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 our focal point of 521.85. For those optimistic about the market's direction, the initial goal is to surpass the 523.76 mark. Once achieved, and if the market maintains its momentum above this level, the next objective for buyers is to elevate the price to our designated support at 525.26. Holding steady at 525.26 could pave the way for a further ascent to 526.31, with the ultimate bullish target for the day set at 527.36.
Conversely, should the 521.85 mark fail to serve as a reliable support, the market may witness a downward trajectory, instigated by bearish forces aiming for the 520.67 threshold. A visible presence of sellers could push the bears to explore deeper at 519.71. Breaching this level under significant selling pressure might expose the next substantial support at 518.76. In the event of an intense sell-off, the bears' ambition for the day would be to plummet to the lower boundary of 516.58.
Invesco QQQ Trust Series 1 The QQQ ETF (NASDAQ: QQQ), also known as 'The Q's', is navigating around a crucial juncture at 446.51. Bullish participants are keen on securing positions above 447.73, with aspirations of solidifying this level as a base of support. Succeeding in this endeavor could see the bulls advancing towards 449.36, potentially establishing it as a robust foundation. The continuation of bullish vigor might escalate the price to 450.98, with an optimistic outlook for a surge to 452.14, and a peak target at 452.98.
On the flip side, if the Q's struggle to maintain elevation above 447.73, the scene could be set for bearish dominance, driving the price back to 446.51. A display of vulnerability at this juncture could encourage bears to challenge the 445.43 level. Persistent selling could further test the resolve at 444.09, with a failure to uphold support here possibly leading to a descent towards the day's bearish nadir at 442.53.
Apple Inc. Apple's (NASDAQ: AAPL) stock is currently oscillating around a significant level of 176.29. Bullish market players are eyeing this level to act as a platform for a climb to 176.84. With continued positive momentum, the next target for the bulls lies at 177.20, setting the stage for a potential move to a higher goal of 178.61, marking the peak ambition for Apple's stock for the day.
Should Apple's stock fail to find solid footing at 176.29, the market might witness a shift towards bearish sentiment, with the immediate lower target set at 175.09. A sustained sell-off could prompt a further descent to 174.59, and if the bearish pressure persists, the next point of interest could be 173.94, with the lowest bear target for the day positioned at 172.95.
Microsoft Corp. Microsoft's (NASDAQ: MSFT) shares are being traded around a pivotal price of 427.36. Bulls in the market are keen to sustain the momentum above this level, with an eye on rallying towards 428.48, which is anticipated to act as a dependable support. If this level holds, the trajectory could potentially shift upwards, targeting 429.25, with the highest bullish aspiration for the day set at 430.25.
In the scenario where 427.36 fails to establish itself as a stronghold during the trading session, the outlook may turn bearish, with the initial focus shifting towards 426.00. A breach of this level could signal the bears to aim lower at 425.16. Continued downward pressure might lead the market to test the resilience at 423.81, with the ultimate bearish goal for the day at 422.84.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is currently making its market moves around the key level of 913.30. Bulls are aiming to propel the stock towards 917.98, aspiring to cement this level as a clear demarcation of support. An upward trajectory could then target 922.67, with sustained buying interest potentially igniting a rally up to 928.47. The loftiest bull target for NVIDIA on the day is envisaged at 937.84.
If NVIDIA's stock is unable to maintain its ground at 913.30 as a form of robust support within today's trading frame, the bears might seize the opportunity to push lower towards 907.51. A breakdown below this level, coupled with active selling, could lead to a further decline to 903.25. Should the bearish momentum persist, the next critical level to watch would be 898.13, with the most pessimistic bear target for the day set at 890.55.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL), known for its ticker symbol GOOGL, is trading in proximity to a notable level at 148.95. Bulls are hopeful that this level will act as a solid foundation, enabling a push upwards to 149.58. If the bullish sentiment continues, the market may witness an ascent towards the day's optimistic pinnacle at 150.41.
Conversely, if the 148.95 level cannot be maintained as a support through the trading hours, the bears may initiate a downward movement to 147.68. A breach here could lead to further bearish explorations at 146.89. In the scenario of intensified selling, the bearish target for the day is set at 145.94, marking the lower limit of the day's expected trading range for Alphabet.
Meta Platforms Inc Meta's (NASDAQ: META) current market position is established around the 508.25 mark. The bulls are aiming to uphold this level as a base to facilitate an upward movement to 512.85. Should the bullish momentum sustain, the next milestone could be 515.39, with an overarching target to reach the day's high at 520.27.
If, however, the support at 508.25 proves insufficient during the trading day, a bearish shift is anticipated, potentially driving the price down to 504.54. Should the selling pressure not abate, a further slide to 500.83 could be on the cards. In a pronounced bearish scenario, Meta might find itself navigating towards the day's ultimate bearish boundary at 498.03.
Tesla Inc. Tesla (NASDAQ: TSLA) is engaging the market at a critical juncture of 176.34. The bullish agenda includes propelling the price towards 179.79, with a subsequent target at 182.53. Should the broader market exhibit bullish tendencies, Tesla might test even higher levels, with an ambitious bull target for the day at 186.10.
On the contrary, if Tesla fails to secure support at 176.34, the market may witness a bearish tilt, with the initial lower target set at 172.61. Persistent selling could further depress the price to 169.70. In the event of a significant sell-off, the bearish trajectory could extend to the day's lower extreme at 166.89.
Final Word: Today's session is about the market digesting the FOMC meeting and press conference and the path forward. The Federal Reserve kept interest rates steady at 5.25-5.50%, maintaining its stance on waiting for more confidence in achieving a 2% inflation target before considering rate reductions. The 2024 median rate forecast remained at 4.6%, indicating potential for three 25 basis point cuts, with slight adjustments to future economic growth and inflation expectations. Chair Jerome Powell's comments were seen as dovish, suggesting the current rate might be at its peak with possible reductions later in the year, while emphasizing readiness to maintain higher rates if necessary. Powell also noted the uncertainty in long-term rate projections and clarified that a strong job market wouldn't delay rate cuts. Market participants will likely put less weight on the unemployment numbers due out at 8:30AM this morning. Trade safely 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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