Good Morning Traders!

Today's economic calendar delivers the most anticipated event of the week with the FOMC rate decision, where markets are widely expecting the Federal Reserve to hold rates steady, continuing the current pause in the rate cycle. The morning begins with inflation data via PPI Final Demand and core measures, followed by the Bank of Canada rate decision at 9:45AM ET and press conference at 10:30AM ET. Additional data includes Factory Orders at 10:00AM ET and crude oil inventories at 10:30AM ET, offering insight into both economic activity and energy markets. 

The main event arrives at 2:00PM ET with the FOMC Interest Rate Decision, followed by Fed Chair Powell's press conference at 2:30PM ET, where markets will be focused on forward guidance, tone, and any signals regarding future rate cuts or policy adjustments. The session concludes with TIC flow data at 4:00PM ET. With futures expiry and MOPEX also ahead later this week, today's Fed decision is likely to set the tone for the remainder of the week. Expect significant volatility around the announcement and press conference as markets rapidly reprice expectations

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 673.50 as markets head into the most important catalyst of the week with the FOMC rate decision this afternoon. If buyers defend this level into the morning session, a push toward 677.50 may develop, followed by 681.25 if momentum builds ahead of the announcement. Sustained strength above 685.00 would signal a strong bullish reaction post FOMC. 

If SPY loses 673.50 with conviction, sellers may press into 669.75. A breakdown there could expose 666.25, and continued weakness may bring the 662.50 region into focus. Expect sharp two way volatility around 2:00PM ET and especially during Powell's press conference.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading around 606.50 and remains highly sensitive to rate expectations going into the Fed decision. Holding this pivot could allow a move toward 610.75, followed by 614.50 if mega cap tech leads into the announcement. A sustained break above 618.00 would indicate strong upside momentum post Fed. 

If 606.50 fails to hold, sellers may drive price toward 602.75. A deeper breakdown could expose 599.00, and continued weakness may bring the 595.25 region into play. Expect tech to react aggressively to any change in rate outlook or language from Powell.

Apple Inc. (AAPL)

AAPL is currently trading around 255.00 and attempting to stabilize ahead of the Fed. If buyers defend this level, price may rotate toward 258.25, followed by 261.50 if broader tech sentiment improves post decision. Sustained strength above 264.75 would indicate renewed institutional demand. 

If 255.00 breaks lower, sellers may test 252.25 quickly. Continued downside pressure could extend into 249.50, and deeper weakness may bring the 246.75 region into focus.

Microsoft Corp. (MSFT)

MSFT is currently trading around 400.25 and sitting right on the key 400 psychological level heading into FOMC. If buyers hold this area, price may push toward 404.00, followed by 408.25 if momentum builds. A sustained move above 412.00 would signal strong upside participation in large cap tech. 

If 400.25 fails to hold, sellers may press into 396.75. A deeper pullback could test 393.00, and continued weakness may bring the 389.25 region into play.

NVIDIA Corporation (NVDA)

NVDA is currently trading around 183.50 and remains a key driver of sentiment in the Nasdaq. If buyers defend this pivot, a move toward 187.75 may develop, followed by 191.50 if semiconductor strength builds post FOMC. Sustained trade above 195.25 would indicate strong momentum returning to the AI space. 

If 183.50 breaks lower, sellers may test 180.25 quickly. Continued downside pressure could extend into 176.75, and deeper weakness may bring the 173.25 region into focus.

Alphabet Inc Class A (GOOGL)

GOOGL is currently trading around 312.00 and holding above the key 300 level with relative strength. If buyers maintain control, price may rotate toward 315.50, followed by 319.00 if communication services continue to lead. A sustained break above 322.50 would indicate strong upside continuation. 

If 312.00 fails to hold, sellers may guide price toward 308.50. A breakdown there could expose 305.00, and continued weakness may bring the 301.50 region into focus.

Meta Platforms Inc (META)

META is currently trading around 623.50 and consolidating ahead of the Fed. If buyers defend this level, a push toward 628.75 may develop, followed by 633.50 if upside momentum builds post announcement. Sustained strength above 638.25 would signal continued leadership. 

If 623.50 breaks lower, sellers may guide price toward 619.00. A deeper pullback could test 614.75, and continued weakness may bring the 610.50 region into play.

Tesla Inc. (TSLA)

TSLA is currently trading around 401.50 and sitting just above the 400 psychological level heading into a major macro catalyst. If buyers defend this pivot, a move toward 407.75 may develop, followed by 413.25 if speculative momentum returns post Fed. Sustained strength above 418.50 would indicate stronger upside participation. 

If 401.50 fails to hold, sellers may test 397.00 quickly. Continued downside could extend into 392.50, and deeper weakness may bring the 388.00 region into focus.

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.