Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, META, GOOGL, and NVDA.
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 The SPY (ARCA: SPY) is currently trading around 456.88. Bulls are aiming for an upward movement initially to 457.86. If the market stays strong above this level, the next target is to elevate the price to our support at 458.54. Should 458.54 sustain during regular trading hours, we anticipate an advance to 460.28, with our highest bullish target for the day at 462.20.
Conversely, if 455.90 fails to serve as a support, bears may test the strength at 455.14. Should sellers emerge, the focus would shift to testing lower at 454.56. A break below this level under heavy selling would highlight a crucial support at 453.54. Persistent selling could drive the price to 452.55, and in a significant sell-off session, our lowest bear target is foreseen at 451.61.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are presently around 388.80. For bullish trends, holding above 389.46 is key, with a target to establish 390.09 as a solid support. Continued buying might elevate the level to 391.39, with the day's highest bullish target at 392.77.
If the Q's struggle to stay above 388.80, we anticipate bears gaining control, potentially pushing prices down to 387.67. Market weakness could lead to a further test at 386.69. Persistent selling pressure could lead to a probe of 385.55, setting 384.36 as the day's lowest bear target.
Apple Inc. Apple (NASDAQ: AAPL) is trading near 189.52. Bulls are looking to maintain this as a support level, targeting an increase to 190.33. With sustained bullish momentum, the next target is 191.25, and if bulls regain control today, we aim to see a rise to the high bull target of 191.76.
If 189.52 fails to hold during regular trading hours, a lower test at 189.16 is likely. Continued selling could lead to bears targeting 188.32, and if selling intensifies, 188.05 becomes relevant. If this level is breached, the lowest bear target for Apple for the day is 187.50.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently at around 379.50. Bulls are aiming to keep the stock above 380.00, with a goal to rally to 380.59. If this key support level is maintained, we could see a push to 381.64, with the day's highest bull target at 382.69.
Should 379.50 not hold as support, bears might test the level at 377.72. If this level is breached, a further downside probe at 376.70 is expected. In a scenario of continued selling pressure, the lowest bear target for Microsoft for the day is projected at 375.93.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around 238.50. Bulls are aiming for an upward move to 239.92. Continued buying could see a rally up to 242.47, and in a broader bullish market, targets of 243.98 and 246.16 are envisaged.
If 238.50 doesn't hold as strong support, a lower test at 235.74 is anticipated, with continued selling possibly bringing 233.49 into play. Should this level break, the lowest bear target for Tesla for the day is 230.65.
Meta Platforms Inc Meta (NASDAQ: META) is positioned around 325.51. Bulls are looking to keep the stock strong above 328.13, aiming to trade higher to 329.83. Strong buying could potentially lift the price to 332.41. If bullish trends continue, the top bull target is 335.12.
If 325.51 doesn't act as a reliable support, bears could lower the price to 322.63. Persistent bearish pressure might further depress the price to 321.03. If this level is breached, the lowest bear target for Meta for the day is 317.90.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around 132.84. Bulls are aiming to keep this level as support and elevate the price to 133.78. Continued bullish momentum could push the stock to our high target of 134.96.
If Alphabet fails to maintain 132.84 as support, bears may target a lower price of 131.58. If this level is breached, a further bearish probe at 130.41 is anticipated. In heavy selling scenarios, the lowest bear target for the day is set at 129.52.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading around 470.17. Bulls are seeking to push the price up to 473.81, aiming to establish this as a strong support level. The upward target is 478.67, with the highest bull target for the day at 483.43.
If 470.17 fails to hold as a robust support, bears might initiate a downward trend to 467.34. If 467.34 is broken down amid selling, a drop to 464.95 is expected. Continued selling pressure might lead to the day's lowest bear target for NVIDIA at 461.49.
Final Word:Today's session marks the start of the final month of Q4 2023. The market is expected to react to the PMI released during the premarket session, followed by a speaking engagement featuring Jerome Powell. With the next FOMC rate decision just 12 days away, we're sure to see some considerable volatility today. Trade safely, good luck, and Happy Friday!
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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