How To Trade SPY, Top Tech Stocks As Market Awaits CPI Data

Good Morning Traders!

Today is one of the most important trading sessions of the month with the release of the Consumer Price Index for September at 8:30 AM Eastern. This report will heavily influence expectations around monetary policy over the next several meetings and could create sizable volatility if it deviates from forecasts. 

At 9:45 AM Eastern, traders will receive updated readings on Manufacturing, Services, and Composite PMIs for October through the S&P Global releases. These datasets help shape the near-term outlook on economic momentum following the Fed's policy stance. Kansas City Services data at 11 AM Eastern will round out the scheduled activity. 

With sentiment tightly hinged to inflation expectations, price action is likely to be fast and directional following the morning news. Manage exposure carefully, react to what the tape is showing, and set risk parameters before volatility hits.

Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

SPDR S&P 500 ETF Trust (SPY)

SPY opens at 673.75, where buyers are looking to maintain upward momentum ahead of a major data release. A push above this level could carry price into 675.00 and 676.20, with continued strength lifting toward 677.40. If bullish participation grows on positive inflation news, SPY may stretch into 678.65 and 679.85 as investors position into the weekend. Each step higher shows increasing confidence that the market can handle the macro backdrop. 

If SPY loses 673.75 off the open, sellers may press into 672.45. A failure to stabilize there can send price into 671.15 and 669.95, with heavier downside potentially reaching 668.70. If momentum accelerates, SPY could dip toward 667.45 before buyers attempt to step back in. These levels will show whether CPI triggers risk-off reactions or simply a brief reset before upside continuation.

Invesco QQQ Trust Series 1 (QQQ)

QQQ begins the session at 613.75, where bulls will try to carry tech leadership into the new data cycle. A move above could lift price into 614.90 and 616.05, with buyers possibly driving into 617.20. If momentum strengthens, QQQ could stretch into 618.35 and 619.55. Each upward move suggests traders are rotating back into growth if inflation progresses in the right direction. 

If QQQ drops below 613.75, sellers may probe into 612.50. A break of that zone could lead into 611.30 and 610.10, with continued softness reaching 608.85. If pressure intensifies, QQQ may find deeper testing into 607.60. These areas will tell us whether the market wants to lighten exposure or simply shake out weak hands on the morning reaction.

Apple Inc. (AAPL)

Apple opens at 260.50, and bulls want to keep the stock perched near its recent higher base. A hold above could drive price into 261.45 and 262.40, with added momentum lifting toward 263.35. If strength builds post-CPI, Apple may push into 264.30 and 265.25. Each leg higher reinforces the idea that investors continue to view Apple as a defensive cornerstone with upside potential. 

If Apple slips below 260.50, sellers may lean into 259.55. Continued pressure could drag the stock into 258.60 and 257.65, with heavier selling reaching 256.70. If weakness expands, Apple may drift toward 255.75 before stabilizing. These zones will reveal whether a soft CPI print shakes investor confidence or simply offers fresh entries.

Microsoft Corp. (MSFT)

Microsoft begins the day at 521.75, where buyers will be watching for confirmation after a steady week of grind higher. A move above could send price into 522.95 and 524.20, with continued strength driving into 525.40. If demand accelerates, MSFT may stretch toward 526.65 and 527.85. Each push upward shows traders staying committed to quality mega caps through volatility. 

If MSFT breaks below 521.75, sellers may target 520.55. A drop under here opens the path to 519.35 and 518.10, with heavier downside reaching 516.90. If selling firms up, the stock could test 515.70 before buyers appear. These levels will help determine how sensitive software names are to inflation expectations today.

NVIDIA Corporation (NVDA)

NVIDIA opens at 183.25, where bulls will try to show continued accumulation after recent hesitation. A move higher could lift price into 184.30 and 185.35, with momentum carrying into 186.40. If upside extends, NVDA may reach 187.45 and 188.50. Each advancement reinforces ongoing confidence in semiconductors as a leading segment. 

If NVIDIA loses 183.25, sellers may pull price into 182.20. A deeper fade could expose 181.15 and 180.10, with added weakness carrying into 179.05. If pressure continues, the stock could slip toward 178.00 before catching support. These zones show where growth appetite could temporarily fade if CPI disappoints.

Alphabet Inc Class A (GOOGL)

Alphabet starts the session at 256.25, and buyers will try to sustain its recent positive tone. A move above could push price into 257.20 and 258.15, with buyers later chasing into 259.10. If strength builds, the stock could reach 260.00 and 260.95. Each rise would highlight continued trust in communication names even during data-driven volatility. 

If GOOGL fails at 256.25, sellers may drag it into 255.25. A breakdown there exposes 254.20 and 253.15, with deeper selling bringing the tape into 252.10. If momentum softens further, the stock could test 251.05 before setting a base. These levels reveal where bargain hunters could emerge if the morning numbers create a short-term dip.

Meta Platforms Inc (META)

Meta opens at 737.50, with bulls looking to extend its sturdy climb. A lift above could bring price into 739.70 and 741.85, with more aggressive continuation pushing into 744.00. If buyers remain eager, META may reach 746.20 and 748.35. Each new high signals that traders remain committed to strength in the higher beta growth names. 

If META falls below 737.50, sellers may push into 735.35. Continued weakness could target 733.20 and 731.10, with heavier downside driving toward 728.95. If selling continues, the stock may slip toward 726.85 before stabilizing. These zones will show whether volatility after CPI is a brief shakeout or a warning signal.

Tesla Inc. (TSLA)

Tesla begins the morning at 446.25, and buyers will attempt to build a firmer base for continuation. A move higher could carry price into 447.85 and 449.45, with stronger participation driving into 451.00. If bullish enthusiasm increases, Tesla may stretch into 452.60 and 454.20. Each move upward shows improving conviction after weeks of consolidation. 

If Tesla drops below 446.25, sellers may first probe 444.65. A loss of this level could take the stock into 443.05 and 441.50, with added weakness driving into 439.95. If pressure builds, Tesla could retest 438.40 before buyers return. These areas will be key in assessing whether risk appetite holds up on the inflation print.

Final Word: Good luck, trade safely, and enjoy your weekend.

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.