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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 currently trading around our level of 516.58. For the bulls, a push higher initially to 517.39 is desired. Should the price action remain strong above this level, the next target for buyers is our support level at 518.04. Holding 518.04 during regular trading hours could lead to an upward push to 518.76. The ambitious bull target for the day is set at 519.71.
On the bearish side, if the 516.58 level fails to hold as support, we anticipate the bears testing the strength down to 515.68. Should sellers become dominant, the next focus will be lowering the price to 514.62. A breach here on strong selling momentum indicates a move towards a robust support level at 513.76. In a significant sell-off, the day's bearish target is pegged at 512.91.
The Q's (NASDAQ:QQQ) are trading near our pivotal level of 438.89. Bulls will be looking for the price to hold above 440.00, using it as a springboard to reach 440.78, which needs to be established as solid support. Sustaining buyer strength could elevate the price to 441.56, potentially testing 442.53 if the market favors the bulls, with a high bull target set at 444.09 for today.
Conversely, if the price struggles to maintain above 438.89, the bears might take control, pushing the price down to 437.47. A visible weakness here would likely lead to further tests at 436.58 and then 435.88. If these levels cannot sustain the pressure, the bears might drive the price down to today’s bearish target of 434.76.
Apple's (NASDAQ:AAPL) current trading level is around 182.27. Bulls are aiming to maintain this level as a base to rally towards 183.38. With sustained bullish momentum, the price could escalate to 184.09 and potentially reach the day's high bull target at 184.96.
If Apple fails to hold the 182.27 support during regular trading hours, a downward test to 181.25 is likely. Continuing seller pressure might drive the price further down to 180.60, with a significant sell-off potentially breaking further to 180.10. The ultimate bear target for the day is set at 179.36.
Microsoft (NASDAQ:MSFT) is trading around 410.64. Bulls are watching for the price to remain firm above 411.72, using it as a basis to push towards 413.14, which should be maintained as a key support level. Holding this could prompt a rally up to 414.56, with a final bull target for the day at 416.32.
If Microsoft cannot sustain the 410.64 support, the price might be driven down to 409.69 by the bears. Breaking below this level would see further tests at 408.46, and with ongoing pressure, a move down to 407.11 is likely, setting the day’s bear target at 406.01.
NVIDIA (NASDAQ:NVDA) is positioned around 898.13. For upward momentum, bulls aim to push the price to 903.25, establishing it firmly as support. If successful, further bullish objectives include elevating the price to 907.51 and potentially up to 913.30, with the high target for the day at 917.98.
In bearish scenarios, if 898.13 does not hold, bears will likely test down to 890.55. A break below this could see a decline to 882.97, with further weakness potentially testing 877.25. Continued selling could lead to a low bear target of 865.62 for the day.
Alphabet (NASDAQ:GOOGL) is trading at 169.34. Bulls are looking to hold this as support to enable an advance towards 171.14. Continued bullish momentum might lead to reaching a high bull target of 172.28.
If the support at 169.34 cannot be maintained, we anticipate the bears to push the price down to 167.04. Failure to hold could lead to further bearish tests at 165.41, with significant selling possibly driving the price down to a day’s low target of 163.79.
Meta (NASDAQ:META) is currently at 472.19. Bulls are looking to hold this level to enable a move up to 473.93. A strong buy-side drive could push the price further to 475.19, with the high bull target for the day at 477.50.
On the downside, if 472.19 fails as support, bears will look to push down to 470.28. Continual selling pressure might lower the price to 468.38, with a significant bear move potentially leading to the low bear target of 465.81 for the day.
Tesla (NASDAQ:TSLA) is hovering around 172.61. Bulls are aiming for an initial target of 176.34, with continued buying possibly driving the price to a significant level of 179.79. A broader market rally could see Tesla testing 182.53, with an optimistic bull target of 184.10.
Conversely, if 172.61 fails to hold, bears will look to drive the price down to 169.70. Persistent selling could lead to further down tests at 166.89, and if breached, a continued drop to the day's low bear target of 164.87.
Final Word: Today’s trading session is likely to have an impact of influence from the Bank of England's latest rate decision, which has resulted in a pause, with two dissenters advocating for rate cuts. This decision is likely to impact market sentiments. Before the New York session opens, we will be presented with important economic indicators including the Initial and Continuing Jobless Claims at 8:30 AM ET, which are pivotal in assessing the health of the labor market. Later in the morning, at 11:30 AM ET, the results of the Treasury's 4 and 8 Week Auction will be available, providing further insights into investor confidence and government debt dynamics. Market participants are advised to keep a vigilant eye on volume and participation as these factors will play a crucial role in today's market dynamics. Good luck and stay informed!
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.
