Good Morning Traders!

Today's session continues this volatile week as markets digest the aftermath of the FOMC decision and a notable shift higher in Treasury yields. The Federal Reserve held rates steady, but Chairman Powell's remarks reinforced a patient stance, emphasizing the need for more data and clarity around geopolitical risks, particularly developments involving Iran and the Strait. This contributed to a rise in yields, with the 2 year moving back toward 3.75 percent and the US dollar strengthening above 100, putting pressure on equities, gold, and crypto. 

This morning's economic data includes the Philly Fed Business Outlook and Jobless Claims, followed by New Home Sales and Wholesale Inventories at 10:00AM ET. Natural Gas Inventories are released at 10:30AM ET, with multiple Treasury announcements and auctions throughout the midday session, including the 10 Year TIPS Auction at 1:00PM ET. With futures expiry and MOPEX set for tomorrow, expect continued elevated volatility as institutions rebalance and adjust exposure into the end of the 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 659.25 as markets digest the post FOMC reaction, with yields pushing higher and risk assets showing signs of pressure. If buyers are able to defend this level early in the session, a move toward 663.50 may develop, followed by 667.25 if momentum builds into the morning. Sustained strength above 671.00 would signal stabilization after the Fed driven volatility. 

If SPY loses 659.25 with conviction, sellers may press into 655.75. A breakdown there could expose 652.25, and continued weakness may bring the 648.50 region into focus. Rising yields remain a key headwind for equities.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading around 591.75 and remains under pressure as higher yields weigh on growth stocks. If buyers defend this pivot, a push toward 596.00 may develop, followed by 599.75 if tech begins to stabilize. A sustained move above 603.50 would indicate improving upside momentum. 

If 591.75 fails to hold, sellers may drive price toward 588.00. A deeper breakdown could expose 584.25, and continued weakness may bring the 580.50 region into play. Expect continued sensitivity to rate movements.

Apple Inc. (AAPL)

AAPL is currently trading around 250.50 and attempting to hold a key support zone after recent downside pressure. If buyers defend this level, price may rotate toward 253.75, followed by 257.00 if broader market sentiment improves. Sustained strength above 260.25 would suggest stronger accumulation. 

If 250.50 breaks lower, sellers may test 247.75 quickly. Continued downside pressure could extend into 245.00, and deeper weakness may bring the 242.25 region into focus.

Microsoft Corp. (MSFT)

MSFT is currently trading around 391.00 and sitting below the 400 psychological level as large cap tech faces pressure. If buyers reclaim 395.25, price may push toward 399.50, followed by 403.75 if momentum builds. A sustained move above 407.50 would signal improving strength. 

If 391.00 fails to hold, sellers may press into 387.50. A deeper pullback could test 383.75, and continued weakness may bring the 380.00 region into play.

NVIDIA Corporation (NVDA)

NVDA is currently trading around 178.50 and remains a key driver of semiconductor sentiment. If buyers defend this level, a move toward 182.75 may develop, followed by 186.50 if chip strength returns. Sustained trade above 190.25 would indicate renewed upside momentum. 

If 178.50 breaks lower, sellers may test 175.25 quickly. Continued downside could extend into 171.75, and deeper weakness may bring the 168.25 region into focus.

Alphabet Inc Class A (GOOGL)

GOOGL is currently trading around 306.00 and holding above the 300 psychological level despite broader market weakness. If buyers maintain control, price may rotate toward 309.50, followed by 313.00 if communication services strengthen. A sustained move above 316.50 would indicate stronger upside continuation. 

If 306.00 fails to hold, sellers may guide price toward 302.50. A breakdown there could expose 299.00, and continued weakness may bring the 295.50 region into play.

Meta Platforms Inc (META)

META is currently trading around 613.75 and consolidating after recent downside movement. If buyers defend this pivot, a push toward 618.75 may develop, followed by 623.50 if momentum builds. Sustained strength above 628.25 would signal improving sentiment. 

If 613.75 breaks lower, sellers may guide price toward 609.25. A deeper pullback could test 605.00, and continued weakness may bring the 600.75 region into focus.

Tesla Inc. (TSLA)

TSLA is currently trading around 390.25 and remains highly reactive to broader market volatility. If buyers defend this level, a move toward 396.50 may develop, followed by 402.00 if momentum builds. Sustained strength above 407.50 would indicate stronger upside participation. 

If 390.25 fails to hold, sellers may test 385.75 quickly. Continued downside pressure could extend into 381.25, and deeper weakness may bring the 376.75 region into play.

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.