Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, META, TSLA, and GOOGL.
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 during our daily Morning Call, 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 450.23. For upward trends, we're aiming for an initial rise to 451.01. If the market stays robust above this mark, the next goal is to reach 452.55. If this level remains sturdy during market hours, we might see an advance to 453.54. The peak target for bullish traders today is 454.56.
Should 450.23 not maintain as a solid base, we'll look for bearish activity aiming at 449.42. If selling increases, the focus will shift to 448.64. A substantial sell-off could bring us to a significant floor at 447.94. If selling persists, 446.31 becomes the next focal point, with the most substantial bearish target for the day being 445.08.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are near 386.69. Bulls would prefer to keep the level above 387.67. If this is successfully defended as a base, the next strong support we anticipate is 389.46. Continuous buying might elevate the level to 390.62, with the utmost bullish goal for today being 392.77.
If holding above 386.69 proves challenging, bears may aim to lower the stakes to 385.55. A show of weakness might lead them to test 384.36. If selling pressure intensifies, 382.93 could be scrutinized, with the most substantial bearish objective being 381.89.
Apple Inc. Apple (NASDAQ: AAPL) is positioned around 188.05. Bulls are eyeing 188.32 as a supportive base, hoping for a rally to 189.16. Sustained bullish energy might propel the price to 189.52, with the uppermost target for Apple today being 190.33.
If 188.05 doesn't hold up, we might see a bearish test at 187.50. Continued downward movement could take us to 186.99. If the selling deepens, 186.35 becomes critical, with the day's lowest bearish target for Apple at 185.86.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently around 371.47. Bulls are looking to solidify this level, eyeing an elevation to 373.06, hoping to maintain it during market hours. Consistent support here might lead to an uptick towards 375.00, with the peak bullish target for the day being 377.00.
If 371.47 doesn't stand as a strong base, we anticipate a bearish dive to 370.10. A breakdown here could lead to a further decline to 368.79. If bearish momentum continues, the day's most profound bear target is set at 366.98.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading around 499.62. Bulls are aiming to thrust the level up to 503.34, seeking to establish it as a key support zone. An upward trend might see a push to 506.40, with the highest bullish target for the day at 509.29.
If 499.62 fails as a reliable support, bears might seek to lower the price to 495.79. If this level is compromised, a further drop to 489.04 is possible. Persistent selling could lead to a test of 483.43, with the deepest bear target for the day at 478.67.
Meta Platforms Inc Meta (NASDAQ: META) is around 338.75. Bulls are aiming to keep this level as a base, with goals to ascend to 340.66. A strong bullish push could lift the price to 344.83, with the highest bullish target set at 347.60.
If 338.75 can't be sustained, we expect bears to target 335.12. Increasing downward pressure could see a further fall to 332.41, with the most significant bearish objective for the day at 329.83.
Tesla Inc. Tesla (NASDAQ: TSLA) is near 239.92. Bulls will try to advance the price to 242.47, with an optimistic eye on 243.98. In a robust bullish market, Tesla might challenge 246.16, with today's highest bullish target at 248.37.
If Tesla's base at 239.92 weakens, a bearish move to 238.50 is likely, with continued selling potentially leading to 235.74. If this level gives way, the most substantial bearish target for the day is 230.65.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around 133.78. Bulls are focusing on maintaining this as a support level, aiming to climb to 134.96. Strong bullish momentum might push the level to the day's highest target of 136.29.
If 133.78 cannot hold, bears might aim for a drop to 132.84. A breach of this might lead to testing 131.58, with the most significant bearish target for the day at 130.41.
Final Word: Today's session will center around the PPI data released this morning. With no Fed speakers scheduled, the market's reaction to inflation data will be key. Stay sharp, trade wisely, and best of 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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