Good morning traders. Today’s market analysis will cover the following stocks: SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA. Our analysis is based on a proprietary formula that takes into account price, volume, and options flow.
Stock Analysis
SPDR S&P 500 ETF Trust (SPY)
The SPY is currently trading near our pivot of 519.71.
- Bulls are eyeing an initial move upward towards 520.67.
- A sustained rally beyond this point would encourage further upside momentum, with buyers potentially driving the market toward our identified support at 522.84.
- Conversely, failure to hold the line at 519.71 could prompt bearish action, sending prices down to test support at 518.04.
Invesco QQQ Trust Series 1 (QQQ)
The QQQ is currently trading near our crucial level of 437.47.
- Bulls would need to establish firm footing above this point, positioning the market to secure 440.00 as a new base.
- With consistent bullish strength, we anticipate the price climbing towards 441.56, potentially extending the rally to 444.09.
- On the downside, if QQQ struggles to maintain above 437.47, expect selling pressure to accelerate towards 435.88.
Apple Inc. (AAPL)
Apple is currently trading around our key area at 192.27.
- The bullish scenario calls for buyers to sustain the price action above 193.18, setting the stage for a move upward to 194.40.
- Continued buyer presence would support an advance toward 195.25.
- If Apple cannot maintain 192.27, anticipate sellers stepping in to push prices toward 191.57 initially.
Microsoft Corp. (MSFT)
Microsoft is currently trading around our pivot level of 363.81.
- Bulls will look to solidify control above this key point, aiming first at a rally towards 366.98, converting it into reliable support.
- Continued bullish enthusiasm would open the way towards 368.79, with our day’s highest bullish objective set at 372.03.
- On the bearish side, losing 363.81 could lead sellers to test immediate downside support at 362.81.
NVIDIA Corporation (NVDA)
NVIDIA is currently trading near our critical pivot at 98.02.
- Bulls need to propel the price upwards towards 99.87, establishing clear support there.
- If buying momentum remains steady, expect the next target at 101.02 to be challenged.
- Alternatively, if NVIDIA struggles to uphold support at 98.02, sellers will target a descent to 96.58.
Alphabet Inc Class A (GOOGL)
Alphabet is trading around our pivot level at 148.95.
- Bulls are tasked with establishing support at this mark to ignite upward momentum toward 150.41.
- Consistent buying pressure would enhance the bullish outlook, driving the market towards today’s upper bullish objective at 151.24.
- On the bearish front, a failure to maintain 148.95 as support would see sellers aggressively pushing prices down towards 147.68.
Meta Platforms Inc (META)
Meta is currently hovering near our pivotal support at 492.33.
- Bulls aim to hold this area firmly, prompting an advance toward 498.03.
- Continued upward momentum could see the price testing higher levels around 500.83.
- Should Meta fail to keep 492.33 intact, bears will likely press the market lower towards initial support at 488.81.
Tesla Inc. (TSLA)
Tesla is trading around our critical pivot at 230.65.
- Bulls aim to rally upwards to first reclaim 233.49.
- A sustained bullish trend could see Tesla move toward the next significant target of 235.74.
- Conversely, if Tesla falters below 230.65, anticipate an immediate bearish response testing support at 228.45.
Final Word
Today’s trading session begins the week on a relatively quiet note, with minimal scheduled economic indicators. Traders will closely monitor comments from Federal Reserve’s Goolsbee, potentially influencing market sentiment with his perspective on the economy and interest rates. Given the absence of international participation due to overseas market closures, today’s volume could be relatively subdued, potentially amplifying volatility in both directions. Trade safely and good luck.
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