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 trading around 455.14. Bulls are hoping for an upward movement to 455.90. If the market remains strong above this level, the next target is to elevate the price to our support at 456.88. Should 456.88 sustain during regular trading hours, we anticipate an advance to 457.86, with our highest bullish target for the day at 458.54.
Conversely, if 455.14 fails to serve as a support, bears may test the strength at 454.56. Should sellers emerge, the focus would shift to testing lower at 453.54. A break below this level under heavy selling would highlight a crucial support at 452.55. Persistent selling could drive the price to 451.61, and in a significant sell-off session, our lowest bear target is foreseen at 451.01.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are currently around 384.36. For bullish trends, holding above 385.55 is key, with a target to establish 386.69 as a solid support. Continued buying might elevate the level to 387.67, with the day's highest bullish target at 388.80.
If the Q's struggle to stay above 384.36, we anticipate bears gaining control, potentially pushing prices down to 382.93. Market weakness could lead to a further test at 381.89. Persistent selling pressure could lead to a probe of 380.41, setting 378.93 as the day's lowest bear target.
Apple Inc. Apple (NASDAQ: AAPL) is trading near 188.32. Bulls are looking to maintain this as a support level, targeting an increase to 189.16. With sustained bullish momentum, the next target is 189.52, and if bulls regain control today, we aim to see a rise to the high bull target of 190.33.
If 188.32 fails to hold during regular trading hours, a lower test at 188.05 is likely. Continued selling could lead to bears targeting 187.50, and if selling intensifies, 186.99 becomes relevant. If this level is breached, the lowest bear target for Apple for the day is 186.35.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently at around 366.98. Bulls are aiming to keep the stock above 368.79, with a goal to rally to 370.10. If this key support level is maintained, we could see a push to 371.31, with the day's highest bull target at 372.85.
Should 366.98 not hold as support, bears might test the level at 365.35. If this level is breached, a further downside probe at 363.81 is expected. In a scenario of continued selling pressure, the lowest bear target for Microsoft for the day is projected at 362.81.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around 233.49. Bulls are aiming for an upward move to 235.74. Continued buying could see a rally up to 238.50, and in a broader bullish market, targets of 239.92 and 242.47 are envisaged.
If 233.49 doesn't hold as strong support, a lower test at 230.65 is anticipated, with continued selling possibly bringing 228.45 into play. Should this level break, the lowest bear target for Tesla for the day is 225.60.
Meta Platforms Inc Meta (NASDAQ: META) is positioned around 315.70. Bulls are looking to keep the stock strong above 315.70, aiming to trade higher to 317.90. Strong buying could potentially lift the price to 321.03. If bullish trends continue, the top bull target is 322.63.
If 315.70 doesn't act as a reliable support, bears could lower the price to 314.41. Persistent bearish pressure might further depress the price to 311.42. If this level is breached, the lowest bear target for Meta for the day is 309.51.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around 128.91. Bulls are aiming to keep this level as support and elevate the price to 129.52. Continued bullish momentum could push the stock to our high target of 130.41.
If Alphabet fails to maintain 128.91 as support, bears may target a lower price of 128.34. If this level is breached, a further bearish probe at 127.71 is anticipated. In heavy selling scenarios, the lowest bear target for the day is set at 126.96.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading around 450.04. Bulls are seeking to push the price up to 454.09, aiming to establish this as a strong support level. The upward target is 458.20, with the highest bull target for the day at 461.49.
If 450.04 fails to hold as a robust support, bears might initiate a downward trend to 447.05. If 447.05 is broken down amid selling, a drop to 444.38 is expected. Continued selling pressure might lead to the day's lowest bear target for NVIDIA at 442.76.
Final Word: Today's session includes important US data releases after the market opens. Keep an eye on volume as a low liquidity environment can present challenges in your trading. Keep your head on a swivel and trade safely. 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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