How To Trade Spy, And Top Tech Stocks As July CPI Takes Center Stage

Good Morning Traders!

All eyes are on this morning’s release of the July Consumer Price Index at 8:30AM ET, the most anticipated economic report of the week. The CPI data will give the market a clearer read on the current inflation trend and how it might influence the Federal Reserve’s policy outlook. Real Average Hourly Earnings for July will be published at the same time, adding another layer to the inflation and wage growth picture. Together, these numbers can shift market sentiment in an instant. 

At 10AM ET, we’ll also hear from Fed non-voting member Thomas Barkin, who will be speaking on the economy. While Barkin doesn’t currently have a vote on policy decisions, his insights and tone will still be closely followed for any hints on the Fed’s stance toward interest rates, inflation, and economic growth. His comments, especially on the heels of the CPI release, could influence intraday direction in both equities and bonds. 

Expect elevated volatility around these events, particularly in the moments immediately following the CPI data. Quick, sharp price movements are likely as traders digest the numbers and reposition. Manage your exposure, stick to your plan, and be selective with your setups. This is the type of session where discipline and precision can make all the difference.

Now, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

SPDR S&P 500 ETF Trust (SPY)

SPY is currently parked around the 635.50 pivot. If bulls dive into the action early, the next breakout level to eye is 636.75. A sharp thrust past that could pull scalpers to pump the tape toward 638.29. Should that hold as a floor, it might ignite a rally to 639.15. The most bullish swing on the day targets 640.09, fueled by hefty volume and momentum. 

If 635.50 can’t draw buyers, bears may lean on 634.00 for their first dip. A crack below that opens a slide to 632.75. Bashing through could dump SPY toward the key support at 631.01. If the session swings bearish, our final downside target sits at 629.46.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is orbiting the 572.50 zone to kick off the action. If bulls grab the reins above 573.61, watch for a move to 575.07 as the next hot pivot. Power through that signals 576.65 could be in play, with a stretch to 578.04 on heavy buy-side flow. Our peak upside target for the day is 578.72, if the broader tape backs it. 

Should 572.50 slip, sellers may test the 570.84 support. A clean break invites further downside action toward 569.20. Relentless pressure could drag the tape to 567.56. If bears dominate the close, 565.22 emerges as the key target.

Apple Inc. (AAPL)

Apple is idling near the 226.50 mark as trading fires up. A strong early breakout past 227.34 could spark interest and drive price to test 227.68. If bulls keep the edge, the next focus point is 228.67. The bullish chart for today points to a potential high of 229.89 on sustained momentum. 

Losing 226.50 sets up a dip toward 226.07. If selling ramps up from there, price might tag 225.62. A breach with steady volume opens the way to 224.85, with 223.42 as the final bear target on heavy pressure.

Microsoft Corp. (MSFT)

Microsoft is buzzing around the 522.50 level to start the session. Bulls want to forge a base here and push toward 525.25. Holding that as support could juice a climb to 526.73. Should buyers stay locked in, 528.46 is the session’s bullish peak to crack. 

If 522.50 caves to downside action, bears may test 519.74. Smashing that exposes 517.74, and persistent selling could haul MSFT to 515.89. If sellers rule the afternoon, our downside goal settles at 514.51.

NVIDIA Corporation (NVDA)

NVIDIA is floating near the 181.50 line as the bell rings. Bulls will track a push to 182.75 and look for that to flip into firm support. A solid hold above could spur a move to 183.83, with upside zeal possibly hitting 185.17. The bullish cap for the day rests at 186.13. 

If NVIDIA dips below 181.50, 180.95 becomes the first hurdle. Further softness could tug the tape to 180.18. Should that cave, expect a drop to 178.29. Heavy bearish pressure today could slam the stock to its session low target of 176.86.

Alphabet Inc Class A (GOOGL)

Alphabet is steadying around the 200.50 pivot. Bulls are eyeing a lift to 201.64, hoping that serves as a launchpad higher. If that holds, the rally might stretch to 203.37. Continued momentum could drive GOOGL to the bullish peak at 204.48. 

If 200.50 buckles under strain, sellers may strike fast toward 198.70. A break there could spark slides to 196.40. Should bears stay aggressive with sour news, a dive to 194.67 is in play.

Meta Platforms Inc (META)

Meta is consolidating around the 766.50 mark. Bulls are zeroing in on 773.60 as the next upside target if strength builds. A push past that puts 777.49 in the crosshairs. If bullish vibes hold steady, 781.57 marks our session high. 

Should 766.50 crack early, anticipate bearish jabs at 760.89. If sellers keep the pressure on, the market may revisit 753.02. A drop below this support zone brings 746.65 into play as today’s bear target.

Tesla Inc. (TSLA)

Tesla is trading close to the 340.50 zone this morning. Buyers are targeting 350.71 as the next milestone, with a possible reach to 356.64. If bullish energy carries forward, the key upside level aims for 363.68. With a solid boost from the broader tape, a hit at 369.90 isn’t out of reach. 

If 340.50 falters, 333.79 is primed to face pressure. A breach there could pull sellers down to 322.38. Prolonged weakness might drop Tesla to a low of 327.36 before hitting firm ground.

Trade smart and protect your capital.

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.