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Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
Our proprietary formula, exclusive to Market Clubhouse, dictates these price levels. This dynamic equation takes into account price, volume, and options flow. These levels are updated every day and shared with all Clubhouse Members, prior to the opening of the market.
We recommend closely monitoring these stocks, and be prepared to leverage potential breakouts or reversals. As always, stay alert and ready to adjust your tactics based on the market's pulse to optimize your trading gains. Now, let's dive into the stock analysis:
The SPY (NYSE:SPY) is presently trading around the mark of 521.85. For those favoring an upward movement, the initial goal is to surpass the figure of 523.76. If the market sustains its momentum above this threshold, the aim is to elevate the price to a supportive stance at 525.26. Should this level prove resilient throughout the regular trading hours, an upward trajectory towards 526.31 is anticipated.
For the SPY, the pinnacle of bullish aspirations for today is set at 527.36. On the contrary, if the level of 521.85 fails to serve as a foundation, the market's bearish faction is poised to challenge the stability of 520.67. Observing seller activity at this juncture could prompt a further descent to 519.71. A breach of this level under substantial selling pressure signals a move towards a firmer support at 518.76. In the event of an intensely bearish session today, the lowest anticipated point is 517.39.
The QQQ (NASDAQ:QQQ), or "the Q's", find themselves navigating around the pivotal point of 444.09. The bullish contingent seeks to solidify their position above 445.43. Maintaining this level as a supportive base could lead to the establishment of 446.51 as a significant support zone. A sustained buying force might bring 447.73 into the equation, potentially setting the stage for an ascent to 449.36. The ultimate bullish target for today is envisioned at 450.98.
Conversely, should the Q's struggle to maintain their footing above 444.09 during today's standard trading hours, it may signal an opportunity for bearish dominance. A concerted move lower to 442.53 would be the initial test, followed by a potential dip to 441.56 if weakness persists. Failure to uphold 440.78 as a robust support could see the bears pushing the index down to a floor of 440.00, marking the day's bearish nadir.
Apple's (NASDAQ:AAPL) current market position is indicated at around 172.45. The bullish outlook hinges on maintaining this level as a supportive base, with aspirations to elevate the auction price to 173.39. Should the bullish momentum continue, a further rally to 173.94 is conceivable. Dominance by the bulls in today's market could set the stage for reaching the day's high bull target at 174.59 for Apple.
If Apple's stock fails to find support at 172.45 during the regular trading hours, a downward adjustment to 171.79 could be on the horizon. Persistent selling pressure might necessitate a further decline to 171.13, with continued bearish momentum potentially leading to 170.32. In a scenario where this level is compromised, the bearish objective would be to drive the auction price down to the day's lowest bear target at 169.73.
Microsoft's (NASDAQ:MSFT) trading activity is currently centered around 421.62. Bullish participants are eager to see the stock remain robust above this level, with an aim to climb to 422.84 and secure it as a key support area within the trading hours. Should this level be successfully defended, the price could be propelled towards 423.81, with a sustained buying interest possibly reaching the day's high bull target at 425.16.
Should Microsoft's support at 421.62 falter during the day, the bears might seek to explore the depths of 420.26. A breach here could lead to further bearish exploration at 419.17. Continuation of this downward trajectory could prompt a push towards 417.25, with the ultimate bearish target for the day set at 416.32.
NVIDIA (NASDAQ:NVDA) is currently positioned around the significant level of 898.13. Bullish momentum aims to propel the stock towards 903.25, with aspirations of firmly establishing this as a key support area. An upward trajectory could see the bulls aiming for 907.51, with sustained buying potentially rallying the stock towards 913.30. The apex of bullish targets for NVIDIA today is identified at 917.98.
In the scenario where 898.13 does not hold up as a robust support level in today's trading, the bears may seek to test the waters at 890.55. Should this level give way under selling pressure, a descent to 882.97 could be anticipated. Weaker auction conditions today could necessitate a reassessment at 877.25, with the bearish culmination potentially reaching a low target of 865.62.
Alphabet's (NASDAQ:GOOGL) market activity is presently orbiting around 151.24. The bulls aim to secure this as a foundational support, with ambitions to push the trading value higher to 152.27. Sustained bullish energy could potentially elevate the stock to the day's high bull target of 152.94.
Conversely, if Alphabet fails to maintain 151.24 as a support during today's trading hours, the bears might look to drive the price down to 150.41. A breakdown of this level could lead to an initial bearish probe at 149.58. In the event of intense selling, the day's lowest bear target is projected at 148.95.
Meta's (NASDAQ:META) current trading landscape is marked at 492.33. The bullish perspective is to keep the auction price buoyant above this level, with a subsequent rise to 495.54 envisaged. A robust buy-side auction could further elevate the price to 498.03, with the potential to reach the high bull target of 500.83.
Should Meta's support at 492.33 give way during today's regular trading hours, a downward adjustment to 488.81 could be in order. Persisting selling pressure might lead to a further decline to 485.96. In the event of a breakdown of this level, the bearish aim would be to lower the auction price to the day's low bear target at 483.11.
Tesla's (NASDAQ:TSLA) current market position is identified around the crucial level of 179.79. Bullish forces are looking to elevate the price to 182.53, with continued buying potentially fostering a rally to a key level of 184.10. Should the broader market exhibit a bullish rally today, Tesla might test higher at 186.10. A significant influx of buyers could position the trading value at the day's high bull target of 189.22.
If Tesla's support at 179.79 does not withstand today's trading conditions, a move lower to 176.34 could be anticipated, with further selling potentially leading to 172.61. Should this level succumb to selling pressure, a drop to the day's low bear target of 169.70 is expected.
Final Word: Today's market session is characterized by several key economic data releases. At 8:30AM EST, the focus will be on the Third Annualized GDP Reading for Q4 along with unemployment figures, providing insights into economic health and labor market conditions. The Chicago PMI, due at 9:45AM EST, will offer a snapshot of manufacturing activity in the Chicago region, serving as an important indicator of overall economic momentum.
By 10AM EST, attention will shift to the Pending Home Sales for February, which will shed light on the housing market trends, accompanied by the University of Michigan Sentiment reading that gauges consumer confidence and spending intentions. Additionally, the Treasury's 4 and 8 Week Bill Auction scheduled for 11:30AM will be closely watched by market participants for clues on short-term funding conditions and investor appetite for government securities.
Given that today marks the conclusion of the first quarter of 2024, significant market movements are anticipated due to quarter-end rebalancing trades. Such activities often lead to increased volatility as institutional investors adjust their portfolios to align with their investment strategies and mandates. Traders and investors alike are advised to monitor volume closely and exercise caution in their trading decisions. Wishing everyone a successful trading day and a wonderful three-day weekend ahead. Stay safe and good luck!
The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.
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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
