Good Morning Traders!

Today’s economic calendar continues MOPEX week with a limited number of scheduled releases. DoE Crude Oil, Gasoline, and Distillate Inventories arrive at 10:30AM ET, followed by the Treasury’s 20 Year Bond Auction at 1:00PM ET. The primary event of the day comes at 2:00PM ET with the release of the July FOMC Meeting Minutes, which could provide additional insight into policymakers’ views on inflation, employment, economic growth, and the future path of monetary policy. Traders should watch Treasury yields closely around both afternoon events, particularly if the Minutes reveal meaningful disagreement within the Committee or alter expectations for future policy. 

With the morning relatively quiet, market structure, technical levels, and options positioning may carry greater influence before the afternoon catalysts arrive. We are also moving deeper into MOPEX week, with monthly options expiration approaching Friday and positioning potentially having a greater influence around heavily concentrated strikes. The combination of a quiet morning followed by a Treasury auction and FOMC Minutes could create a session where volatility is concentrated later in the day rather than around the opening bell.

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 767.75 as markets continue through MOPEX week with a relatively light economic calendar. If buyers defend this level, a move toward 773.75 may develop, followed by 779.75 if momentum builds. Sustained strength above 785.75 would improve the short term structure and put buyers back in control. 

If SPY loses 767.75 with conviction, sellers may press into 761.75. A breakdown there could expose 755.75, while continued weakness may bring the 749.75 region into focus. With few morning catalysts, positioning and technical levels could dominate early trade before the 20 Year Treasury auction and FOMC Minutes create potential afternoon volatility.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading around 716.50 and remains under pressure as several mega cap technology names continue to trade below recent highs. If buyers defend this pivot, price may advance toward 723.50, followed by 730.50 if momentum strengthens. Sustained strength above 737.50 would indicate improving institutional demand across technology. 

If 716.50 fails to hold, sellers may drive price toward 710.00. A deeper breakdown could expose 703.50, while continued weakness may bring the 697.00 region into play. Treasury yields should be particularly important this afternoon, with both the 20 Year auction and FOMC Minutes capable of influencing rate sensitive growth stocks.

Apple Inc. (AAPL)

AAPL is currently trading around 310.00 and continues to demonstrate better relative stability than several other mega cap technology names. If buyers defend this pivot, price may rotate toward 315.25, followed by 320.50 if momentum builds. Sustained strength above 325.75 would indicate improving institutional participation. 

If 310.00 breaks lower, sellers may test 305.00 quickly. Continued downside pressure could extend into the psychological 300 level, while deeper weakness may bring the 295.00 region into focus. Relative performance against QQQ should remain worth monitoring throughout the session.

Microsoft Corp. (MSFT)

MSFT is currently trading around 479.75 and remains under pressure after losing the psychologically important 500 level. If buyers defend this area, price may recover toward 486.75, followed by 493.75 if momentum builds. Sustained strength above 500.75 would reclaim 500 and materially improve the short term structure. 

If 479.75 fails to hold, sellers may press into 472.75. A deeper pullback could test 465.75, while continued weakness may bring the 458.75 region into play. Until MSFT begins reclaiming higher levels, rallies should be watched closely for continued selling pressure.

NVIDIA Corporation (NVDA)

NVDA is currently trading around 220.00 and remains an important leadership gauge for semiconductors and QQQ. If buyers defend this pivot, a move toward 227.25 may develop, followed by 234.50 if momentum strengthens. Sustained trade above 241.75 would indicate renewed upside expansion and improving semiconductor leadership. 

If 220.00 fails to hold, sellers may test 214.00 quickly. Continued downside could extend into 208.00, while deeper weakness may bring the 202.00 region into focus. With technology already under pressure, NVDA’s ability to hold its structure could provide an important indication of whether selling is broadening.

Alphabet Inc Class A (GOOGL)

GOOGL is currently trading around 342.25 and continues to struggle with relative weakness. If buyers defend this level, price may rotate toward 348.75, followed by 355.25 if momentum improves. Sustained strength above 361.75 would indicate a more meaningful recovery attempt. 

If 342.25 fails to hold, sellers may guide price toward 336.25. A breakdown there could expose 330.25, while continued weakness may bring the 324.25 region into play. GOOGL remains a name where traders should look for evidence of stabilization before assuming broader technology strength will translate into sustained buying.

Meta Platforms Inc (META)

META is currently trading around 544.25 after experiencing significant weakness from the 600 area. If buyers defend this pivot, a recovery toward 551.75 may develop, followed by 559.25 if momentum builds. Sustained strength above 566.75 would begin improving the damaged short term structure. 

If 544.25 breaks lower, sellers may guide price toward 537.25. A deeper pullback could test 530.25, while continued weakness may bring the 523.25 region into focus. META’s relative weakness remains notable, and buyers will need to establish a durable base before a larger recovery becomes more convincing.

Tesla Inc. (TSLA)

TSLA is currently trading around 336.00 and continues to consolidate following its recent recovery. If buyers defend this pivot, a move toward 344.50 may develop, followed by 353.00 if momentum continues. Sustained strength above 361.50 would indicate stronger speculative participation and improve the short term structure. 

If 336.00 fails to hold, sellers may test 328.00 quickly. Continued downside pressure could extend into 320.00, while deeper weakness may bring the 312.00 region into play. With TSLA’s typically elevated volatility, broader risk sentiment and MOPEX positioning could amplify moves in either direction.

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.