Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, NVDA, META, and GOOGL.
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 during our daily Morning Call, prior to the opening of the market.
We recommend closely monitring 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:
SPDR S&P 500 ETF Trust SPY (ARCA: SPY) is currently around 464.92. For a bullish move, the first target is 466.80. If it maintains strength above this, the focus shifts to reaching 468.16. Holding 468.16 could lead to a further increase to 469.17, with the day's high bullish goal at 471.40.
If SPY cannot sustain 464.92 as support, a bearish trend may emerge, first testing 462.72. If sellers dominate, the next level to challenge is 461.27. Heavy selling breaking this level could lead to a stronger support test at 459.42, potentially falling to 458.54, with the lowest bear target at 456.88.
Invesco QQQ Trust Series 1 The QQQ (NASDAQ: QQQ), currently near 399.67, in a bullish scenario, aims to rise above this level. Holding 399.67 could lead to targeting 400.95, followed by 402.31. A strong market could further test 403.59, with a high bull target set at 405.66.
Conversely, if QQQ fails to hold above 399.67, the bearish view involves a move to 396.81. Weakness here might lead to testing 395.04. Persistent selling pressure could then challenge 392.77 and 391.39, with the day's lowest bear target at 390.09.
Apple Inc. Apple (NASDAQ: AAPL), trading around 195.25, for bulls, aims to maintain 195.67 as support. Achieving this could lead to a rally to 196.61, and if the bullish momentum continues, targeting 196.94, with a high bull day end at 198.22.
In a bearish scenario, if Apple can't hold 195.25, a decline to 194.29 is expected. Continued selling might push the price down to 193.82 and further to 191.76, with the lowest bear target for the day at 191.25.
Microsoft Corp. Microsoft (NASDAQ: MSFT), positioned at 376.70, has a bullish target of staying above 377.72 and rallying to 379.50. Successfully holding this level could lead to targeting 380.59, with a high bull target at 381.64.
If Microsoft fails to sustain 376.70, a bearish trajectory might unfold, initially probing 375.11. A breakdown here could lead to 372.85. In a scenario of continued bearish pressure, the aim might be to push the price to 370.10, with the lowest bear target at 368.79.
Tesla Inc. Tesla (NASDAQ: TSLA), around 233.49, in a bullish view, seeks to push the price to 235.74. Sustained buying could lead to reaching 238.50, and in a broader market rally, testing higher at 239.92, aiming for a high bull target at 242.47.
Conversely, if Tesla can't maintain 233.49, the bearish outlook involves testing 230.65. Continued selling could bring the stock down to 228.45, and in a scenario of intense selling, the lowest bear target for the day is 225.60.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA), near 473.81, in a bullish case, focuses on moving up to 478.67 and establishing it as a solid support. Further advancement could lead to targeting 483.43, with a day's high bull target at 489.04.
Should NVIDIA not hold 473.81, a bearish trend might emerge, starting with testing 470.17. A breakdown of this level could lead to a drop to 464.95, and if weakness persists, further testing at 461.49, with the lowest bear target at 458.20.
Meta Platforms Inc Meta (NASDAQ: META), at 332.41, from a bullish perspective, seeks to remain above this level and rise to 335.12. Strong buying could elevate the price to 337.17, aiming for a high bull target at 340.66.
Conversely, if Meta can't hold 332.41, the bearish trajectory involves a decline to 329.83. Persistent selling could further lower it to 325.51, with the day's most significant bear target at 321.03.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL), currently at 132.84, aims bullishly to hold this level and move to 133.78. Continued bullish momentum might drive a push towards a high target of 134.96.
If Alphabet fails to sustain 132.84, a bearish trend may unfold, initially targeting 131.58. Further selling might lead to 130.41, and in a scenario of increased selling, the lowest bear target for the day is 129.52.
Final Word: The focus of today's session is on the PPI data released in the premarket, followed by the FOMC rate decision in the afternoon at 2PM EST. Market participants will be closely watching Jerome Powell's press conference at 2:30PM EST for insights into the Fed's future path and whether the terminal rate has been reached. Expect high volatility and trade with discipline. 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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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 external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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