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 508.34. For those bullish on SPY, the initial goal is to see the price climb to 508.83. Should the market maintain its strength above this level, the next objective for buyers would be to elevate the price to the support level at 509.49. Holding above this support during the trading day could signal a further ascent towards 510.14. Continuing the bullish perspective, if 510.14 is surpassed, the next target for the bulls is set at 510.95. This level represents the high bull target for SPY today, indicating a significant bullish outcome if achieved.
On the flip side, if the support at 508.34 fails to hold, the market may turn bearish. The initial test for the bears would be at the level of 507.52. A breach here would prompt a further examination of the market's strength at 506.71. Should selling intensify, the next support level at 506.06 could be in jeopardy. In a scenario where selling pressure dominates, and 506.06 is compromised, the market may descend to the low bear target for the day at 505.32. This level represents a crucial point for bears, indicating a strong sell-off if reached.
Invesco QQQ Trust Series 1 The QQQ (NASDAQ: QQQ), often referred to as the Q's, is navigating the market around a pivotal level of 438.89. Bulls in the market are aiming for the price to sustain above 440.00, which would serve as a sign of strength. Holding firm at this level would set the stage for a move towards 440.78, deemed a significant support level. If bullish momentum persists, the next target for buyers is 441.56, with an ultimate goal of reaching 442.53. Achieving this would indicate a strong bullish trend, with the high bull target for the day set at 444.09 for the Q's.
Conversely, should the Q's struggle to maintain levels above 438.89, it could signal bearish control. The first level for bears to challenge would be 437.47. A downturn from here would likely lead to a test of 436.58, with further weakness potentially bringing 435.88 into play. If the bears continue to drive the market lower, the next critical point would be the low bear target for the day at 434.76. Reaching this level would signify a substantial bearish move in the market.
Apple Inc. Apple's (NASDAQ: AAPL) current market position is around the 178.61 level. Bulls are hopeful that this level will act as a firm support, setting the stage for a rally towards 179.36. Should the bullish trend continue, the next targets would be 180.10 and the high bull target of 180.60, indicating a strong upward movement in Apple's stock price today.
If, however, Apple fails to maintain support at 178.61, it could lead to bearish sentiment. The first lower level to watch would be 178.18, followed by 177.20 if the selling pressure increases. A further decline could bring 176.84 into focus. In a more pronounced bearish scenario, if 176.84 cannot hold, the price might be pushed down to the low bear target for the day at 176.29. This level would represent a significant downturn for Apple's stock.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading around the 413.14 mark. Bulls are looking for the price to remain robust above this level, with a rally towards 414.56 as the initial target. If this level holds as support, it could lead to further bullish momentum towards 416.32 and potentially reaching the high bull target of 417.25.
Should Microsoft's price fail to find support at 413.14, it would open the door for bearish activity. The first level of interest for bears would be 411.72, followed by 410.64 if the downtrend persists. A continued decline would put 409.69 in focus. If the bearish trend deepens and 409.69 is breached, the next significant level to watch is the low bear target at 408.46. This would indicate a considerable pullback in Microsoft's stock price.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is presently positioned around the 799.10 level. Bulls are eyeing an upward push towards 804.61, which would need to be established as a firm support level for further gains. The subsequent bullish targets are set at 810.13 and 816.95, with an ambitious high bull target for the day at 823.52.
On the contrary, if NVIDIA cannot maintain support at 799.10, it could signal a shift towards bearish sentiment. The initial level for bears to target would be 794.94. A breakdown below this level could lead to further declines towards 791.44 and 787.68. In a scenario where selling pressure dominates, and 787.68 is compromised, the focus would shift to the low bear target for the day at 785.35. This level would mark a significant downturn for NVIDIA's stock.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is currently trading at around the 138.39 level. For a bullish outlook, this level needs to be sustained as support, with the next targets set at 139.46 and the high bull target of 140.05. Achieving these levels would indicate strong bullish momentum in Alphabet's stock.
However, if Alphabet's stock fails to hold the 138.39 level as support, it could lead to bearish tendencies. The first level for bears to test would be 137.79, followed by 136.94 if the downward trend continues. A more significant sell-off could bring the price to the low bear target of the day at 136.29.
Meta Platforms Inc Meta Platforms (NASDAQ: META) is hovering around the 492.33 mark. Bulls are looking for the stock to stay firm above this level, with an upward movement towards 495.54 as the next target. Further bullish momentum could lead to targets of 498.03 and the high bull target of 500.83.
If Meta fails to maintain support at 492.33, it could indicate bearish sentiment. The first lower target would be 488.81, with continued selling pressure potentially bringing the price down to 485.96. A break below this level could lead to the low bear target of the day at 483.11.
Tesla Inc. Tesla's (NASDAQ: TSLA) current market level is 200.43. Bulls are aiming for a push towards 201.85, with continued buying potentially leading to higher levels at 204.33 and 206.71. A bullish market today could see Tesla reaching the high bull target of 209.51.
Conversely, if Tesla cannot sustain support at 200.43, it may face a downward test at 197.50. Further selling could bring the levels of 195.91 into focus, with a significant bearish move potentially leading to the low bear target of 193.81.
Final Word: Today's market dynamics are largely influenced by reactions to the PCE data released yesterday. Attention is now turned towards the upcoming PMI release at 9:45 AM EST, which is eagerly awaited for its potential impact on market sentiment. Additionally, remarks from four key Federal Reserve speakers, all with voting rights, are anticipated to bring volatility, as their perspectives could hint at future monetary policy shifts.
Given these pivotal events, traders are urged to proceed with caution and stay alert to rapidly changing market conditions. It's crucial to adapt trading strategies as new information unfolds. Have a great trading session 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 unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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