Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, META, GOOGL, and NVDA.
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 trading around 455.90. Bulls are hoping for an upward move initially to 456.88. If the market remains strong above this level, the aim is to elevate the price to our support at 457.86. Should 458.54 maintain during regular trading hours, we anticipate an advance to 460.28, with our top bullish target for the day at 462.20.
Conversely, if 455.90 fails to provide support, we'll look for bears to examine the level at 455.14. Should sellers emerge, the focus would shift to testing lower at 454.56. A break below this level under heavy selling would highlight a crucial support at 453.54. Persistent selling could drive the price to 452.55, and in a significant sell-off session, our lowest bear target is foreseen at 451.61.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are currently around 391.39. For bullish trends, holding above 392.77 is key, with a target 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 stay above 390.09, we anticipate bears gaining control, potentially pushing prices down to 389.46. Market weakness could lead to a further test at 388.80. Persistent selling pressure could lead to a probe of 387.67, setting 386.69 as the day's lowest bear target.
Apple Inc. Apple (NASDAQ: AAPL) is trading near 189.52. Bulls are looking to maintain this as a support level, targeting an increase to 190.33. With sustained bullish momentum, the next target is 191.25, and if bulls regain control today, we aim to see a rise to the high bull target of 191.76.
If 189.52 fails to hold during regular trading hours, a lower test at 189.16 is likely. Continued selling could lead to bears targeting 188.32, and if selling intensifies, 188.05 becomes relevant. If this level is breached, the lowest bear target for Apple for the day is 187.50.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently at around 379.50. Bulls are aiming to keep the stock above 380.00, with a goal to rally to 380.59. If this key support level is maintained, we could see a push to 381.64, with the day's highest bull target at 382.69.
Should 379.50 not hold as support, bears might test the level at 377.72. If this level is breached, a further downside probe at 376.70 is expected. In a scenario of continued selling pressure, the lowest bear target for Microsoft for the day is projected at 375.93.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around 246.16. Bulls are aiming for an upward move to 248.37. Continued buying could see a rally up to 250.25, and in a broader bullish market, targets of 252.38 and 254.28 are envisaged.
If 246.16 doesn't hold as strong support, a lower test at 243.98 is anticipated, with continued selling possibly bringing 242.47 into play. Should this level break, the lowest bear target for Tesla for the day is 239.92.
Meta Platforms Inc Meta (NASDAQ: META) is positioned around 332.41. Bulls are looking to keep the stock strong above 332.41, aiming to trade higher to 335.12. Strong buying could potentially lift the price to 337.17. If bullish trends continue, the top bull target is 338.75.
If 332.41 doesn't act as a reliable support, bears could lower the price to 329.83. Persistent bearish pressure might further depress the price to 328.13. If this level is breached, the lowest bear target for Meta for the day is 325.51.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around 134.96. Bulls are aiming to keep this level as support and elevate the price to 135.66. Continued bullish momentum could push the stock to our high target of 136.29.
If Alphabet fails to maintain 134.96 as support, bears may target a lower price of 133.78. If this level is breached, a further bearish probe at 132.84 is anticipated. In heavy selling scenarios, the lowest bear target for the day is set at 131.58.
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.
Final Word: Today's session includes the release of PCE and Employment data during the premarket session, which could potentially create market volatility. Additionally, there is a Treasury auction to be aware of during regular trading hours. Stay vigilant and trade with caution. 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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