price hold above this zone to keep upside momentum intact. If SPY stays firm here, a move into the low 590s becomes likely, where price discovery could accelerate quickly given the lack of overhead resistance. Strength through that area would signal institutions continuing to deploy capital rather than booking profits.

If SPY loses 588.50, sellers may look to test downside responsiveness quickly. A pullback from this area could invite rotation into prior support zones, especially if incoming data introduces uncertainty. Failure to reclaim 588.50 on a bounce would suggest buyers stepping back, opening the door for a deeper retracement as traders reduce exposure ahead of potential macro surprises.

Invesco QQQ Trust Series 1 (QQQ)

QQQ opens at 622.75, with tech remaining the primary driver of broader market direction. Bulls will want to see this level act as a firm base as mega cap names continue to dictate flow. Holding above this zone keeps upside targets in play, with momentum favoring continuation if buyers defend dips aggressively during the morning session.

If QQQ slips below 622.75, sellers may attempt to press weakness into the prior consolidation range. That type of move would suggest hesitation from dip buyers and could lead to faster intraday swings as positioning adjusts. Any sustained trading below this level would indicate that risk appetite is cooling, at least temporarily.

Apple Inc. (AAPL)

Apple starts the day at 257.50, sitting at an important inflection point after recent volatility. Buyers will want to see price stabilize here and begin building higher lows to reassert control. Strength through this zone would suggest accumulation returning, particularly if the broader tape remains supportive.

If AAPL cannot hold 257.50, sellers may lean into weakness quickly. A breakdown here could invite momentum selling as traders reassess exposure. Failure to reclaim this level would keep Apple vulnerable to further downside probing as confidence fades.

Microsoft Corp. (MSFT)

Microsoft trades at 481.25, attempting to stabilize after recent price swings. Bulls will be watching closely to see if this level can act as a pivot for renewed upside. Holding firm here would suggest buyers remain committed, especially given Microsoft's influence across both tech and broader indices.

If MSFT breaks below 481.25, sellers may test lower demand zones as short term traders step aside. Continued weakness would signal caution creeping back into large cap leadership, which often spills over into broader market hesitation.

NVIDIA Corporation (NVDA)

NVIDIA opens at 190.00, remaining one of the most sensitive names to risk sentiment. Buyers will want to see price defend this area to maintain constructive structure. Strength here could allow NVDA to reclaim momentum quickly, especially if semiconductors remain in favor.

If 190.00 fails, sellers may press aggressively as volatility tends to expand quickly in this name. A breakdown could trigger sharp intraday moves as traders react to shifting expectations, making risk management especially important.

Alphabet Inc Class A (GOOGL)

Alphabet begins the session at 325.25, holding near elevated levels after strong upside performance. Buyers will look for continuation behavior, with shallow pullbacks signaling confidence. Sustained strength here keeps upside scenarios firmly intact.

If GOOGL slips below this level, sellers may attempt to force a reset into prior support. A failure to rebound quickly would suggest near term exhaustion, potentially leading to choppier price action as traders rebalance exposure.

Meta Platforms Inc (META)

Meta trades at 645.50, attempting to regain footing after recent consolidation. Buyers will want to see steady demand here to prevent deeper pullbacks. Holding this zone would suggest institutions remain comfortable maintaining exposure into ongoing macro events.

If META loses 645.50, sellers may test downside liquidity pockets as momentum stalls. Any inability to reclaim this level would increase the likelihood of further retracement as confidence wanes.

Tesla Inc. (TSLA)

Tesla opens at 429.50, continuing to display elevated volatility relative to the broader market. Buyers will want to see early stabilization to avoid sharp downside rotations. Holding this level keeps the door open for reactive upside moves.

If TSLA breaks below 429.50, sellers may accelerate pressure quickly as sentiment shifts fast in this name. Weakness could compound as traders reduce risk, leading to exaggerated intraday swings.

Final word: Stay selective, manage size appropriately, and respect the tape as it reacts to incoming information. Today's data flow matters, so trade accordingly.