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 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:
SPDR S&P 500 ETF Trust SPY (ARCA: SPY) is currently trading around 471.40. Bulls are aiming for an initial rise to 472.68. If the market remains strong above this level, the next target is 474.04. Holding 474.04 could lead to an upward movement to 475.02, with the highest bullish target for the day at 476.49.
Conversely, if SPY cannot maintain 471.40 as a support level, the bearish view targets 470.63. Sellers' presence might lead to a further decline to 469.17. If this level is breached, the next solid support at 468.16 may be tested, potentially leading to 466.80, with the lowest bear target at 464.92.
Invesco QQQ Trust Series 1 The QQQ (NASDAQ: QQQ), currently near 405.66, in a bullish scenario, seeks to rise above this level. Holding 405.66 could lead to targeting 406.58 as a strong support, followed by 407.64. A strong market might even test 408.80, with the highest bull target at 405.66.
In contrast, if QQQ struggles below 405.66, it might indicate a bearish trend, initially targeting 403.59. Weakness could lead to probing 402.31, and if selling pressure continues, further testing 400.95 and 399.67, with the lowest bear target at 398.57.
Apple Inc. Apple (NASDAQ: AAPL), currently around 198.22, for bulls, focuses on maintaining this level as support. The aim is to rally to 198.79 and then to 199.51, with an ultimate high bull target set at 200.53.
Conversely, if Apple fails to sustain 198.22 as support, a bearish trend might emerge. This would involve testing 197.69, followed by a potential decline to 196.94. Further selling could push the price to 196.61, with the lowest bear target for the day at 195.67.
Microsoft Corp. Microsoft (NASDAQ: MSFT), at about 375.11, in a bullish perspective, aims to hold above this level and rally to 375.93. Successfully maintaining this level could lead to targeting 376.70, with the day's high bull target at 377.72.
If Microsoft fails to keep 375.11 as support, the bearish trajectory involves probing 373.48. A breakdown here could lead to further decline to 372.85, with continued downward pressure potentially pushing the price to 372.03, and the lowest bear target at 371.31.
Tesla Inc. Tesla (NASDAQ: TSLA) , trading around 239.92, in a bullish view, is targeting an increase to 242.47. Sustained buying could lead to a rally to 243.98, and in a broader market rally, possibly testing higher levels at 246.16, with a high bull target at 248.37.
Conversely, if Tesla can't hold 239.92, the bearish perspective involves a downward test to 238.50. Continued selling might lead to 235.74, and if this level is breached, the next target is the day's low bear target at 230.65.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA), currently near 483.43, for bulls, aims to rise to 489.04 and establish it as a strong support area. Further advancement could target 492.33, with a high bull target for the day at 495.79.
Should NVIDIA not sustain 483.43, the bearish scenario includes testing lower levels, starting with 478.67. A breakdown of this level might lead to a drop to 473.81, and if the market weakens, further testing at 470.17, with the lowest bear target at 467.34.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL), at 132.84, in a bullish case, seeks to hold this level and move up to 133.78. Continued bullish momentum might push towards a high target of 134.96.
If Alphabet can't maintain 132.84, the bearish trend might lead to a drop to 131.58. Further selling could lead to 130.41, and in a scenario of intensified selling, the lowest bear target for the day is 129.52.
Meta Platforms Inc Meta (NASDAQ: META), currently around 335.12, for bulls, focuses on staying above 337.17 and rising to 338.75. Strong buying could further elevate the price to 340.66, aiming for a high bull target at 341.85.
Conversely, if Meta can't sustain 335.12 as support, the bearish trajectory involves a decline to 332.41. Persistent selling might lower the price to 329.83, with the day's most significant bear target at 328.13.
Final Word: Today's session is centered around market reactions to the FOMC rate decision and Jerome Powell's press conference. The premarket will see volatility due to unemployment numbers, while regular hours will focus on the Treasury's 4 and 8 Week Bill Auction.. Maintain discipline, keep your head on a swivel, and trade carefully. 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 external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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