Good Morning Traders!
Today’s economic calendar unfolds with an extremely sparse lineup for Wednesday, offering little in the way of significant data to sway markets. The sole notable event is at 1:00 PM ET, when Fed's Goolsbee, a voting member, will address monetary policy during the Monetary Policy Luncheon, potentially sharing perspectives on current economic conditions.
At 1:30 PM ET, Fed's Bostic is scheduled to speak, which might provide additional regional insights, though both comments will likely avoid direct rate cut speculation during the blackout period. Traders are still absorbing yesterday's CPI data, suggesting possible rate cuts as early as the next meeting, potentially 50 basis points, which could trigger intermittent volatility in a thin market.
Given the lack of robust data and focus on Fed commentary, anticipate sporadic price movements driven by news or sentiment shifts. Maintain a disciplined approach with protective measures like stop-losses to navigate this uncertain terrain effectively.
We will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
SPDR S&P 500 ETF Trust SPY
SPY is presently trading near our critical marker of 644.00. Bulls are targeting an early lift to 645.25. If momentum holds above 645.25, we expect buyers to guide prices toward our next solid base at 646.79. Should this foundation remain intact during regular trading, anticipate a rise to 647.65, with our top bullish aspiration for the day reaching 648.49.
Should bulls stumble at 644.00, sellers may drive prices downward, first testing the 642.94 mark. Growing bearish pressure could threaten the 641.65 level. A decisive break below this could send SPY plunging toward the firm support at 639.91. If a steep sell-off occurs, bears might hit our lowest target for the session at 638.36.
Invesco QQQ Trust Series 1 (QQQ)
The QQQ is currently positioned near our focal point of 581.50. Bulls must assert dominance above this point, establishing 583.43 as a dependable intraday cushion. Sustained positive momentum should then propel further gains, aiming for the upcoming barrier at 585.91. With vigorous buying today, a surge to 589.29 is on the table, setting our highest bullish target for the QQQ at 592.59.
If QQQ fails to maintain 581.50 during standard hours, bears may take over and force prices down, beginning with a probe at 579.75. Should weakness persist, a deeper retreat to 578.61 is likely. Extended bearish influence might push prices lower to the support at 576.89, and a breach here opens the path to our lowest bearish goal of the day at 575.88.
Apple Inc. AAPL
Apple is hovering near our essential benchmark of 230.00. Bulls should strive to preserve this as a base, nudging the stock upward initially to 231.31. Consistent purchases could elevate Apple to the next obstacle at 232.63. Should bullish players seize control today, our upper bullish limit hits 234.26.
If buyers cannot uphold 230.00, bearish traders might target 229.00 next. Ongoing selling pressure could drag Apple down to the support zone at 228.12. A collapse below this might spark additional drops to 227.37, with further softening potentially reaching our lower bear target at 226.74.
Microsoft Corp. (MSFT)
Microsoft is situated near our prominent indicator of 529.50. Bulls will seek to fortify this level, paving the way for an upward shift to 531.70, which would serve as intraday support. Holding firm above 531.70 could launch Microsoft into a bullish climb to 533.57, with steady buying likely pushing prices to our daily bullish target of 536.01.
Should 529.50 not hold, bears may swiftly test the 528.33 level. Falling below this support could heighten downward pressure toward 526.78. If selling intensifies, the next bearish aim becomes 525.26, opening a route to our lowest session target at 523.89.
NVIDIA Corporation (NVDA)
NVIDIA is circling our pivotal threshold of 183.50. Bulls need to thrust the price higher to reclaim and cement support at 184.54. Ongoing upward drive could unlock a path to the next resistance at 185.91. Vigorous buying today might propel NVIDIA further to 187.25, with our top bullish target set at 188.91.
If NVIDIA cannot stay above 183.50, bearish sellers might aim for a descent to 181.30. A breakdown with substantial volume could see prices plummet to 179.79. Additional weakness might challenge 178.48, and sustained downward momentum could ultimately lead to our daily bearish target at 177.49.
Alphabet Inc Class A (GOOGL)
Alphabet is lingering near our notable milestone of 203.50. Bulls will first endeavor to solidify this as intraday support, targeting an upward move to 204.55. Robust bullish action could stretch this rally to reach today's ultimate bullish target of 206.42.
Should buyers lose grip on 203.50, sellers may aggressively test support at 202.39. If bearish sentiment escalates, anticipate a drop toward 201.28. Under heavy selling pressure, Alphabet might fall to our low-end bearish target of 199.55.
Meta Platforms Inc (META)
Meta is positioned near our strategic point of 792.50. Bulls will strive to build strength above 795.21, opening the possibility for further gains to 797.16. Sustained bullish determination could then raise Meta to the next resistance at 799.80, with potential for buyers to push toward our bullish target of 802.45.
If Meta fails to hold support at 792.50, sellers might target a decline to 788.59. Continued bearish activity could spur a deeper drop to 786.13. Should this level give way, intensified selling could accelerate the move down to our lowest bearish target for the session at 784.13.
Tesla Inc. (TSLA)
Tesla is currently orbiting our significant marker of 342.50. Bulls should aim for an upward shift to 344.78, with sustained buying potentially elevating prices to the next resistance at 348.46. If market sentiment turns highly bullish today, Tesla may climb to 354.39, with our maximum bullish target at 356.64.
Should the support at 342.50 erode, sellers may quickly test 340.66. Additional bearish force could drag Tesla down to 338.82. A failure at this point with heavy selling might lead to a further drop to our daily bearish target of 337.43.
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.
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