In today’s financial news, we will be analyzing the stock performance and potential price movements of several major companies including SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust Series 1 (QQQ), Apple Inc. (AAPL), Microsoft Corp. (MSFT), NVIDIA Corporation (NVDA), Alphabet Inc. Class A (GOOGL), Meta Platforms Inc (META), and Tesla Inc. (TSLA).
Starting with SPY, the ETF is currently trading around 507.52. For bullish traders, the initial target is set at 508.34, with the possibility of further gains to 509.49 and potentially 510.14. On the other hand, if SPY struggles to maintain support at 507.52, it may face a downward test to 506.71, followed by 506.06 and possibly 505.32.
Moving on to QQQ, the ETF finds itself at a crucial juncture around 437.47. Bullish traders are hoping for stability above this level to push towards 438.89, 440.00, and potentially 440.78. Conversely, if QQQ fails to hold support at 437.47, we anticipate a downward move to 436.58, 435.88, and possibly 433.64.
Next, we have Apple Inc., which is currently trading near the specified level of 183.38. Bullish scenarios rely on maintaining this level as support and aiming for an ascent to 184.09, 184.59, and potentially 185.86. However, if Apple’s support at 183.38 is breached, we could see a descent to 182.96, 182.27, and even 180.60.
Microsoft Corp. is positioned around the benchmark of 413.14. Optimistic traders are looking for the price to stay buoyant above this level with targets at 414.56, 416.32, and potentially 417.25. Conversely, if Microsoft cannot sustain support at 413.14, we could see a bearish exploration towards 411.72, 410.64, and possibly 409.69.
NVIDIA Corporation is navigating around the pivotal point of 799.10. Bulls are eyeing an upward movement to 804.61, with further targets at 810.13, 816.95, and the highest bullish target at 827.98. However, if NVIDIA fails to hold 799.10 as support, we anticipate a dip to 794.94, 791.44, and possibly 785.35.
Alphabet Inc. Class A, also known as Google, finds itself around the mark of 143.17. Bullish forces are rallying for a push beyond this level to 144.72, 145.94, and potentially the highest target for the day. Conversely, if Alphabet cannot secure 143.17 as a foundation, we could see a downward move to 142.53, 141.71, and possibly 141.12.
Meta Platforms Inc, formerly known as Facebook, is currently positioned at 485.96. Bulls are aiming to uphold this level as a baseline, with targets at 488.81, 492.33, and potentially 495.54. However, if Meta’s support at 485.96 erodes, we anticipate a descent to 483.11, 480.96, and possibly 479.47.
Finally, Tesla Inc. is trading near the critical level of 195.91. Bullish scenarios revolve around pushing the price to 197.50, 200.43, 204.33, and the highest bullish target at 206.71. If Tesla cannot maintain 195.91 as a support, we’re prepared for a test to 193.81, 191.52, and possibly 189.22.
It’s important to note that today’s trading session lacks significant US economic data, and market movements will likely be influenced by the expiration of weekly option flows. Key stocks to monitor for institutional positioning include NVIDIA and Meta.
Please note that this article is from an unpaid external contributor and does not represent Benzinga’s reporting.
