Good Morning Traders!

Today's session is packed with high impact economic data that has the potential to drive sharp and fast moves across markets. At 8:30AM ET, traders will digest New York Fed Services Business Activity, Retail Sales, Core Retail Sales, Average Hourly Earnings, Average Work Week Hours, the Unemployment Rate, and Non Farm Employment Change. These releases collectively provide a comprehensive snapshot of consumer strength, labor market health, and inflation pressures, making this the most important data window of the day. 

At 8:55AM ET, Redbook Retail Sales adds additional insight into consumer spending trends. At 9:45AM ET, attention shifts to the Preliminary S and P Global Manufacturing, Services, and Composite PMIs, which offer forward looking insight into economic momentum. At 10:00AM ET, Business Inventories and Retail Inventories will help gauge supply and demand balance, while the Treasury's 4 and 8 Week Bill Announcement at 11:00AM ET may influence rates and liquidity conditions. 

With multiple data points clustered into the morning, expect elevated volatility, fast rotations, and sharp reactions to surprises.

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

SPDR S&P 500 ETF Trust (SPY)

SPY opens the session at 680.25 as markets brace for a heavy macro morning. Buyers will want to see this level hold early to keep momentum intact after recent volatility. If price stabilizes here, a push toward 681.50 is possible, which would signal buyers stepping back in with confidence. Strength above that zone could open the door to 683.00, where prior supply may test upside follow through. A strong reaction to the data could even allow SPY to stretch toward 684.75 if risk appetite improves broadly. 

If SPY fails to hold 680.25, sellers may press price into 678.75 fairly quickly. Losing that level would suggest data disappointment or risk off positioning, opening downside toward 677.25. Continued pressure could drag SPY into 675.50, an area where buyers must respond to prevent a deeper unwind. Failure there increases the odds of accelerated downside as liquidity thins.

Invesco QQQ Trust Series 1 (QQQ)

QQQ starts the day at 609.75 with tech directly exposed to today's labor and growth data. Holding this level would suggest buyers are comfortable absorbing volatility early. If QQQ can reclaim momentum, look for a move into 611.25, followed by a test of 613.00 where sellers may reappear. A strong macro reaction could allow price to push into 615.00, signaling renewed confidence in growth names. 

If QQQ loses 609.75, sellers may quickly push into 608.00. A break there exposes 606.25, which would reflect fading buyer conviction after recent strength. Continued weakness could extend into 604.50, where buyers will need to defend aggressively. Failure to hold that zone risks a sharper downside move as positioning unwinds.

Apple Inc. (AAPL)

Apple opens at 273.50 as traders weigh macro data against large cap stability. Holding this level keeps the structure constructive and opens upside toward 274.75. If buyers stay engaged, price could grind into 276.25, where previous supply may cap gains. A strong data driven rally could allow Apple to test 278.50 later in the session. 

If 273.50 breaks, sellers may test 272.25 quickly. Continued weakness would bring 270.75 into focus, an important level where buyers need to show interest. If selling pressure persists, Apple could slide into 269.00, reflecting broader market caution following the data releases.

Microsoft Corp. (MSFT)

Microsoft begins the session at 474.25, sitting at a key decision point. Buyers defending this level could push price into 476.00, signaling renewed strength in large cap tech. If momentum builds, MSFT may reach 478.50, where sellers may attempt to slow the advance. Strong participation could stretch price into 481.00. 

If MSFT loses 474.25, sellers may push into 472.50 early. A breakdown there opens downside toward 470.75, suggesting risk reduction across the tape. Continued selling could drag price into 468.50, an area where buyers must respond to avoid further downside acceleration.

NVIDIA Corporation (NVDA)

NVIDIA trades at 176.75 with volatility expected given its sensitivity to growth data. Holding this level allows buyers to target 178.50, followed by a possible push into 180.25 if sentiment improves. Strong follow through could extend into 182.00 as traders lean back into momentum. 

If 176.75 fails, sellers may drive price into 175.00 quickly. Continued weakness could test 173.25, signaling fading appetite for high beta names. If that level gives way, downside risk opens toward 171.50 as sellers gain control.

Alphabet Inc Class A (GOOGL)

Alphabet opens at 308.25 with buyers attempting to maintain recent strength. Holding this level could allow a move into 310.00, followed by a test of 312.50 if momentum builds. A favorable macro reaction may push price into 315.25 as confidence improves. 

If sellers reclaim control below 308.25, look for downside into 306.50. A break there exposes 304.75, where buyers must step in. Continued selling could drag GOOGL into 302.50, reflecting broader market hesitation.

Meta Platforms Inc (META)

Meta begins the session at 645.75 with buyers looking to stay in control. Holding above this level could fuel a move into 648.50, followed by a potential push toward 651.75 if risk appetite remains strong. A broad rally could allow META to stretch into 654.00. 

If 645.75 breaks, sellers may push into 642.75. Continued pressure opens downside toward 639.50, an important support area. Failure there could lead to a deeper pullback as traders de risk following the data.

Tesla Inc. (TSLA)

Tesla opens at 472.75 with volatility expected given today's economic releases. Holding this level keeps upside targets intact toward 475.50, followed by a possible test of 479.00 if buyers press. Strong momentum could allow price to reach 482.25 as risk appetite expands. 

If TSLA loses 472.75, sellers may quickly test 469.50. Continued weakness could drag price into 466.25, where buyers need to defend. Failure to hold that zone increases the odds of accelerated downside as volatility picks up.

Final Word: Traders should stay patient, respect risk, and avoid chasing early moves until direction becomes clearer.

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.

• No comments yet. Be the first to comment!