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 ETF (ARCA: SPY) is currently hovering around the level of 511.69. For investors with a bullish outlook, the initial goal is to see the price move upwards to 512.26. If the momentum sustains and the price stays above 512.91, the next objective for buyers is to elevate the price to the support level of 513.76. Continuing with the bullish scenario for SPY, if the level of 513.76 remains robust during the normal trading hours, an upward movement towards 514.62 is anticipated. The ultimate bullish target for the day is set at 515.68, contingent on sustained buying interest.
On the flip side, if the SPY fails to maintain support at 511.69, the bearish scenario comes into play. The first lower target for bears is 510.95, where the market's resolve will be tested. A breach below this level could see the price descending to 510.14. Should the selling pressure intensify, the next critical support is at 509.49. In the event of a significant downturn, the bearish aim for the day is set at 508.83, marking the lowest expected point for SPY in this session.
Invesco QQQ Trust Series 1 The QQQ ETF (NASDAQ: QQQ), also known as 'The Q's', is currently trading near the pivotal point of 436.58. Bullish participants are looking for the price to surpass 437.47. Maintaining this level as support could lead to 438.89 being established as a firm support zone. If the buying force continues to dominate, the next level of interest is 440.00. An optimistic trading day for 'The Q's' might even push the price to test the 440.78 mark. The highest bullish target envisioned for today is 441.56.
Conversely, if 'The Q's' struggle to stay above 436.58 during the day's trading, bears might gain the upper hand. The initial downside target is set at 435.88, followed by a further drop to 434.76 if the weakness persists. A continued bearish trend could see the price testing the 433.64 support. Failing to hold this level might lead the bears towards their final target for the day at 432.84.
Apple Inc. Apple's (NASDAQ: AAPL) stock is currently positioned around 173.94. For a bullish outcome, the stock needs to maintain 174.59 as support. A successful hold could see a push towards 175.09. Sustained positive momentum might lift the price further to 175.81. If the bulls manage to keep control, the day could conclude with a rally towards the high bull target of 176.29 for Apple.
However, if Apple fails to keep 173.94 as support during the trading day, a downward adjustment is likely, starting with a test at 172.95. Continued selling could drive the price to 172.45. If the bearish pressure doesn't relent, the next level to watch is 171.79. A breach here could lead to the bears aiming for their day's low target at 171.13 for Apple.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is navigating the market at around 416.32. For the bulls, it's crucial for the price to remain stable above this level and aim for a climb to 419.17, which should be secured as support. A sustained position above this mark could prompt a rally towards 421.62. If the bullish momentum is maintained, Microsoft's stock might reach the day's high bull target of 422.84.
On the contrary, if Microsoft can't hold the 416.32 level, the bears might look to lower the price to 414.56 as their first target. A break below this level would set the stage for further bearish tests at 413.14. Persistent downward pressure could eventually push the stock to 411.72, with the ultimate bear target for the day being 410.64.
NVIDIA Corporation NVIDIA's (NASDAQ: NVDA) stock is currently trading near 877.25. Bulls are aiming for a push towards 882.97 to establish it as a solid support level. A successful claim of this level could lead to further bullish advances to 890.55. With continued buying activity, NVIDIA could see a rally towards 898.13, with the day's high bull target set at 903.25.
Conversely, if NVIDIA fails to maintain 877.25 as a support level today, the bears will look to lower the price to 865.62. Should the selling pressure increase and break this level, the next target for bears is 858.43. A weaker market sentiment could lead to a test at 852.61, with the ultimate bear target for the day being 846.80.
Alphabet Inc Class A Alphabet's (NASDAQ: GOOGL) stock is trading around 146.89. The bulls are looking to hold this level as support and push the price higher to 147.68. A continuation of the bullish trend could lead to a test of the high bull target at 148.95.
If Alphabet fails to maintain 146.89 as support during the trading hours, the bears might aim to decrease the price to 145.94. A breakdown below this level could lead to further bearish targets at 144.72. In the case of significant selling activity, the price might be driven down to the day's low bear target for Alphabet at 143.77.
Meta Platforms Inc Meta's (NASDAQ: META) stock is orbiting around the level of 492.33. Bulls are keen on maintaining strength above 495.54, which should act as support, with an eye on moving higher to 498.03. A robust buying session could elevate the price to 500.83. With continued bullish sentiment, Meta's price could approach the high bull target of 504.54 for the day.
However, if Meta can't sustain the 492.33 level as support, the bears might take control, starting with a move to 488.81. Persistent bearish pressure could see a further decline to 485.96. If the selling continues, the next target is 483.11, marking the bear's low target for the day.
Tesla Inc. Tesla (NASDAQ: TSLA) is currently trading near the crucial level of 172.61. Bulls are looking to drive the price up to 176.34. If buying continues, the next target is the key level of 179.79. A bullish market environment might propel Tesla to test higher at 182.53. If the buying sentiment is strong, the day might end with Tesla reaching the high bull target of 184.10.
However, if Tesla fails to hold 172.61 as a strong support level today, a downward move to 169.70 is anticipated. Continued selling could lead to a further drop to 166.89. If this level is compromised, the bears will aim for the day's low bear target at 164.87.
Final Word: In today's trading session, attention is drawn to the release of Housing Starts and Building Permits data for February in the US at 8:30 AM EST, along with the release of the Canadian CPI for the same month. The afternoon will feature a 20-Year Bond Auction by the Treasury at 1 PM EST, expected to introduce significant volatility. Market participants are likely to position themselves strategically in anticipation of the FOMC rate decision tomorrow. It's crucial to monitor volume closely and trade with caution. Wishing everyone a successful trading day!
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 unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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