Good Morning Traders!
Thursday, October 22 brings weekly jobless claims at 8:30AM ET, followed by the Conference Board’s Leading Economic Index at 10:00AM ET. Both releases are still ahead. Claims show how many people are applying for unemployment benefits, while the leading index combines several measures to help assess the economy’s direction. A softer jobs reading could raise growth concerns even if it eases expectations for higher interest rates. U.S. stocks have a normal full trading session today.
Overnight, fresh attacks in Saudi Arabia have pushed oil higher while technology earnings have failed to settle concerns about AI spending. More expensive energy can squeeze consumers and businesses while complicating the inflation outlook. Treasury yields have moved lower as investors seek government bonds, so falling yields alongside falling stocks should not automatically be read as an improving outlook. Meta and Tesla have already reported, making today’s trading a response to their results rather than positioning ahead of them.
The Kansas City Fed manufacturing survey arrives at 11:00AM ET, adding a regional view of production, demand and prices. For the session, watch participation, observable volume and whether more leading stocks begin joining any recovery. AAPL’s early resilience stands apart from weakness in GOOGL and TSLA, but broader support would make a rebound more convincing. Let a recovered level hold through a pullback before assuming the first bounce has changed the day’s direction.
Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
SPDR S&P 500 ETF Trust (SPY)
SPY is currently trading around 765.50, below Wednesday’s range as higher oil prices and renewed technology selling pressure the early market. Buyers first need to recover the October 1 high at 765.65. Holding above it could support a move toward Monday’s low at 765.82, followed by Monday’s official close at 766.48. Those nearby repairs come before any attempt to recover yesterday’s range, and buyers need to preserve the first rebound when price pulls back.
If Friday’s afternoon rebound high at 765.17 fails to hold, sellers may test last Thursday’s low at 764.43. Tuesday’s low at 764.25 sits just beneath it as another reference. Returning above 765.65 would weaken that downside path. Watch whether financial stocks and technology begin supporting the same recovery, since strength in a few individual names would leave the broader rebound less convincing.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is currently trading around 713.50, giving back Wednesday’s advance as investors reassess the cost of expanding AI infrastructure. Price is below yesterday’s low, leaving buyers with recovery work before the technology picture improves. Reclaiming the September 11 low at 713.63 could open a path toward the September 9 low at 714.02. Friday’s afternoon rebound high at 714.50 is the next nearby hurdle. A pullback that stays above recovered ground would help the rebound retain its progress.
If the September 17 low at 713.32 breaks and cannot be recovered, sellers may test the September 14 high at 712.95. Further pressure could bring Friday’s midday rebound high at 711.99 into focus. Returning above 713.63 would interrupt that downside scenario. AAPL is holding up better than several other heavyweights, but QQQ needs more of its major components to stabilize together.
Apple Inc. (AAPL)
AAPL is currently trading around 344.00, staying near Wednesday’s close while several other large technology stocks retreat more sharply. Yesterday’s official close at 343.99 is the first area to reclaim and hold. If buyers establish support above it, price may recover toward Wednesday’s midday rebound high at 344.10, followed by the late afternoon high at 344.35. Clearing those nearby barriers would repair the initial weakness before yesterday’s higher prices become the focus.
If Wednesday’s late pullback low at 343.87 fails to hold, sellers may test the earlier afternoon low at 343.43. The midday pullback low at 343.37 provides another nearby reference, with Tuesday’s high at 343.06 becoming relevant if selling expands. A return above 343.99 would weaken that downside path. Apple’s relative resilience is useful to watch, especially if it can preserve recovered ground while QQQ remains under pressure.
Microsoft Corp. (MSFT)
MSFT is currently trading around 528.25, below Wednesday’s close after yesterday’s recovery from 525.02. Buyers need to regain the morning pullback level at 528.76 before a stronger rebound develops. Holding above that area could support a move toward Friday’s official close at 529.05. Wednesday’s morning rebound high at 529.76 is the next recovery reference. Protecting the first reclaimed level would help distinguish a developing recovery from another bounce that quickly fades.
If Wednesday’s morning pullback low at 528.00 breaks and cannot be recovered, sellers may test Friday’s afternoon rebound high at 527.77. Continued weakness could bring the October 9 low at 526.24 into play. Returning above 528.76 would weaken that downside scenario. Microsoft reports earnings on October 28, but today’s immediate test is whether it can stabilize alongside the wider technology group and retain progress through the next pullback.
NVIDIA Corporation (NVDA)
NVDA is currently trading around 217.75, retreating toward Wednesday’s low after yesterday’s advance reached 222.19. The session low at 217.66 is the nearby area buyers need to defend. If it holds, price may recover toward the September 18 low at 218.03, followed by Tuesday’s high at 218.46. Those are the first recovery steps before looking for a return to yesterday’s higher trading range. Buyers need to show that the rebound can survive a pullback.
If 217.66 breaks lower and cannot be reclaimed, sellers may test Tuesday morning’s pullback low at 217.25. Monday’s official close at 217.09 is the next reference, with Tuesday’s close at 216.47 becoming relevant if pressure continues. Returning above 217.66 would interrupt the initial breakdown. Watch whether other semiconductor stocks begin recovering with NVDA, because an isolated bounce would provide less support for a broader technology recovery.
Alphabet Inc Class A (GOOGL)
GOOGL is currently trading around 325.75, extending below Wednesday’s range after yesterday’s rebound stopped at 337.27. That places the stock near older chart references rather than the levels traded earlier this week. If buyers reclaim the July 27 close at 326.56 and hold above it, price may recover toward the September 10 low at 327.74. The September 9 low at 327.90 is the next nearby barrier. Buyers need to recover those areas before attempting a larger repair.
The July 23 high and July 28 low form a support area between 324.44 and 324.49. If that area breaks and cannot be recovered, sellers may test the July 24 high at 324.18, followed by the April 14 low at 323.75. Reclaiming 326.56 would weaken the downside scenario. Alphabet is among the weaker names this morning, so watch for its own recovery rather than assuming an improving QQQ will carry it higher.
Meta Platforms Inc (META)
META is currently trading around 684.75 after Wednesday’s earnings showed strong revenue growth alongside heavy investment spending and negative free cash flow. The company also announced a new class of nonvoting shares. Buyers first need to reclaim the September 16 high at 685.31. Holding above it could support a recovery toward Tuesday’s late pullback low at 687.89, followed by the earlier low at 688.30. Those nearby steps come before recovering Wednesday’s range.
If the September 17 high at 683.20 fails to hold, sellers may test that session’s official close at 682.31. Tuesday’s low at 681.05 becomes the next reference if weakness continues. Returning above 685.31 would interrupt that downside path. The earnings report is now behind us, so focus on whether buyers defend a recovery while investors weigh business growth against the cash required to fund the company’s expansion.
Tesla Inc. (TSLA)
TSLA is currently trading around 372.25, below Wednesday’s range following last night’s earnings. Tesla reported nearly flat revenue and lower operating profit, leaving the stock to repair part of yesterday’s advance. The September 25 close at 372.11 is a nearby area for buyers to defend. If it holds, price may recover toward Tuesday’s midday pullback low at 372.79, followed by the September 22 low at 372.88. Tuesday’s close at 373.71 becomes relevant if buyers clear those first barriers.
If last Wednesday’s high at 371.39 fails to hold, sellers may test the October 13 low at 371.30. Continued pressure could bring Friday’s high at 370.50 into focus. Returning above 372.11 would weaken the downside scenario. The gap has already erased yesterday’s higher trading range, so an opening bounce needs to preserve its progress before it establishes a more convincing recovery.
Final Word: Good luck, trade safely, and have a great Thursday!
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.
