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 presently trading around the level of 530.77. For bullish momentum, we aim for an initial rise to 531.57. Should the price maintain strength above this level, we anticipate buyers pushing towards the support level of 532.56. Sustained support at 532.56 during regular trading hours could lead to a further climb to 534.17. The highest target for bullish activity today is 535.43.
Conversely, if 530.77 fails to act as support, we expect bears to challenge 530.09. Presence of sellers could drive the price down to 528.66. Breaking this level on heavy selling pressure will likely find support at 527.36. In the event of an aggressive sell-off, our lowest bear target for today stands at 526.31.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are currently positioned around the key level of 455.29. Bulls need to secure this level and aim for a rise to 456.23. Should 456.23 establish itself as strong support, further bullish action could target 457.55. A robust auction today might see prices testing 458.83, with the highest bull target at 460.55.
If 455.29 does not hold during regular hours, bearish pressure may push the price down to 454.10. Continued weakness could see a further decline to 452.98. Persistent selling might drive the price down to 452.14, with the lowest bear target for today at 450.98.
Apple Inc. Apple (NASDAQ: AAPL) is trading near 191.57. For bulls, holding this level as support is crucial. If maintained, a rally to 192.27 could be seen. Sustained bullish momentum might propel the price to 192.76. If bulls dominate, the target for the day is 193.18.
Failure to hold 191.57 as support could lead to a drop to 190.52. Continued selling may push the price down to 189.44. Persistent bearish pressure might drive Apple to 188.20, with the lowest target being 187.50.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is near 430.25. Bulls need to hold above this level and push towards 431.25. If 431.25 is secured, further gains to 432.49 are possible. Strong bullish activity could see the price reaching 434.49, the highest target for today.
If 430.25 does not hold, bears may test 429.25. Continued selling could see a decline to 428.48. Persistent bearish pressure might drive the price to 427.36, with the lowest bear target at 426.00.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is around 950.29. Bulls aim to push towards 961.78 and establish it as support. Successful support at this level could see a rise to 980.21. Continued bullish momentum might drive the price to 998.75, with the highest target at 1,025.53.
If 950.29 fails to hold, bears may test 937.84. Breaking this level could lead to a drop to 922.67. Persistent selling might see a decline to 907.51, with the lowest target at 865.62.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is near 177.28. Bulls need to hold this level and aim for 179.15. Continued bullish strength could target 180.46.
If 177.28 fails, bears may drive the price down to 176.23. Further decline might see a test of 175.12, with the lowest target at 174.01.
Meta Platforms Inc Meta (NASDAQ: META) is positioned around 464.57. Bulls aim to hold above this level and push towards 465.81. Sustained buying might see a rise to 468.38, with the highest target at 470.28.
Failure to hold 464.57 could lead to a decline to 462.20. Continued selling might push the price to 458.59, with the lowest target at 455.87.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around 184.10. Bulls need to push the price to 186.10. Continued buying might see a rise to 189.22. A bullish rally could drive the price to 191.22, with the highest target at 193.81.
If 184.10 fails, bears may test 182.53. Continued selling might drive the price to 179.79. Breaking this level could see a decline to 176.34.
Final Word: Today's trading session is relatively light on impactful data releases. The day begins with the MBA Mortgage Application numbers at 7 AM ET, which could provide some early insights into the housing market. Later in the morning, at 9:30 AM ET, we have a scheduled speech from Goolsbee, a non-voting member of the Federal Reserve, who may offer comments on the current state of monetary policy. At 10 AM ET, the Existing Home Sales data for April will be released, offering further indications of the housing market's health and potentially influencing market sentiment.
In the afternoon, at 1 PM ET, the Treasury Department will announce the results of a 20-Year Bond Auction, which could have implications for bond markets and interest rates. The most anticipated release of the day comes at 2 PM ET when the FOMC Meeting Minutes for May are published, providing deeper insights into the Federal Reserve's decision-making process and future monetary policy direction.
The climax of the day is expected after the market closes, with NVIDIA's earnings report scheduled for release at 4:20 PM ET. Given NVIDIA's significant market presence, this report could trigger heightened volatility in the after-hours trading session. Market participants should be prepared for potential swings and adjust their strategies accordingly. 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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