Good Morning Traders!

Today’s economic calendar closes out the final full trading week of August with a lighter schedule and only one trading session remaining in the month after today. Chicago PMI first, followed by a more interesting window featuring the Annual Preliminary Benchmark Payrolls Revision alongside Final University of Michigan Sentiment, Current Conditions, Expectations, and both one year and five to ten year inflation expectations. Kansas City Fed Services Activity rounds out the scheduled releases at 11:00AM ET. 

The preliminary benchmark payroll revision deserves particular attention because it can materially alter the historical picture of U.S. job creation. Unlike a normal monthly payroll report, the benchmark process compares establishment survey estimates against more comprehensive employment records and can reveal that the economy created meaningfully more or fewer jobs than previously reported. A substantial revision could therefore influence how traders interpret the underlying strength of the labor market, even though it does not represent a new monthly payroll print. 

Michigan inflation expectations provide another useful read after a week that included important inflation and growth data. With the economic calendar otherwise relatively light, attention could increasingly shift toward positioning ahead of Monday’s final trading day of August. Month end portfolio rebalancing and institutional flows can become more relevant around the turn of the month, particularly if large moves across equities or bonds have created allocation imbalances that need to be adjusted. 

With today’s data and Monday representing the final opportunity for August month end positioning, the session could begin relatively technical before flows become increasingly important later in the day. Watch Treasury yields, technology breadth, and the market’s response to the payroll revision and inflation expectations for confirmation.

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 771.25 as markets close out the final full trading week of August with only one session remaining in the month after today. If buyers defend this level, a move toward 777.25 may develop, followed by 783.25 if momentum builds. Sustained strength above 789.25 would reinforce the short term bullish structure heading into month end. 

If SPY loses 771.25 with conviction, sellers may press into 765.25. A breakdown there could expose 759.25, while continued weakness may bring the 753.25 region into focus. With a relatively light calendar, positioning and technical levels could play a larger role, particularly as institutions begin preparing for Monday’s final session of August and month end flows.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading around 719.75 and continues to recover as technology sentiment improves following this week’s volatility. If buyers defend this pivot, price may advance toward 726.75, followed by 733.75 if momentum strengthens. Sustained strength above 740.75 would indicate improving institutional demand and continued repair of the recent pullback. 

If 719.75 fails to hold, sellers may drive price toward 713.25. A deeper breakdown could expose 706.75, while continued weakness may bring the 700.25 region into play. Semiconductor participation should remain an important confirmation signal for any broader technology move.

Apple Inc. (AAPL)

AAPL is currently trading around 315.25 and continues to demonstrate constructive relative strength. If buyers defend this pivot, price may rotate toward 320.50, followed by 325.75 if momentum builds. Sustained strength above 331.00 would reinforce the bullish short term structure. 

If 315.25 breaks lower, sellers may test 310.25 quickly. Continued downside pressure could extend into 305.25, while deeper weakness may bring the psychological 300 area into focus. Continued strength relative to QQQ would remain a constructive indication of institutional demand.

Microsoft Corp. (MSFT)

MSFT is currently trading around 503.75 and has reclaimed the psychologically important 500 level, improving its short term structure. If buyers maintain acceptance above this area, price may advance toward 511.00, followed by 518.25 if momentum builds. Sustained strength above 525.50 would signal continued institutional sponsorship and another leg higher. 

If 503.75 fails to hold, sellers may press back toward 496.75. A deeper pullback could test 489.75, while continued weakness may bring the 482.75 region into play. Holding 500 into the weekend would be considerably more constructive than another rejection back underneath it.

NVIDIA Corporation (NVDA)

NVDA is currently trading around 227.25 and continues to show strength following this week’s earnings report as markets digest the company’s longer term AI infrastructure outlook. If buyers defend this pivot, a move toward 234.50 may develop, followed by 241.75 if momentum strengthens. Sustained trade above 249.00 would indicate continued upside expansion and reinforce semiconductor leadership. 

If 227.25 fails to hold, sellers may test 221.25 quickly. Continued downside could extend into 215.25, while deeper weakness may bring the 209.25 region into focus. With the immediate earnings reaction now being absorbed, today’s ability to hold recent gains should provide a useful read on whether institutional demand remains intact.

Alphabet Inc Class A (GOOGL)

GOOGL is currently trading around 341.50 and continues to lag several of its mega cap peers. If buyers defend this level, price may rotate toward 348.00, followed by 354.50 if momentum improves. Sustained strength above 361.00 would indicate a more meaningful recovery attempt.

If 341.50 fails to hold, sellers may guide price toward 335.50. A breakdown there could expose 329.50, while continued weakness may bring the 323.50 region into play. Relative performance remains important, particularly if QQQ continues recovering while GOOGL struggles to participate.

Meta Platforms Inc (META)

META is currently trading around 572.50 and continues attempting to rebuild its short term structure following the recent pullback. If buyers defend this pivot, a push toward 580.00 may develop, followed by 587.50 if momentum builds. Sustained strength above 595.00 would put the psychologically important 600 area back within reach. 

If 572.50 breaks lower, sellers may guide price toward 565.50. A deeper pullback could test 558.50, while continued weakness may bring the 551.50 region into focus. A sustained recovery toward 600 remains the clearest signal that buyers are regaining meaningful control.

Tesla Inc. (TSLA)

TSLA is currently trading around 356.25 and continues to build on its recent recovery. If buyers defend this pivot, a move toward 364.75 may develop, followed by 373.25 if momentum continues. Sustained strength above 381.75 would reinforce the improving short term structure and indicate continued speculative demand. 

If 356.25 fails to hold, sellers may test 348.25 quickly. Continued downside pressure could extend into 340.25, while deeper weakness may bring the 332.25 region into play. TSLA’s ability to maintain recent gains into the weekend should provide a useful indication of whether momentum remains intact.

Final Word: Good luck, trade safely, and have a great weekend!

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.