Good Morning Traders!

Today's session continues the second full week of January 2026 with a very light economic calendar, placing greater emphasis on positioning and forward looking expectations. At 11:30 AM ET, the Treasury will hold a 3 Year Note Auction, which may influence rate sensitive assets as traders monitor demand and yield responses. Outside of that, there are no major scheduled economic releases to anchor price action early in the session. 

Attention will instead shift toward a series of Federal Reserve speakers throughout the day. Raphael Bostic is scheduled to moderate a discussion at 12:30 PM ET, followed shortly by remarks from Richmond Fed President Tom Barkin at 12:45 PM ET. Later in the afternoon at 6:00 PM ET, New York Fed President John Williams will deliver a keynote address. These appearances may shape expectations ahead of upcoming inflation data and influence intraday volatility. 

Adding to the uncertainty, markets will also be digesting headlines around federal prosecutors opening a criminal investigation into Fed Chair Jerome Powell. With limited hard data and heightened sensitivity to news flow, price action may remain choppy and reactive.

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 690.25, a level that has acted as a short term balance area following last week's heavy macro driven volatility. If buyers can remain active above this zone, price may attempt to rotate higher into 691.75, where traders will be watching closely to see if demand can hold through minor supply. Sustained strength could allow SPY to work into 693.50, with a stronger push potentially stretching toward 695.25 as momentum builds. These upside levels would reflect buyers regaining confidence and pressing into higher value after recent consolidation. 

If SPY fails to maintain footing around 690.25, sellers may start to apply pressure and test downside liquidity near 688.75. A breakdown through that area opens the door toward 687.25, where buyers will need to step in quickly to prevent further slippage. Continued weakness could drag price into 685.50, with a more aggressive downside scenario probing toward 683.75 if selling accelerates. These lower levels mark areas where buyers previously showed interest, and a lack of response could lead to sharper intraday swings.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading near 622.00, where the market is attempting to stabilize after recent volatility tied to rate expectations and growth sensitivity. Holding above this area could invite a push into 623.75, followed by a test of 625.50 if buyers can sustain momentum. Continued strength may allow QQQ to rotate into 627.25, signaling improving risk appetite within tech. A stronger session could even stretch toward 629.00 if buyers press their advantage. 

If QQQ loses support near 622.00, sellers may quickly look to test 620.50 as downside momentum builds. A break below that level could bring 618.75 into focus, where buyers will need to defend aggressively. Failure there may result in a slide toward 616.50, with additional weakness opening the door to 614.75. These levels highlight areas where downside pressure could accelerate if confidence fades.

Apple Inc. (AAPL)

Apple is currently trading around 259.50, a level where buyers are attempting to steady price following broader market fluctuations. If support holds, the stock could begin working higher into 260.75, with continued strength allowing a move toward 262.00. A more constructive tape could carry Apple into 263.25, signaling buyers regaining control and absorbing overhead supply. These incremental moves would suggest improving sentiment within large cap tech. 

If Apple cannot hold 259.50, sellers may start pressing price toward 258.25. A decisive move lower could expose 257.00, where prior demand will be tested. Continued selling pressure may drag the stock into 255.75, and if buyers fail to respond, Apple could slip toward 254.25. These downside levels represent zones where momentum could accelerate if bids thin out.

Microsoft Corp. (MSFT)

Microsoft is currently trading near 476.25, and buyers will be watching closely to see if this level can act as a near term floor. Holding here may allow price to lift into 478.00, with follow through momentum pushing toward 479.75. If buyers stay engaged, MSFT could rotate into 481.50, reflecting renewed interest in large cap leadership. A stronger advance may target 483.25 if broader market conditions remain supportive. 

If MSFT breaks below 476.25, sellers may guide price into 474.75. Continued weakness could extend into 473.25, where downside momentum may build. A lack of buyer response could open the door toward 471.50, with deeper selling potentially probing into 469.75. These levels are critical as they mark areas where buyers previously attempted to defend the tape.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around 183.00, a level that has become an important short term pivot for both buyers and sellers. Holding above this zone could allow a push into 184.75, with additional strength bringing 186.50 into view. If momentum improves across semiconductors, NVDA may extend toward 188.25, reflecting renewed confidence after recent digestion. These upside levels would suggest buyers are willing to step back in aggressively. 

If NVDA loses support near 183.00, sellers may begin probing into 181.75. A break there could invite a move toward 180.25, where buyers will need to respond to slow further downside. Continued selling pressure may pull the stock into 178.75, with a deeper flush potentially testing 177.00. These areas are important as momentum can accelerate quickly if bids disappear.

Alphabet Inc Class A (GOOGL)

Alphabet is currently trading near 325.25, with buyers attempting to maintain structure following recent strength. A hold above this level could spark a move into 327.00, followed by a test of 328.75 if momentum builds. Sustained buying may allow GOOGL to rotate into 330.50, signaling steady accumulation rather than aggressive chasing. 

If 325.25 fails to hold, sellers may push price into 323.75. Continued weakness could extend into 322.25, where buyers will need to step in to prevent further deterioration. A breakdown below that zone could open a path toward 320.50, with additional downside probing into 318.75 if pressure persists.

Meta Platforms Inc (META)

Meta is currently trading around 647.25, where buyers are attempting to stabilize after recent volatility. Holding this area could allow price to climb into 649.50, with continued strength targeting 651.75. If risk appetite improves, META may push into 654.00, reflecting renewed confidence in growth oriented names. These upside rotations would suggest buyers are slowly reclaiming control. 

If META slips below 647.25, sellers may test 645.00 early. A failure there could bring 642.75 into play, with additional downside extending into 640.50. If selling accelerates, price may probe toward 638.25, marking a deeper retracement zone where buyers would need to reengage.

Tesla Inc. (TSLA)

Tesla is currently trading near 441.00, a level that has acted as a short term balance point. Holding above this area could allow price to push into 443.50, with continued momentum targeting 446.00. If buyers maintain pressure, TSLA may extend into 448.75, signaling renewed interest in the name despite broader market uncertainty. 

If TSLA fails to hold 441.00, sellers may press price into 438.75. Continued weakness could drag the stock into 436.50, with further selling potentially testing 434.25. A deeper move could probe toward 432.00 if buyers remain sidelined, making these downside levels important to monitor closely.

Final Word: Traders should stay disciplined, remain flexible, and manage risk carefully in what could be an uneven session.

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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