Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, GOOGL, META, TSLA, 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, 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 Currently, the SPY (ARCA: SPY) is navigating around the 477.25 mark. For those looking for upward momentum, the initial target is 478.16, with a continued strong performance potentially taking it to 478.93. If the market can sustain these levels during regular hours, there's a potential for upward movement towards 480.01, with an ambitious bull target set at 480.67 for the day.
On the other side, if 477.25 fails to serve as a reliable support, eyes will turn to 476.10 as the next point of interest for the bears. A breach here could open the way to 475.02. And if the downward trend gains momentum, we could see it hitting a solid support at 474.04, with a more pronounced sell-off possibly dragging it down to a low bear target of 473.40.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are hovering around 412.59, a pivotal level for today's trading. Bulls are hoping to maintain this as a baseline and push towards 413.30 as a sign of strength. If they can cement 413.30, the next sight is set on 413.72, with an optimistic push towards 414.20. The highest aspiration for the bulls today is reaching 414.83.
Conversely, if the market struggles to keep above 412.59, the bears might take the reins, pushing the price down to 412.16. A continuation of this negative sentiment could lead to further tests at 411.80. Persistent selling could drive the market down to 410.90, with the bearish momentum possibly extending down to the day's low target of 410.34.
Apple Inc. Apple's (NASDAQ: AAPL) stock is currently positioned around 193.95. Bulls in the market are eyeing this level to hold firm, with aspirations to drive the price towards 194.40. Success here might embolden them to target 194.83, with a strong end-of-day goal of reaching 195.25 if the bullish momentum persists.
Should Apple fail to maintain 193.95 as a sturdy support, the market may witness a downturn towards 193.18. A break below this level could signal bears to target 192.76, with continued selling pressure potentially driving the price to 192.27. In a significant bearish shift, the target might extend down to a low of 191.57.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading around the 375.11 level, a crucial juncture for today's market action. Bulls are looking to solidify this ground and propel the stock towards 375.93. Holding above this level could spur a rally towards 376.70, with an eye on the day's bullish pinnacle at 377.72.
If the stock fails to maintain its footing above 375.11, it could signal an opportunity for bears to drive the price down to 373.48. A break below this could lead to further tests at 372.03. Should the selling intensify, we might see a push towards 370.10, with the ultimate bearish goal for the day at 368.79.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around the mark of 140.57, serving as a critical point for today's trading trajectory. Bulls are looking to use this as a stepping stone towards 141.12, with a successful hold potentially leading to further gains towards a high target of 141.71.
If Alphabet fails to sustain its position at 140.57, this could open the gates for bears to drive the price down to 140.05. A break below this level could usher in a test of 139.46, with heavy selling potentially pushing the stock down further to a day's low of 138.39.
Meta Platforms Inc Meta Platforms (NASDAQ: META), formerly Facebook, is currently trading around the level of 358.21. Bullish traders are keeping a keen eye on this level, aiming to maintain it as a foundation for upward movement. The next targets in their sights are 360.20 followed by 362.57, with a lofty goal of reaching 364.58 if the buying pressure remains robust.
Conversely, if 358.21 proves unsustainable as a support level, the bears may look to capitalize by pushing the price down to 356.35. A continuation of the downward trajectory could see Meta's price further descending to 354.93, with a stark bearish scenario leading down to the day's lowest target of 353.60.
Tesla Inc. Tesla's (NASDAQ: TSLA) stock is currently trading around a key level of 262.68. Bulls are eager to push the price upwards, targeting 264.46 initially. If the momentum holds, the next objective is 266.83, with an ambitious aim for a significant bullish rally possibly taking the stock up to 269.48 or even reaching the high bull target of 272.42.
If Tesla cannot sustain the 262.68 level as a firm support during today's session, it might face downward pressure, testing 259.81 first. Continued selling could lead to further tests at 257.56. If the bearish sentiment deepens, the price could fall to a significant low target of 254.28.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is making its moves around 495.79. Bulls are setting their sights on 499.62 as the first milestone, hoping to consolidate it as a strong support level. Success here could open the way for a rally towards 501.93 and potentially reaching a high bull target for the day at 504.54.
Should NVIDIA struggle to keep above 495.79, bears might see an opportunity to push the stock down to 492.33. If the selling pressure persists, the subsequent levels to watch are 489.04 and 485.93, with a bearish end-of-day target of 483.43.
Final Word: The premarket session today includes several important data releases, including employment numbers, that could inject volatility into the market. As the regular trading hours commence, anticipate additional fluctuations due to a couple of auctions from the Treasury in the afternoon. With tomorrow marking the end of the trading year for 2023, it's crucial to approach the markets with discipline and patience. 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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