--- title: "How To Trade SPY, QQQ And Tech Stocks After Hot GDP Data" type: "News" locale: "en" url: "https://longbridge.com/en/news/303586466.md" description: "Markets focus on GDP and PCE inflation reports alongside ECB rate decisions. Tech stocks face pressure from Alphabet's revenue miss, while Amazon and Apple earnings loom. Key technical levels for SPY, QQQ, NQ, and ES are monitored as traders assess whether buyers can defend support zones or if further downside occurs amid light volume." datetime: "2026-10-29T14:02:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/303586466.md) - [en](https://longbridge.com/en/news/303586466.md) - [zh-HK](https://longbridge.com/zh-HK/news/303586466.md) generator: "portal-rs" --- # How To Trade SPY, QQQ And Tech Stocks After Hot GDP Data Good Morning Traders! Today’s main event is the **GDP and PCE Inflation Reports**, and the same release brings September’s PCE price index, the Fed’s preferred inflation gauge. Personal income, spending and weekly jobless claims arrived at the same time. The European Central Bank also announces its rate decision this morning. Overnight, Alphabet’s revenue miss is weighing on tech. The Fed held rates steady Wednesday, and after Chair Kevin Warsh’s press conference markets still lean toward a hike in December. The 10 year Treasury yield has slipped back below 5 percent, and Brent crude eased to around **114.50** dollars a barrel on hopes of renewed talks with Iran. Amazon reports after the close today, and Apple follows next Monday. Watch whether SPY can hold Wednesday’s **769.24** low and whether QQQ can reclaim **720.30** after the data, and pay attention to volume, which has been light all week. If buyers step in on the first pullback and Microsoft holds its gap, the damage from Alphabet may stay contained. Now, we will discuss NQ, ES, SPY, QQQ, AAPL, MSFT, AMZN, NVDA, GOOGL, META, and TSLA. ### **E-mini Nasdaq-100 Futures** (NQ) NQ is currently trading around **29716.25**, down about 0.9 percent from Wednesday’s close after Alphabet’s earnings sent tech futures lower overnight. The futures briefly slipped under Wednesday’s **29674.25** low before recovering, so that low is the first reference to watch. Holding above it keeps NQ inside Wednesday’s range, with Wednesday’s **30178.00** high marking the top. NQ is also trading below its gamma flip near **30136.50**, and below that line ranges have tended to be wider and moves can run further, so bigger swings would not be surprising today. Rips trades NQ live at 8AM ET, so tune in to see how he plays the open. ### **E-mini S&P 500 Futures** (**ES**) ES is currently trading around **7767.50**, a much smaller dip than NQ, and still inside Wednesday’s range after briefly trading under Wednesday’s **7750.25** low overnight. Buyers want to keep price above **7750.25**, while a push back toward Wednesday’s **7819.50** high would put the index back on its front foot. ES is sitting just under its gamma flip near **7776.00**, and below the flip ranges have tended to be wider, while trading above it has tended to bring calmer sessions. With growth and inflation data landing at 8:30AM ET, catch the live show for the full market read as the open develops. ### **SPDR S&P 500 ETF Trust** (SPY) SPY is currently trading around **770.75**, a little below Wednesday’s **772.31** close as weakness in big tech weighs on the morning. Wednesday’s **769.24** low sits just underneath, so the first job for buyers is defending that area. If they do and price reclaims **772.31**, Wednesday’s **773.36** high is the next hurdle, and above that, **774.44**, the October 21 high, marks the top of the recent range. Wednesday’s options flow showed the heaviest net call buying at the 770 strike, right where price is sitting now. If SPY breaks below **769.24** and cannot recover, **767.73**, Monday’s high, is the next shelf. Below that, Tuesday’s **765.21** low lines up with the 765 strike, one of the heaviest open interest strikes near price, and losing it would put this week’s bounce in doubt. A return above **772.31** would weaken the downside scenario. Share volume has run well below its recent average all week, so watch whether the morning data finally brings more participation in either direction. ### **Invesco QQQ Trust Series 1** (QQQ) QQQ is currently trading around **719.25**, down roughly 0.9 percent and gapping below Wednesday’s **720.30** low as Alphabet drags on the Nasdaq. The first test for buyers is reclaiming **720.30**. If they do and hold it, price may work back toward **721.25**, Tuesday’s close, and then **722.87**, Tuesday’s high. Above that, the 725 strike, one of the heaviest open interest strikes on the board, sits right next to Wednesday’s **725.61** close, and getting back there would mean the entire gap has been recovered. If QQQ stays under **720.30**, the downside references start at **715.25**, Monday’s high, and **713.59**, Tuesday’s low. Below there, Monday’s **712.20** close and the 710 strike, the heaviest open interest strike near price, form a deeper area worth watching closely. Losing **710.00** without a quick recovery would erase most of this week’s rebound. A return above **722.87** would weaken the downside scenario. With Microsoft sharply higher and Alphabet sharply lower, the tug of war between the index’s biggest weights should set the tone. ### **Apple** (AAPL) AAPL is currently trading around **348.25**, up about 1.3 percent and already above Wednesday’s **347.18** high and Tuesday’s **347.78** high, making it one of the firmer megacaps this morning. If buyers defend that **347.78** area, the next reference is **348.36**, the October 22 high, followed by the 350 strike, the second heaviest open interest strike on Apple’s board. Clearing **350.00** and holding it would open a path toward **351.73**, the October 23 high and the top of the recent range. If AAPL slips back under **347.10**, Tuesday’s close, the premarket gain starts to unwind, and the 345 strike, which sits close to the October 23 low at **345.75**, becomes the next area to defend. Below that, Wednesday’s **343.83** close and **343.52** low mark where this morning’s gap began. A return above **348.36** would weaken the downside scenario. Apple reports quarterly results after the close next Monday, November 2, so the stock may start trading on expectations as the week wraps up. ### **Microsoft** (MSFT) MSFT is currently trading around **546.50**, up about 2.9 percent after quarterly results beat expectations and the company guided next quarter’s revenue to between 96.0 and 97.1 billion dollars. Spending on data centers also came in below estimates, which eased some cost worries. Price is gapping well above Wednesday’s **535.00** high and sitting just above the October 14 high at **545.75**. If buyers defend **545.75**, the next chart reference is **551.15**, the October 13 high and the top of the past three months of trading, with the 555 strike, one of the heaviest call strikes, just beyond it. If MSFT slips back below **545.75** and cannot recover, **543.82**, the October 16 high, and **543.45**, the October 13 close, are the first areas to watch. Below that sits the 540 strike, where Wednesday’s flow showed the heaviest net call buying at about 2.3 million dollars, and a fade to that area would give back much of the earnings gap. A return above **545.75** would weaken the downside scenario. ### **Amazon.com Inc.** (AMZN) AMZN is currently trading around **252.00**, down about 1.0 percent and sitting just above Wednesday’s **251.98** low ahead of its quarterly report after the close today. If buyers defend that low, the first upside references are **253.10**, Tuesday’s close, and the **254.60** to **254.68** area, where Wednesday closed and Tuesday topped out. Clearing that zone and holding it would put Wednesday’s **255.36** high back in play. Wednesday’s options activity leaned toward calls, with the largest net call buying at the 240 and 250 strikes. If AMZN breaks below **251.98** and cannot recover, the 250 strike, one of the heavier open interest strikes and a spot that also saw net put buying Wednesday, is the next area to watch. Below that, Tuesday’s **248.71** low and the October 23 low at **246.45** mark the bottom of the recent range. A return above **253.10** would weaken the downside scenario. Because the report lands after the bell, the regular session may trade cautiously, and the bigger reaction could come tonight once results are out. ### **NVIDIA** (NVDA) NVDA is currently trading around **214.50**, slightly lower and sitting right on Wednesday’s **214.47** low as chip stocks soften alongside Alphabet. If buyers defend that area, the first recovery level is the 215 strike, a heavy open interest strike that lines up with Wednesday’s **215.38** close. Above that, the **217.50** strike sits just under Tuesday’s **217.94** close, and the 220 strike, the heaviest strike close to price, lines up with Wednesday’s **219.99** high near the top of the recent range. If NVDA breaks below **214.47** and cannot recover, Monday’s **212.61** low is the next reference, followed by **211.26**, the October 22 low, and **210.18**, the October 23 low, which sits near the 210 strike, one of the heaviest put strikes. Losing that area would push the stock below last week’s lows. A return above **215.38** would weaken the downside scenario. Wednesday’s flow showed the heaviest net call selling at the 220 strike, so that level has drawn plenty of options activity. ### **Alphabet Inc Class A** (GOOGL) GOOGL is currently trading around **292.00**, down about 10 percent after quarterly revenue came in below Wall Street expectations on weaker search sales, even as cloud sales soared. The gap leaves Wednesday’s **322.66** low far overhead, so the nearby references now come from early April. If buyers defend this area, the first recovery levels are **295.18**, the April 6 low, and **297.39** to **298.08**, where the stock closed on April 1 and topped out on April 2. Above that, the 300 strike, the heaviest put strike, lines up with the April highs at **300.52** and **300.62**. If GOOGL loses the April 1 low at **290.41** and the 290 strike just beneath it, where put positioning is also heavy, the April 2 low at **289.45** is the next reference, and below that sits **287.95**, the March 26 high. A return above **300.00** would weaken the downside scenario. Moves after an earnings gap this large can be wide in both directions, and the stock is a major drag on QQQ and NQ this morning. ### **Meta Platforms** (META) META is currently trading around **617.50**, up about 0.8 percent and holding inside Wednesday’s range after a steep slide over the past week. The first test overhead is the **619.21** to **620.19** area, Tuesday’s low and close. If buyers reclaim **620.19** and hold, Wednesday’s **624.42** high and the 625 strike, one of the heaviest open interest strikes, come next, with Tuesday’s **628.46** high beyond that. Getting back above that cluster would be the first real sign the selling has paused. If META fades back under Wednesday’s **612.49** close and then loses the 610 strike and Wednesday’s **609.00** low, the next references are **605.27**, the September 4 low, and **604.35**, the September 3 low. Below those, the 600 strike, the heaviest put strike near price, lines up with the September 2 high at **600.38**. A return above **620.19** would weaken the downside scenario. Meta has fallen about 12 percent since its October 21 report as investors weigh its heavier AI spending. ### **Tesla** (TSLA) TSLA is currently trading around **403.50**, just under Wednesday’s **404.22** close after Wednesday’s session swung from a **410.85** high down to a **397.18** low. If buyers reclaim **404.22** and hold it, price may work back toward **407.46**, Tuesday’s close, and **408.45**, Tuesday’s high. Above that, the 410 strike sits right next to Wednesday’s **410.85** high, and clearing that area would bring the 420 strike, the heaviest call strike on Tesla’s board, into view. If TSLA slips under the 400 strike, a level with heavy open interest and the most net put buying in Wednesday’s flow at about 1.5 million dollars, the next references are **397.27**, Monday’s high, and **397.18**, Wednesday’s low. Below that, Tuesday’s **395.25** low near the 395 strike and Monday’s **391.62** close mark the base of this week’s breakout. A return above **404.22** would weaken the downside scenario. Tesla has been one of the strongest Magnificent 7 names in October, so how it holds up on a weak tech morning is worth watching. Final word: Good luck, trade safely, and have a great Thursday! ***Benzinga Disclaimer: This article is from an unpaid external contributor. 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