Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, GOOGL, NVDA, and META.
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 455.90. Bulls are aiming for an initial increase to 456.88. If the market remains robust above this level, the next goal is to boost the price to our support level at 457.86. If 458.54 sustains during regular trading hours, we anticipate an advance to 460.28, with our highest bullish target for the day at 462.20.
However, if 455.90 fails to serve as a base of support, bears may test the strength at 455.14. If sellers become prominent, the bears will likely aim lower at 454.56. Should this level give way under heavy selling, a significant support level at 453.54 becomes key. Continued selling could drive the price to 452.55, and in an intense sell-off session, our lowest bear target is forecasted at 451.61.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are presently around 391.39. For bullish trends, maintaining above 392.77 is crucial, aiming to establish 393.96 as a solid support. Continued buying might elevate the level to 395.04, with the day’s highest bullish target at 396.81.
If the Q's struggle to maintain above 391.39, we expect bears to gain control, potentially pushing prices down to 390.09. Observing market weakness, bears might further test the level at 389.46. Persistent selling pressure could lead to a probe of 388.80, setting 387.67 as the day's lowest bear target.
Apple Inc. Apple (NASDAQ: AAPL) is trading near 190.33. Bulls are looking to maintain this as a support level, aiming for an increase to 191.25. With sustained bullish momentum, the next target is 191.76, and if bulls reclaim control today, we aim to see a rise to the high bull target of 192.21.
If 190.33 fails to hold during regular trading hours, a lower test at 189.52 is likely. Continued selling could lead to bears targeting 189.16, and if selling intensifies, 188.32 becomes relevant. If this level is breached, the lowest bear target for Apple for the day is 188.05.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently at around 385.00. Bulls are aiming to keep the stock above this level, with a goal to rally to 387.50. If this key support level is maintained, we could see a push to 390.00, with the day's highest bull target at new all-time highs of 392.50.
Should 385.00 not hold as support, bears might test the level at 384.56. If this level is breached, a further downside probe at 382.69 is expected. In a scenario of continued selling pressure, the lowest bear target for Microsoft for the day is projected at 380.59.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around 250.25. Bulls are aiming for an upward move to 252.38. Continued buying could see a rally up to 254.28, and in a broader bullish market, targets of 257.56 and 259.81 are envisaged.
If 250.25 doesn't hold as strong support, a lower test at 248.37 is anticipated, with continued selling possibly bringing 246.16 into play. Should this level break, the lowest bear target for Tesla for the day is 242.47.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around 137.79. Bulls are aiming to keep this level as support and elevate the price to 138.39. Continued bullish momentum could push the stock to our high target of 139.46.
If Alphabet fails to maintain 137.79 as support, bears may target a lower price of 136.94. If this level is breached, a further bearish probe at 136.29 is anticipated. In heavy selling scenarios, the lowest bear target for the day is set at 135.66.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading around 483.43. Bulls are seeking to push the price up to 489.04, aiming to establish this as a strong support level. The upward target is 492.33, with the highest bull target for the day at 495.79.
If 483.43 fails to hold as a robust support, bears might initiate a downward trend to 478.67. If 473.81 is broken down amid selling, a drop to 470.17 is expected. Continued selling pressure might lead to the day's lowest bear target for NVIDIA at 467.34.
Meta Platforms Inc Meta (NASDAQ: META) is positioned around 340.66. Bulls are looking to keep the stock strong above 341.85, aiming to trade higher to 344.83. Strong buying could potentially lift the price to 347.71. If bullish trends continue, the top bull target is 352.60.
If 340.66 doesn't act as a reliable support, bears could lower the price to 338.75. Persistent bearish pressure might further depress the price to 337.17. If this level is breached, the lowest bear target for Meta for the day is 335.12.
Final Word: Today's session includes the release of PCE and GDP data during the premarket session, which should set the tone for regular trading hours. It's important to stay alert and trade with discipline. 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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