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 510.95 mark, presenting an interesting opportunity for bullish traders. The immediate goal for them is to push the price up to 511.69. Achieving this would signal a strong upward momentum, potentially leading to further gains. The next target for buyers would be the 512.26 support level. If this level proves resilient during the trading day, we could see an advancement towards 512.91.
On the downside, if the SPY fails to maintain the 510.95 support, bearish sentiment might take over. The initial test for the bears would be at 509.49. A breach here could lead to further downward pressure, with the next critical support at 508.83. A significant sell-off might break this level too, heading towards a robust support at 508.34. In a scenario dominated by sellers, the day's lower target is set at 507.52.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are hovering around a pivotal point at 440.78, with bullish traders eyeing a climb above 441.56. Holding above this level would be crucial for maintaining upward momentum, with 442.53 as the subsequent target for establishing strong support. If buyers remain persistent, we might see the price touching 444.09. A successful auction day could propel the Q's to test higher levels, aiming for a peak at 445.09, with the ultimate bull target being 445.43.
Conversely, if the price struggles to stay above 440.78, it could signal control shifting to the bears. Their first objective would be to push the price down to 440.00. Observing weakness at this juncture could lead the bears to aim for lower territories, starting with 438.89. Persistent selling pressure might force a reevaluation of support at 437.47, and if this gives way, the bearish drive could target the day's low at 436.58.
Apple Inc. Apple (NASDAQ: AAPL) is currently positioned at a key level of 168.99, with the bullish camp looking to maintain this as a base of support. The initial target for the bulls is to drive the price towards 169.73. Sustained bullish momentum could further elevate the stock to 170.32. If the bulls dominate the day's trading, we might anticipate a surge towards a higher target at 171.13.
Should Apple's stock fail to find support at 168.99, the bears might seize the opportunity to push the price lower to 168.41. A continued downturn would see the bears aiming for a further decline to 168.00. With mounting selling pressure, the next level to watch would be 167.59, which, if breached, could lead to a bearish push towards the day's low at 167.09.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading around 406.01, with bulls looking to consolidate above this level to initiate a rally towards 407.11. Successfully holding above this figure could signal strength and a potential move to 408.46. With continued buyer interest, the price might ascend towards the day's bullish pinnacle at 409.69.
However, if Microsoft's price cannot sustain above 406.01, it might attract bearish activity. The initial downside target for bears is 404.92. A break below this level would likely lead to further exploration down to 402.74. Persistent bearish momentum could then drive the price towards 401.39, with the ultimate bear target for the day set at 400.30.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is engaging the market at 903.25, with bulls aiming for an upward push to 907.51. Reclaiming this as a support level would be a bullish indicator, potentially leading to a rally towards 913.30. Continued buying pressure could propel the stock even higher to 917.98, with the day's bullish target set ambitiously at 922.67.
Should NVIDIA's support at 903.25 give way, the bears could look to capitalize by driving the price down to 898.13. A breakdown below this level could usher in a downward trajectory towards 890.55. In the event of a weaker auction, the price might test the support at 882.97, with a potential slide towards the bearish target of 877.25.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) finds itself at 131.58, with bullish traders eyeing 132.84 as a crucial support level to uphold. A successful hold could lead to an ascent towards 133.78. Maintaining bullish momentum could potentially elevate Alphabet to the day's high target of 134.96.
If Alphabet's stock fails to maintain support at 131.58, bears might step in to drive the price down to 130.41. A breach here would likely lead to further bearish tests, starting with 129.49. In the event of significant selling pressure, the day could end with Alphabet reaching a bearish target of 128.85.
Meta Platforms Inc Meta Platforms (NASDAQ: META) is currently navigating around 498.03, with the bulls striving to keep the price above this level. The first objective for the bulls is to advance to 500.83. A strong buy-side presence could further push the price to 504.54, with the ultimate bullish target for the day set at 508.25.
On the flip side, if Meta fails to hold above 498.03, bears might look to take control, pushing the price down to 495.54. Continued bearish pressure could see the stock dropping to 492.33. A decisive breakdown below this level could set the stage for a bearish descent to the day's low target at 488.81.
Tesla Inc. Tesla's (NASDAQ: TSLA) current position at 172.61 sets the stage for bulls to aim for 176.34. A robust buying wave could further elevate the stock to 179.79. In a market leaning towards the bulls, Tesla might test higher levels, with 182.53 as a notable target. An exceptionally bullish session could see Tesla reaching the high bull target of 184.10.
Conversely, if Tesla cannot maintain the 172.61 support, a bearish scenario might unfold with the first target set at 169.70. Continued selling could lead to further decline towards 166.89. Should this level fail to hold, bears might drive the price down to the day's low bear target at 164.87.
Final Word: The trading session today is particularly noteworthy due to the premarket release of unemployment figures. Additionally, at 10AM EST, Jerome Powell is scheduled to speak before the Senate Banking Committee. While his statement is anticipated to mirror yesterday's, the subsequent Q&A could inject volatility into the market. Furthermore, the Treasury's 4 and 8 Week Bill Auction at 11:30AM EST, coupled with comments from Fed's voting member Mester, suggests a potentially volatile trading day ahead. This is also in light of the upcoming NFP report due out tomorrow. Trade safely and keep your head on a swivel. Good luck!
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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