Market Analysis: Key Levels and Strategy for Today

Summary

The market is showing a mixed picture, with the SPY attempting to break above its recent range while the Qs remain technically inside theirs. Key tech names and the 'Mag Seven' are leading the upward movement, but some memory and semiconductor stocks are lagging, particularly after recent MU earnings. Today's economic calendar includes consumer confidence and JOLTS openings at 10:00 AM EST. Tomorrow brings ADP non-farm enrollment, Fed Chair Warsh speaking, and ISM Manufacturing data. Thursday features average hourly earnings, non-farm payrolls, and unemployment rates, with a market holiday for Independence Day on Friday. For the SPY, the 744 level is critical, with potential rejection leading to a move towards 740, or a hold above it for continuation. The QQQ needs to reclaim 724 and ideally break above 728 for upward momentum. The SMH shows strength but is pulling back to the 21 EMA, with 640 being a key resistance level. IWM remains in an uptrend, consolidating above 298. Tesla is ranging between 380 and 412, with potential for a pop and fade or a break above 412. Nvidia is showing weakness, trading below key EMAs, with 196 as a critical level. AMD is consolidating but structurally bullish, with 540 being a key level to watch for an upward move. Apple is below its key 285 technical level, facing potential rejection or a bounce towards 280. Google is holding at a critical 350 level, and Microsoft is at a key technical level on the monthly chart, with 370 being a crucial intraday indicator. Meta and Amazon are within their ranges, while SpaceX is showing strength off its IPO low, with 150 and 160 as key levels. AVGO is weaker after earnings, pulling back to the 360 support level. Palantir broke consolidation but is retracing to 130. MU is holding its uptrend, with 1140 as a resistance level. INTC and WDC are at key support levels. The general game plan is to be cautious of rejections at resistance and look for bounces at support, focusing on intraday trades until clearer trends emerge.