How High Can SPY, QQQ And 6 Mega-Caps Go Today As The Market Enters A New Week?

Good Morning Traders!

Today’s economic calendar kicks off what should become a much more important week as markets prepare to close both September and the third quarter before entering October and Q4. Today’s schedule itself is extremely light, with Dallas Fed Manufacturing Activity at 10:30AM ET and the Treasury’s 3 and 6 Month Bill Auction at 11:30AM ET. Fed speakers including Bowman, Cook, and Barkin are also on the calendar, but the larger market focus should quickly shift toward the heavy concentration of economic data beginning Tuesday. 

Tuesday brings JOLTS Job Openings, providing another important look at labor demand before the week’s larger employment releases. Wednesday then becomes one of the most important sessions of the week with ADP employment data, the final reading of Q2 GDP, and August PCE inflation. PCE is the Federal Reserve’s preferred inflation measure, making both headline and Core PCE especially important following the Fed’s recent rate hike. Because the data reflects August conditions, it predates the September FOMC move, but it can still materially influence expectations for whether the Fed will need to tighten again later this year. 

Wednesday also represents the final trading day of September and Q3, which introduces another layer of potential volatility from month end and quarter end portfolio rebalancing. Thursday begins October and Q4 with Weekly Jobless Claims and ISM Manufacturing, giving markets an immediate read on labor conditions and manufacturing activity as the new quarter begins. Quarter transitions can also bring fresh institutional allocations and rebalancing flows that are not necessarily tied to a change in fundamentals. 

The week culminates Friday with the September Non Farm Payrolls report, including unemployment, wages, participation, and payroll revisions. After Wednesday’s PCE provides the inflation side of the Fed’s mandate, Friday’s jobs report provides the labor side, making those two releases the clear macro bookends of the week. With PCE, quarter end positioning, the beginning of Q4, ISM Manufacturing, and NFP all arriving within three sessions, today’s quiet calendar is likely the calmest part of what could become a significantly more active week.

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 768.00 as markets begin a potentially important week that will close September and Q3 before transitioning into October and the fourth quarter. If buyers defend this level, a move toward 774.00 may develop, followed by 780.00 if momentum builds. Sustained strength above 786.00 would reinforce the short term bullish structure and suggest buyers remain comfortable adding exposure heading into quarter end. 

If SPY loses 768.00 with conviction, sellers may press into 762.00. A breakdown there could expose 756.00, while continued weakness may bring the 750.00 region into focus. With today’s calendar extremely light, technical levels, Treasury yields, and positioning ahead of the much heavier Tuesday through Friday data slate could have greater influence on direction.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading around 738.50 and continues to hold a constructive structure as technology remains one of the primary drivers of broader market direction. If buyers defend this pivot, price may advance toward 745.50, followed by 752.50 if momentum strengthens. Sustained strength above 759.50 would indicate continued institutional demand across growth stocks. 

If 738.50 fails to hold, sellers may drive price toward 732.00. A deeper breakdown could expose 725.50, while continued weakness may bring the 719.00 region into play. This week’s combination of PCE and payroll data could be particularly important for technology because both releases have the ability to materially shift Treasury yields and expectations for additional Fed tightening.

Apple Inc. (AAPL)

AAPL is currently trading around 340.00 and continues to maintain a constructive structure near recent highs. If buyers defend this pivot, price may rotate toward 345.25, followed by 350.50 if momentum builds. Sustained strength above 355.75 would reinforce the bullish short term structure. 

If 340.00 breaks lower, sellers may test 335.00 quickly. Continued downside pressure could extend into 330.00, while deeper weakness may bring the 325.00 region into focus. Continued outperformance against QQQ would remain a constructive indication of institutional demand.

Microsoft Corp. (MSFT)

MSFT is currently trading around 513.25 and remains comfortably above the psychologically important 500 level. If buyers defend this area, price may advance toward 520.50, followed by 527.75 if momentum builds. Sustained strength above 535.00 would reinforce the recovery and continued institutional sponsorship. 

If 513.25 fails to hold, sellers may press into 506.25. A deeper pullback could test 499.25, while continued weakness may bring the 492.25 region into play. Maintaining acceptance above 500 through this week’s major macro catalysts would keep the broader structure considerably more constructive.

NVIDIA Corporation (NVDA)

NVDA is currently trading around 227.75 and remains an important leadership gauge for semiconductors and the broader technology complex. If buyers defend this pivot, a move toward 235.00 may develop, followed by 242.25 if momentum strengthens. Sustained trade above 249.50 would indicate continued upside expansion and stronger semiconductor participation. 

If 227.75 fails to hold, sellers may test 221.75 quickly. Continued downside could extend into 215.75, while deeper weakness may bring the 209.75 region into focus. NVDA’s sensitivity to rates makes Wednesday’s PCE and Friday’s employment report especially relevant this week.

Alphabet Inc Class A (GOOGL)

GOOGL is currently trading around 340.25 and continues attempting to stabilize after recent weakness. If buyers defend this level, price may rotate toward 346.75, followed by 353.25 if momentum improves. Sustained strength above 359.75 would indicate a more meaningful recovery attempt. 

If 340.25 fails to hold, sellers may guide price toward 334.25. A breakdown there could expose 328.25, while continued weakness may bring the 322.25 region into play. Relative performance against QQQ remains particularly important given GOOGL’s inconsistent participation compared with several other mega cap names.

Meta Platforms Inc (META)

META is currently trading around 730.00 and remains one of the stronger mega cap names despite recent volatility. If buyers defend this pivot, a push toward 738.00 may develop, followed by 746.00 if momentum builds. Sustained strength above 754.00 would reinforce the bullish structure and continued institutional demand. 

If 730.00 breaks lower, sellers may guide price toward 722.50. A deeper pullback could test 715.00, while continued weakness may bring the 707.50 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 370.00 and continues to hold an improved short term structure following its recent recovery. If buyers defend this pivot, a move toward 378.50 may develop, followed by 387.00 if momentum continues. Sustained strength above 395.50 would reinforce bullish momentum and indicate continued speculative demand. 

If 370.00 fails to hold, sellers may test 362.00 quickly. Continued downside pressure could extend into 354.00, while deeper weakness may bring the 346.00 region into play. With today’s calendar extremely light, technical positioning and broader risk sentiment 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.