Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
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 517.39. For the bullish outlook, an initial move above 518.04 is desired, aiming for a continuation of upward momentum. Should the market sustain above this level, the next objective for buyers would be to elevate the price to 518.76. Maintaining strength above 518.76 could lead to an attempt to reach 519.71 during the standard trading hours. Achieving stability here could set the stage for a further ascent to 520.67, with an ultimate bullish target for the day at 521.85.
On the flip side, if the SPY fails to maintain support at 517.39, bearish momentum is anticipated. The initial target for the bears would be 516.58, testing the market's resolve. If selling pressure intensifies, the next level to watch is 515.68. A breach of this level could lead to a more significant downturn, with 514.62 acting as a crucial support. In the event of a notably bearish session, the target is set at 513.76 as the day's low.
Invesco QQQ Trust Series 1 Currently, the QQQ (NASDAQ: QQQ) is hovering around the pivotal level of 442.53. For a bullish scenario, it's essential for buyers to maintain the price above 444.09, paving the way for further advances. Successfully holding this level could lead to a reinforcement of support at 445.09. Persistent buying could push the price towards 446.51, and if the market remains buoyant, a move towards 447.73 might be on the horizon. The ultimate target for bullish investors today is 449.36.
Conversely, if the QQQ struggles to stay above 442.53, this could signal control by the bears, aiming to drive the price down to 441.56 initially. Should market weakness continue, the next level to test would be 440.78. Persistent seller activity could challenge the support at 440.00. If this level gives way, bears will be looking to push towards the day's lower target of 438.89.
Apple Inc. Apple (NASDAQ: AAPL) is currently positioned around the 172.45 mark. For those with a bullish perspective, it's crucial for this level to act as a foundation, with aspirations to propel the price to 172.95. Sustained positive momentum could see a further push towards 173.39. If the bulls can dominate today's trading, the next goal would be reaching the day's high target at 173.94.
Should Apple fail to find support at 172.45, a bearish outlook is expected, with the first lower target set at 171.79. Continued selling pressure might lead to a descent towards 171.13. If the bearish trend persists, the next significant level to watch would be 170.32. Breaking through this could see the price moving towards the day's bearish extremity at 169.73.
Microsoft Corp. Microsoft's (NASDAQ: MSFT) current trading level is around 417.25. For a bullish outcome, it's essential for the price to solidify above this mark, with an eye on rallying towards 419.17. Holding this level could potentially lead to further upside, with 420.26 as the next target. If the buying momentum remains robust, the highest bull target for the day is set at 421.62.
On the contrary, if Microsoft cannot maintain support at 417.25, it would indicate a bearish bias, with 416.32 being the initial target. A breakdown from this level could see the bears aiming for 414.56 next. With continued downward pressure, the focus shifts to 413.14, and in a strongly bearish scenario, the lowest target for the day is 411.72.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is currently trading around the significant level of 898.13. For bulls, the immediate goal is to drive the price upwards to 903.25, establishing it as a firm support zone. A successful hold here could see an upward trajectory towards 907.51. With continued buying interest, the price might experience a surge to 913.30, with the day's high bull target set at 917.98.
If NVIDIA fails to uphold support at 898.13, it would signal bearish momentum, with the initial downside target at 890.55. A breach of this level, accompanied by selling pressure, could lead to a further drop to 882.97. In a weaker market, the next level to test would be 877.25, with the ultimate bear target for the day positioned at 865.62.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading near the level of 140.57. Bulls are looking for this level to serve as a base for an upward move towards 141.12. Should the bullish momentum sustain, the market might aim for the day's high target at 141.71.
However, if Alphabet cannot secure support at 140.57, a bearish trajectory is anticipated, with the first target at 140.05. Further selling could lead to a test of 139.46. In a significantly bearish scenario, the price could be driven down to the day's low target of 138.39.
Meta Platforms Inc Meta's (NASDAQ: META) current position is around 498.03. Bulls aim to keep the price above this level, setting sights on 500.83 as the next milestone. A strong buying environment could elevate the price to 504.54, with the ultimate bullish target for the day at 508.25.
Conversely, if Meta fails to maintain support at 498.03, the market could see a shift towards bearishness, with 495.54 as the initial lower target. Continued selling might push the price to 492.33. In a more pronounced bearish market, the lowest target for the day is set at 488.81.
Tesla Inc. Tesla (NASDAQ: TSLA) is currently trading around the key level of 166.89. For a bullish outlook, the objective is to push the price towards 169.70. Sustained buying could potentially lead to a rally up to 172.61. In a broader market uptrend, Tesla might test higher levels, with 176.34 as a potential target, and the day's high bull target set at 179.79.
Should Tesla fail to hold support at 166.89, a bearish perspective is warranted, with 164.87 as the first target. If selling pressure intensifies, the price could be driven down to 162.32. A breach of this level might see Tesla moving towards the day's low bear target of 160.32.
Final Word: The focal point of today's trading session will be the PPI and Retail Sales data, scheduled for release at 8:30 AM in the pre-market session. The PPI is a key indicator for the Federal Reserve and will play a crucial role in their decision-making process for the upcoming FOMC rate decision next Wednesday. With high volatility expected, traders are advised to exercise discipline and caution. Best wishes for today's trading, and prepare for potentially large market movements during tomorrow's triple witching.
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.
Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day—hours before it's published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.
For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.