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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 trading around our level of 521.85. For those bullish on the market, an initial push beyond this mark to 523.76 would be encouraging. Should the SPY maintain momentum and stay strong above 523.76, the next goal for buyers would be to elevate the price to 525.26. Upon securing the 525.26 level during the trading day, the focus would shift to surpassing 526.31. Should this level be breached, the ultimate target for bulls would be reaching 527.36, marking the highest ambition for SPY within this session.
Conversely, if the SPY fails to sustain above 521.85, it would signal an opportunity for bearish traders. The first checkpoint for them would be to see if the SPY dips to 520.67, indicating a potential downward trend. Should the selling pressure intensify, pushing the SPY below 519.71, the next level of significant support lies at 518.76. In the event of a substantial sell-off, the lowest bearish target for the day is set at 518.04, marking a critical juncture for traders.
The QQQ ETF (NASDAQ:QQQ) is currently navigating around the pivotal 446.51 mark. Bulls in the market would be keen to see the ETF sustaining above this level, with an eye on climbing to 447.73 and solidifying it as a firm support. With sustained buying interest, the QQQ could potentially advance to 449.36, setting the stage for a further push to 450.98. The ultimate bull target for today's session is envisioned at 452.14, representing the apex of bullish aspirations.
On the flip side, should the QQQ struggle to hold its ground above 446.51, it could spell an opening for bears. The immediate focus would then shift to 445.43, testing the resilience of the ETF. A continued downturn would prompt bears to target 444.09, and if the momentum persists, the subsequent level to watch would be 442.53. The bearish scenario culminates at a low target of 441.56, delineating the depth of potential decline.
Apple's (NASDAQ:AAPL) stock is hovering around the 171.13 level. Bulls are hopeful that this mark will serve as a reliable foundation, paving the way for a rally to 171.79. With continued positive momentum, the aim would be to reach 172.45, setting the stage for an assault on the high bull target of 172.95, representing the zenith of bullish expectations for Apple today.
Conversely, if Apple fails to maintain support at 171.13, it could signal a bearish shift. The first test in this scenario would be at 170.32, assessing the bearish strength. Further selling pressure might drive the stock down to 169.73, with a potential slide to 168.99. The ultimate bearish objective for the day would be to reach 168.41, marking a significant downturn.
Microsoft (NASDAQ:MSFT) is currently positioned at the 426.00 mark. For bulls, maintaining a position above this level is crucial, with aspirations to climb to 427.36 and establish it as a solid support during the trading hours. Should the support at 427.36 hold, the next milestone would be 428.48, with a further push potentially leading to the high bull target of 430.25 for Microsoft today.
If Microsoft cannot sustain its position above 426.00, it would present an opportunity for bears. The initial test would be at 425.16, gauging the potential for a bearish trajectory. A break below this level would lead bears to target 423.81, and if the selling pressure does not relent, the next level to watch would be 422.84. The bearish endpoint for the session is envisioned at 421.62.
NVIDIA (NASDAQ:NVDA) is trading around the crucial 961.78 level. Bulls are aiming for a strong push to 972.06, seeking to establish it as a clear support zone. If the momentum continues, the next target for bulls is 980.21, with aspirations to drive the price further to 991.66. The pinnacle of bullish goals for NVIDIA today is reaching 998.75.
Conversely, if NVIDIA cannot uphold 961.78 as a strong support, bears might see an opportunity. The initial lower target would be 955.43, testing the resolve of the bears. Should the price break below this level, the next target is set at 950.29, with a further decline potentially leading to 945.15. The lowest bear target for today is pegged at 937.84, marking a significant bearish threshold.
Alphabet's (NASDAQ:GOOGL) stock is navigating around the 150.41 level. Bulls are eyeing this as a base, with the goal to escalate the trading to 151.24. A sustained bullish momentum could propel the stock towards the high bull target of 152.27, representing the pinnacle of bullish aspirations for Alphabet in today's session.
Should Alphabet fail to maintain its ground above 150.41, it could open a pathway for bears. The immediate lower target in such a scenario would be 149.58, testing the bearish resolve. A further descent would bring 148.95 into focus, with persistent selling pressure potentially dragging the stock down to the day's low bear target of 148.24, marking a significant bearish milestone.
Meta Platforms (NASDAQ:META) is currently trading around the 504.54 mark. Bulls are encouraged by the potential to hold above this level, with aspirations to elevate the stock to 508.25. A robust bullish rally could further lift the price to 512.85. The highest of bullish targets for Meta today is set at 515.39, symbolizing the ultimate goal for bullish traders in the session.
Conversely, if Meta cannot sustain support at 504.54, it would signal a bearish inclination. The first lower target for bears would be 500.83, indicating the beginning of a potential downward trend. Continued bearish momentum could see the stock descending to 498.03, with a break below this level potentially leading to the low bear target of the day at 495.54, defining a significant bearish threshold.
Tesla (NASDAQ:TSLA) is currently positioned around the key level of 176.34. Bulls are aiming for a push upwards to 179.79, with continued buying interest potentially leading to a rally up to 182.53. A bullish market sentiment today could see Tesla reaching higher levels, with 184.10 and ultimately 186.10 as the high bull target, marking the peak of bullish objectives.
If Tesla fails to maintain the 176.34 level as support, it would provide a bearish signal. The first lower target would then be 172.61, with additional selling pressure potentially bringing the stock down to 169.70. A further decline, breaking through the level of 166.89, would set the stage for a descent to the day's low bear target of 164.87, encapsulating the bearish potential for Tesla in today's trading session.
Final Word: Today's trading session is accompanied by several key economic data releases. At 8:30 AM EST, the market awaits the Durable Goods Orders and Capital Goods Orders figures for February, which could provide insights into the manufacturing sector's health. Following closely at 9 AM EST, the FHFA House Price Index for January will be released, offering a glimpse into the real estate market trends.
The mid-morning slot at 10 AM EST is expected to bring volatility with the publication of the Conference Board Consumer Confidence index for March, alongside the Richmond Fed Manufacturing Index. These indicators will provide a snapshot of consumer sentiment and manufacturing activities, respectively. Additionally, at 10:30 AM, the Dallas Fed Services Activity for March will be released, shedding light on the service sector's condition.
In the afternoon, at 1 PM EST, attention will turn to the Treasury as it conducts an auction for 5-Year Notes, an event that could influence bond markets and, by extension, equity markets. Although no Federal Reserve speakers are scheduled for today, the amalgamation of data releases is likely to stir market movements. Traders are advised to approach the day with discipline, keeping an eye on these data releases as they can significantly impact market dynamics. Wishing everyone a disciplined and successful trading day!
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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For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
