Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, META, TSLA, 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, 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 the level of 474.04. For a bullish outcome, we are looking for an upward movement initially towards 475.02. If the price remains strong above this level, the expectation is for buyers to elevate the price to our support at 476.10. Holding at 476.10 during regular trading hours could lead to an upward push towards 477.25. The optimistic target for SPY today is set at 478.16.
Conversely, if the SPY fails to maintain 474.04 as support, a bearish scenario may unfold with a test down to 473.40. Presence of sellers could further drive the price down to 472.68. A breakdown below this level on substantial selling pressure might bring us to a solid support at 471.40. In case of a significant downturn, the lowest bear target for today is set at 470.63.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are trading near our pivotal level of 407.64. Bulls aim to maintain this level, with sights set on escalating to 408.80, which we hope to establish as strong support. Further buying could elevate the level to 409.44. A vigorous market today may lead to a test of 409.89, with an ambitious bull target at 410.34.
If the Q's struggle to sustain above 407.64, bears might dominate, pushing prices down to 406.58. Weakness at this level could lead to a further descent to 405.66. Persistent selling might challenge the support at 404.76. If this fails, bears aim to bring the price to the day's low target of 403.59.
Apple Inc. Apple's (NASDAQ: AAPL) current trading level is at 184.96. Bulls are eyeing this level to act as a base, with a goal to escalate to 185.86. A continuation of this bullish trend might see a rise to 186.35. Should the bulls take charge today, we anticipate a push towards the day's high target at 186.99.
If Apple cannot maintain 184.96 as a base, a bearish trend might be triggered, testing the level at 184.09. Further selling pressure could lead to a dip to 183.38, and a breach of this level may result in a downturn towards 182.96. In a strong bearish scenario, the target is set at the day's low of 182.27.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is hovering around 382.69. Bulls are expected to keep the auction above this level, aiming for a rally to 384.57, which needs to be sustained as support. A successful hold could propel the price to 385.42, with the highest bull target for today at 386.09.
If Microsoft cannot sustain 382.69 as support, bears may come into play, aiming for a decline to 381.64. Breaking below this could lead to a further slide to 380.59. In a strong bearish scenario, the target is set at the day's low of 377.72.
Meta Platforms Inc Meta (NASDAQ: META) is trading around 366.72. Bulls hope to keep it above this level, targeting a rise to 369.67. Strong buying could further elevate the price to 371.44, with an ambitious high bull target of 373.96.
Should Meta fail to hold 366.72 as support, a bearish trend might ensue, pushing the price down to 364.58. Further selling pressure could lead to a descent to 362.57. If this support is breached, bears aim for a fall to the day's low target of 360.20.
Tesla Inc. Tesla (NASDAQ: TSLA) is currently at 219.39. Bulls are aiming for a rise to 222.19, with continued buying possibly leading to 223.98. A bullish market today could see a test of 226.53, with a strong buying surge potentially taking it to the high target of 228.45.
If Tesla fails to hold 219.39 as support, bears might take over, leading to a test at 217.78. Persistent selling could drive the price down to 216.31, and further decline could set the day's low target at 215.15.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is currently at 141.12. Bulls are looking to keep it above this level, aiming for an increase to 141.71. Continued bullish momentum could take it to a high target of 142.53.
If Alphabet cannot sustain 141.12 as support, bears may push the price down to 140.57. A breakdown below this could lead to a test at 140.05, with a strong sell-off potentially bringing it to the day's low of 139.49.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading near 544.22. Bulls are targeting an increase to 546.14, hoping to establish it as a key support level. An upward push could lead to 548.07, with the highest bull target for the day at 550.45.
If NVIDIA fails to keep 544.22 as a base, bears might aim for a drop to 541.48. A breakdown below this could lead to a further fall to 538.00, with a weak market possibly testing 533.83. In a strong bearish scenario, the target is set at the day's low of 531.81.
Final Word: Today's session is expected to be light on data, with market focus on the premarket release of the PPI. Large institutional traders might use this as an opportunity for substantial positional trades. It's important to monitor volume closely and stay alert. Remember, Monday is a holiday, so this is the last trading day until Tuesday. Wishing everyone good luck and a 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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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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