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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:
For investors observing the SPY (NYSE:SPY), the current trading vicinity is around 512.91. Optimists in the market are eyeing an upward move, initially targeting 513.76. Should the momentum sustain beyond this level, the next aim is to establish 514.62 as a solid foundation. Holding steady above 514.62 might lead to an upward thrust towards 515.68, with an ambitious goal set at 516.58 for the day.
Conversely, should the 512.91 mark fail to serve as a reliable floor, the market may see a downward pressure with the first checkpoint at 512.26. A breach here could invite further bearish activity towards 511.69, and if the sell-off intensifies, the next critical support is pegged at 510.95. In a scenario marked by pronounced bearish momentum, the day's lower boundary is envisaged at 509.49.
The QQQ index (NASDAQ:QQQ) is currently navigating around a pivotal point at 437.47. Bullish traders are keen on pushing past 438.89, aiming to solidify this as a new baseline. Success here would pave the way to challenge 440.00, with hopes of further elevation to 440.78. A sustained bullish drive could potentially test the waters at 441.56, setting the stage for reaching the lofty target of 442.53.
On the flip side, if the index struggles to maintain its stance above 437.47, bearish forces might seize control, driving the price down to 436.58. Persistence in selling could expose the index to further declines towards 435.88, with a critical support level awaiting at 434.76. Should this support falter, the bears might aim for a more pronounced retreat to 433.64.
Apple's (NASDAQ:AAPL) stock is hovering around 168.41, with bullish investors aiming to secure 168.99 as a support level. A successful hold could fuel a rally to 169.73, with the momentum potentially extending to 170.32. The bulls are ambitious, hoping to notch up gains to the day's peak target of 171.13.
However, if Apple fails to maintain support at 168.41, a downward adjustment to 168.00 could be on the horizon. Persistent selling pressure might lead to a further dip to 167.59, with 167.09 emerging as the next significant level to watch. A breach here could steer the stock towards the lower extremity of 166.27.
Microsoft (NASDAQ:MSFT) is presently trading around the 426.00 mark, with bullish participants seeking stability above 427.36. Holding this level could trigger a push towards 428.48, considered a crucial support for the day. A firm grip above this threshold might encourage a surge to 429.25, with an ultimate bull target set at 430.25.
Contrastingly, if Microsoft cannot cling to the 426.00 support, bears might explore a descent to 423.81. A continuation of the downward trajectory could see the stock approaching 421.62, with further declines potentially leading to 420.26. The day's bearish boundary is anticipated at 419.17.
NVIDIA's (NASDAQ:NVDA) current position is at 865.62, with bullish prospects including a leap to 877.25, which bulls aim to establish as a firm support zone. Ascending beyond this could see a drive towards 882.97, with continued purchasing possibly propelling the stock to 890.55. The ultimate bullish objective for the day is marked at 898.13.
If NVIDIA fails to uphold the 865.62 level, bears might push for a retreat to 858.43. A break below this could signal a further drop to 852.61, with 846.80 lined up as the subsequent target. In a strong bearish scenario, the stock might plummet to the day's minimum forecast of 842.42.
Alphabet's (NASDAQ:GOOGL) trading activity is centered around 155.59, with bulls eyeing 156.61 as a crucial support level to conquer, followed by an ascent to 157.41. Maintaining bullish momentum could escalate to testing the day's high target of 158.54.
If Alphabet cannot sustain above 155.59, a pullback to 154.95 might ensue. Deteriorating conditions could lead to testing 154.44, with a heavy sell-off potentially dragging the stock down to the day's lowest predicted level of 153.93.
Meta's (NASDAQ:META) market activity is concentrated around 520.27, with bulls looking to affirm this level as a base to launch to 526.29. A strong buy-side market could further elevate the stock to 531.03, with the bullish trajectory aiming for a summit at 537.68.
Should Meta falter at holding 520.27, a descent to 515.39 could be in the offing. Persistent bearish pressure may drive the stock down to 512.85, with a decisive break potentially leading to a downturn to the day's bear target of 508.25.
Tesla (NASDAQ:TSLA) is currently positioned at 169.70, with bulls aspiring to propel the stock to 172.61. Continuous buying could steer the stock towards 176.34, with a broader market rally possibly enabling a test at 179.79. An influx of bullish activity could set the stage for reaching the high bull target of 182.53.
However, if Tesla is unable to maintain the 169.70 support, the bears might aim for 166.89, with sustained selling pressure potentially dragging the stock to 164.87. A breakdown of this level could precipitate a fall to the day's bear objective of 162.32.
Final Word: The trading session today is poised for volatility, with key economic indicators such as PPI data, Jobless Claims, and a 30-Year Bond Auction on the docket, coupled with insights from three Federal Reserve speakers. The market's pulse is expected to be influenced by the interplay of yesterday's hotter-than-anticipated CPI figures and today's PPI outcomes. Participants are advised to navigate the markets with heightened caution and discipline.
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.
