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 our benchmark of 519.71. For those looking to buy, an initial move to 520.67 is desirable. A sustained price above 520.67 could lead to a rally towards our first support level at 521.85. Should this level hold throughout the trading day, we anticipate an upward movement towards 523.76, aiming for a peak target of 525.26 for bullish traders.
On the flip side, if SPY fails to maintain support at 519.71, bearish momentum might drive the price towards 518.76. A continued presence of sellers could see a further dip to 518.04. Should this level falter under heavy selling, a more substantial support at 517.39 comes into play, setting the stage for a potential drop to our lowest bearish target of 516.58.
Invesco QQQ Trust Series 1 The QQQ ETF (NASDAQ: QQQ) is navigating around a pivotal point at 444.09. For bullish participants, a climb above 445.43 is sought after. Holding firm at this level could usher in a push towards 446.51 as a new support base. If buying pressure persists, we might see an advancement to 447.73, with an optimistic target set at 449.36 and an ultimate bullish goal for the day at 450.98.
Conversely, if QQQ struggles to stay above 444.09, bearish forces might lead to a descent towards 440.53. A demonstration of weakness could lower the price further to 441.56. Persistent selling might challenge the support at 440.78, potentially leading to a bearish pursuit towards the daily low target of 440.00.
Apple Inc. Apple's (NASDAQ: AAPL) stock is currently positioned at 171.13. Bulls are aiming to keep this level as the base for an upward journey to 171.79. With continued positive momentum, the next target is set at 172.45, with a high aim for the day at 172.95 if bullish dominance prevails.
If Apple's stock cannot sustain support at 171.13, a bearish scenario may unfold, testing lower levels starting at 170.32. Further selling pressure could push the price to 169.73 and, if unabated, to 168.99. A breakdown below this could lead bears to aim for the daily low of 168.41.
Microsoft Corp. Microsoft's (NASDAQ: MSFT) trading activity is centered around 426.00. Bulls are encouraged by holding above this level, with sights set on 427.36 as the next supportive landmark. Success here could lead to an upward trajectory towards 428.48, with a bullish pinnacle for the day envisaged at 430.25.
Should Microsoft fail to uphold support at 426.00, a bearish path could be carved out towards 425.16. Breaking this threshold might lead to further probes down to 423.81, with a downward pressure possibly intensifying to 422.84. The lowest bear target set for today is at 421.62.
NVIDIA Corporation NVIDIA's (NASDAQ: NVDA) stock is fluctuating around 945.15. Bulls are eyeing a push to 950.29 to establish it as a solid support level. If successful, the next goal is 955.43, with aspirations for a surge to 961.78 and an ultimate high target of 972.06.
If NVIDIA cannot maintain its footing at 945.15, bears might seek to lower the price to 937.84. A breach here could lead to a further slide to 928.47, with a weakened auction possibly testing 922.67. A continued sell-off could bring the day's lowest bear target into play at 917.98.
Alphabet Inc Class A Alphabet's (NASDAQ: GOOGL) stock is trading at 149.58. Bulls are looking to maintain this as a supportive base to ascend to 150.41. Sustained bullish momentum could propel the auction towards a high target of 151.24.
If Alphabet's shares cannot hold at 149.58, a bearish outlook might emerge, driving the price down to 148.95. A breakdown from this level could see a further decline to 148.24, with a potential move to the day's lowest bear target at 147.68.
Meta Platforms Inc Meta's (NASDAQ: META) shares are circulating around 508.25. Bullish traders are striving to keep this level supportive, aiming for an upward move to 512.85. A robust buying rally could extend the price to 515.39, with a high bullish target set at 520.27.
Should Meta fail to secure support at 508.25, a bearish trend might take hold, pushing the price down to 504.54. Continued selling could lead to further declines at 500.83, with a breach here possibly driving the price to the day's low bear target of 498.03.
Tesla Inc. Tesla's (NASDAQ: TSLA) market position is closely watched at 169.70. Bulls are hopeful for a drive up to 172.61 as an initial target. With sustained buying interest, the focus shifts to a higher level at 176.34, setting the stage for a potential rally to 179.79. In a bullish market environment, the ultimate target for Tesla stands at 182.53.
Conversely, if Tesla's support at 169.70 gives way, a downward trajectory might be initiated towards 166.89. Should selling pressure intensify, the next level to watch is 164.87. A breach of this level could trigger a further slide towards the day's bearish low target of 162.32.
Final Word: The trading week commences with a condensed four-day schedule, highlighted by the release of the Chicago Fed National Activity Index for February at 8:30 AM EST. Subsequent to this, New Home Sales data for February will be presented at 10 AM, followed by the Dallas Fed Manufacturing Activity for March at 10:30 AM. A notable event at 1 PM is the 2 Year Note Auction by the Treasury, anticipated to inject significant volatility into the session. Moreover, remarks from Federal Reserve speakers, including voting member Bostic at 8:25 AM and non-voting member Goolsbee at 9:05 AM, are eagerly awaited. This week concludes the trading activities for Q1 2024, with the equity market remaining closed on Friday in observance of the Good Friday holiday. Wishing everyone a safe and successful trading week.
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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