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 trading around 515.68. For bullish investors, an upward move to 517.39 is desirable. If the market maintains strength above this level, we anticipate buyers driving the price toward 519.71. Holding above 519.71 during the regular trading session could lead to a further increase to 521.85. The ambitious target for bulls today is 523.76.
Conversely, if the SPY cannot maintain 515.68 as a support level, we expect bearish momentum to test 513.76. A presence of sellers could push the price further down to 512.26. Should this level not hold, the next significant support is at 510.95. In a strong bearish scenario, our target for the day is 509.49.
Invesco QQQ Trust Series 1 The QQQ ETF (NASDAQ: QQQ) is hovering around 438.89. Bulls are hoping for a climb above 440.78, seeking to establish it as a firm support. If successful, the next goal would be to secure 442.53 as a solid support level, possibly leading to an advance toward 445.09. A strong day for bulls could see the price testing 446.51, with the highest bull target set at 447.73.
If the ETF struggles to stay above 436.58, bears might take the upper hand, driving the price down to 435.88. Weakness at this level could lead to further decline to 434.76. Persistent selling might challenge the support at 433.64, potentially pushing the price down to the bearish target of 432.84.
Apple Inc. Apple's (NASDAQ: AAPL) stock is currently at 175.81. The bulls are eyeing 176.29 as a support level, aiming for a rise to 176.84. With sustained bullish momentum, the next target would be 177.20. A strong day for Apple could see it reaching the high bull target of 178.18.
Should Apple fail to hold 175.81 as support, bears might push the price down to 175.09. Increased selling could lead to a further drop to 174.59, and if the selling pressure continues, 173.94 might come into play. In a bearish scenario, the target for the day is 172.95.
Microsoft Corp. Microsoft's (NASDAQ: MSFT) shares are trading around 421.62. Bulls are aiming to keep the price above 422.84, with hopes of reaching 423.81, which they want to establish as a strong support level. If they succeed, the next objective would be 425.16, with an ultimate bull target for the day at 427.36.
If Microsoft cannot maintain 421.62 as support, bears might target 419.17. A breakdown below this level could lead to a test of 417.25. Continued bearish pressure could push the price to 414.56, with the lowest target set at 411.72.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading near 890.55. Bulls are aiming for an increase to 898.13, hoping to secure it as a clear support level. Success here could lead to a push towards 907.51, with a continued bullish trend possibly reaching 913.30. The highest bull target for NVIDIA today is 917.98.
If NVIDIA cannot maintain 890.55 as a solid support, bears will likely push the price down to 882.97. A breakdown here could lead to a further decline to 877.25. In a weaker market, bears might test the level at 865.62, with the lowest target for the day at 852.61.
Alphabet Inc Class A Alphabet's (NASDAQ: GOOGL) stock is near 147.68. Bulls are looking to maintain 148.24 as support, with an aim to push higher to 148.95. Sustained bullish momentum could lead to a test of 149.58, the high bull target for the day.
If Alphabet cannot hold 147.68 as support, bears might target a drop to 145.94. A breakdown below this level could lead to further selling, testing 144.72. In a significant sell-off, the bearish target for the day is 143.17.
Meta Platforms Inc Meta Platforms (NASDAQ: META) is trading around 495.54. Bulls are looking to keep the price above 498.03, aiming for an increase to 500.83. A strong buying trend could push the price to 504.54, with the high bull target set at 508.25.
If Meta cannot sustain 495.54 as support, bears might aim to lower the price to 488.81. Persistent selling could lead to a further decline to 485.96. In a bearish scenario, the target for the day is 483.11.
Tesla Inc. Tesla (NASDAQ: TSLA) is currently at 172.61. Bulls are hoping to drive the price up to 176.34, with an eye on further rallying to 179.79. A bullish market today could see Tesla testing the level of 182.53, with the ultimate bull target for the day set at 184.10.
If Tesla cannot maintain 172.61 as a strong level of support in today's session, a downward test to 169.70 is likely. Continued selling could bring the price down to 166.89. Should this level not hold up against selling pressure, a further decline to the day's bearish target of 164.87 is expected.
Final Word: The focus of today's trading session is on the FOMC rate decision at 2:00PM EST and the following press conference with Jerome Powell at 2:30PM EST. The Federal Funds Futures market has been fluctuating recently and currently suggests nearly 3 rate cuts for the year. Any deviation from this expectation could lead to significant market volatility, despite the options market predicting a modest 0.8% move in the indices. If you're new to trading during FOMC announcements, it might be wise to observe this event from the sidelines and consider engaging in the market post-event, which we call the "afterglow", armed with insights from today's developments. Wishing everyone a safe trading session and 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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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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