Good Morning Traders!
Today’s economic calendar continues a very quiet week with only a handful of scheduled catalysts. The New York Fed’s 1 Year Inflation Expectations arrive at 11:00AM ET, followed by the 10 Year Note Auction at 1:00PM ET. The September FOMC Meeting Minutes are released at 2:00PM ET, with Consumer Credit following at 3:00PM ET.
The FOMC minutes are important, but probably less important than a fresh rate decision or press conference. The minutes provide a more detailed look at the discussion behind the September meeting, including how policymakers viewed inflation, labor conditions, financial conditions, and the case for future tightening. However, because markets already heard the rate decision, statement, and Warsh’s press conference, much of the broad policy message is already known. The minutes matter most if they reveal meaningful disagreement, stronger concern about inflation than the press conference suggested, or a different level of conviction around future hikes.
The 10 Year Note Auction may actually be just as important for intraday price action if it produces a meaningful move in yields. With technology and growth stocks still highly sensitive to the long end of the curve, weak auction demand could pressure equities even in the absence of a major macro surprise. Overall, today’s session remains more likely to be driven by yields, positioning, and technical levels unless the FOMC minutes reveal something genuinely new.
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 776.75 as markets continue through a very quiet week with today’s attention centered on inflation expectations, the 10 Year Treasury auction, and the release of the September FOMC meeting minutes. If buyers defend this level, a move toward 782.75 may develop, followed by 788.75 if momentum builds. Sustained strength above 794.75 would reinforce the short term bullish structure and suggest buyers remain comfortable adding exposure near recent highs.
If SPY loses 776.75 with conviction, sellers may press into 770.75. A breakdown there could expose 764.75, while continued weakness may bring the 758.75 region into focus. With few major catalysts on the calendar, Treasury yields and technical positioning could matter more than the data itself.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is currently trading around 754.75 and continues to hold a strong structure as technology remains one of the market’s primary leadership areas. If buyers defend this pivot, price may advance toward 761.75, followed by 768.75 if momentum strengthens. Sustained strength above 775.75 would indicate continued institutional demand across growth stocks.
If 754.75 fails to hold, sellers may drive price toward 748.25. A deeper breakdown could expose 741.75, while continued weakness may bring the 735.25 region into play. The 10 Year auction and any meaningful move in yields around the FOMC minutes should remain particularly relevant for technology.
Apple Inc. (AAPL)
AAPL is currently trading around 335.50 and continues to maintain a constructive structure despite recent volatility. If buyers defend this pivot, price may rotate toward 340.75, followed by 346.00 if momentum builds. Sustained strength above 351.25 would reinforce the bullish short term structure.
If 335.50 breaks lower, sellers may test 330.50 quickly. Continued downside pressure could extend into 325.50, while deeper weakness may bring the 320.50 region into focus. Relative performance against QQQ should remain useful for evaluating institutional demand.
Microsoft Corp. (MSFT)
MSFT is currently trading around 527.25 and remains firmly above the psychologically important 500 level. If buyers defend this area, price may advance toward 534.50, followed by 541.75 if momentum builds. Sustained strength above 549.00 would reinforce the bullish structure and continued institutional sponsorship.
If 527.25 fails to hold, sellers may press into 520.25. A deeper pullback could test 513.25, while continued weakness may bring the 506.25 region into play. Maintaining acceptance above 500 keeps the broader structure considerably more constructive.
NVIDIA Corporation (NVDA)
NVDA is currently trading around 238.25 and remains an important leadership gauge for semiconductors and the broader technology complex. If buyers defend this pivot, a move toward 245.50 may develop, followed by 252.75 if momentum strengthens. Sustained trade above 260.00 would indicate continued upside expansion and stronger semiconductor participation.
If 238.25 fails to hold, sellers may test 232.25 quickly. Continued downside could extend into 226.25, while deeper weakness may bring the 220.25 region into focus. NVDA’s ability to maintain momentum should remain an important confirmation signal for QQQ.
Alphabet Inc Class A (GOOGL)
GOOGL is currently trading around 346.00 and continues attempting to improve after its recent period of relative weakness. If buyers defend this level, price may rotate toward 352.50, followed by 359.00 if momentum improves. Sustained strength above 365.50 would reinforce the developing recovery.
If 346.00 fails to hold, sellers may guide price toward 340.00. A breakdown there could expose 334.00, while continued weakness may bring the 328.00 region into play. Continued participation alongside QQQ would strengthen the case that GOOGL’s relative performance is improving.
Meta Platforms Inc (META)
META is currently trading around 738.75 and remains one of the stronger mega cap names in the market. If buyers defend this pivot, a push toward 746.75 may develop, followed by 754.75 if momentum builds. Sustained strength above 762.75 would reinforce the bullish structure and continued institutional demand.
If 738.75 breaks lower, sellers may guide price toward 731.25. A deeper pullback could test 723.75, while continued weakness may bring the 716.25 region into focus. META’s relative performance should remain an important gauge of institutional appetite for large cap technology.
Tesla Inc. (TSLA)
TSLA is currently trading around 377.25 and continues to maintain a constructive short term structure. If buyers defend this pivot, a move toward 385.75 may develop, followed by 394.25 if momentum continues. Sustained strength above 402.75 would reinforce bullish momentum and indicate continued speculative demand.
If 377.25 fails to hold, sellers may test 369.25 quickly. Continued downside pressure could extend into 361.25, while deeper weakness may bring the 353.25 region into play. With the macro calendar relatively quiet, technical positioning and broader risk appetite could have greater influence on TSLA.
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.
