Good Morning Traders!
Today’s economic calendar kicks off the week with very limited scheduled data. The July Chicago Fed National Activity Index provides a broad look at U.S. economic activity across production, employment, consumption, housing, and other areas of the economy. The only other notable scheduled event is the Treasury’s 3 and 6 Month Bill Auction at 11:30AM ET.
With no major economic catalyst on the calendar, today’s session may be driven more heavily by technical levels, Treasury yields, positioning, and individual stock flows. After last week’s monthly options expiration, traders should also watch how the market behaves as expiration related positioning resets and a new week begins. Quiet calendars can produce rotational sessions, so the quality of volume and acceptance around important levels may be more informative than the initial directional move.
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 764.50 as markets begin the week with very little scheduled economic data. With the macro calendar unlikely to provide a major directional catalyst, technical levels, Treasury yields, and broader positioning should have greater influence on today’s session. If buyers defend 764.50, a move toward 770.50 may develop, followed by 776.50 if momentum builds. Sustained strength above 782.50 would improve the short term structure and put buyers back in control.
If SPY loses 764.50 with conviction, sellers may press into 758.50. A breakdown there could expose 752.50, while continued weakness may bring the 746.50 region into focus. On a quiet Monday, watch whether early moves attract meaningful volume and acceptance or simply rotate back through the opening range.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is currently trading around 709.75 and remains under pressure following the recent pullback across large cap technology. If buyers defend this pivot, price may advance toward 716.75, followed by 723.75 if momentum strengthens. Sustained strength above 730.75 would begin repairing the short term structure and indicate improving institutional demand.
If 709.75 fails to hold, sellers may drive price toward 703.25. A deeper breakdown could expose 696.75, while continued weakness may bring the 690.25 region into play. With limited macro catalysts today, participation from semiconductors and the major technology components should provide an important read on whether QQQ can stabilize.
Apple Inc. (AAPL)
AAPL is currently trading around 310.50 and continues to demonstrate better relative stability than several other mega cap technology names. If buyers defend this pivot, price may rotate toward 315.75, followed by 321.00 if momentum builds. Sustained strength above 326.25 would reinforce the constructive short term structure.
If 310.50 breaks lower, sellers may test 305.50 quickly. Continued downside pressure could extend into the psychological 300 level, while deeper weakness may bring the 295.00 region into focus. Relative performance against QQQ remains worth monitoring as the broader technology sector attempts to stabilize.
Microsoft Corp. (MSFT)
MSFT is currently trading around 483.25 and remains below the psychologically important 500 level after its recent pullback. If buyers defend this area, price may recover toward 490.25, followed by 497.25 if momentum builds. Sustained strength above 504.25 would reclaim 500 and materially improve the short term structure.
If 483.25 fails to hold, sellers may press into 476.25. A deeper pullback could test 469.25, while continued weakness may bring the 462.25 region into play. Until MSFT begins establishing acceptance back above 500, rallies into that area may continue to encounter overhead supply.
NVIDIA Corporation (NVDA)
NVDA is currently trading around 214.50 and remains an important leadership gauge for semiconductors and QQQ. If buyers defend this pivot, a move toward 221.75 may develop, followed by 229.00 if momentum strengthens. Sustained trade above 236.25 would improve the short term structure and indicate renewed semiconductor participation.
If 214.50 fails to hold, sellers may test 208.50 quickly. Continued downside could extend into 202.50, while deeper weakness may bring the psychological 200 area and 196.50 region into focus. NVDA’s ability to stabilize could be particularly important for determining whether the recent technology pullback begins finding support.
Alphabet Inc Class A (GOOGL)
GOOGL is currently trading around 343.75 and continues attempting to establish a durable base after its recent weakness. If buyers defend this level, price may rotate toward 350.25, followed by 356.75 if momentum improves. Sustained strength above 363.25 would indicate a more meaningful recovery attempt.
If 343.75 fails to hold, sellers may guide price toward 337.75. A breakdown there could expose 331.75, while continued weakness may bring the 325.75 region into play. Continued underperformance while QQQ stabilizes would reinforce the presence of stock specific selling pressure.
Meta Platforms Inc (META)
META is currently trading around 552.25 and attempting to stabilize after its substantial pullback from the 600 area. If buyers defend this pivot, a recovery toward 559.75 may develop, followed by 567.25 if momentum builds. Sustained strength above 574.75 would begin repairing the short term structure and provide stronger evidence that buyers are establishing a base.
If 552.25 breaks lower, sellers may guide price toward 545.25. A deeper pullback could test 538.25, while continued weakness may bring the 531.25 region into focus. META still has meaningful overhead supply to work through before the larger recovery becomes more convincing.
Tesla Inc. (TSLA)
TSLA is currently trading around 361.50 and continues to display notable relative strength after extending its recent recovery. If buyers defend this pivot, a move toward 370.00 may develop, followed by 378.50 if momentum continues. Sustained strength above 387.00 would reinforce the bullish short term structure and indicate continued speculative demand.
If 361.50 fails to hold, sellers may test 353.50 quickly. Continued downside pressure could extend into 345.50, while deeper weakness may bring the 337.50 region into play. With several mega cap technology names still struggling, TSLA’s ability to maintain relative strength should be worth monitoring.
Final Word: Good luck and trade safely!
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.
