Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, META, NVDA, 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 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 near our benchmark of 430.05. For a bullish scenario, an initial rise to 431.04 is desirable. If prices sustain above 431.04, we anticipate buyers driving the price to our support marker of 431.78. Holding strong at 431.78 during normal trading hours could propel prices above to 432.28, with an ultimate bullish target for the day at 432.91.
Should 430.05 fail as support, we'd look to bears testing the fortitude of 429.28. Presence of sellers could prompt further tests at 428.62. With heavy selling breaking this level, a strong support awaits at 427.71. A rough sell-side session today could see prices bottoming at our bear target of 427.08.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are trading near our crucial level of 362.13. For bullish traction, maintaining above 362.13 is key. If support holds, 363.23 becomes the next strong support aim. Persistent buying could bring 364.65 into focus, with a high bull target for the day at 365.59.
Difficulty in sustaining above 362.13 could see bears taking the reins, driving prices down to 361.41. A weak stance could further test 360.79, with continued selling potentially probing 360.08. Failing to hold here could lead to our bear target for the day at 359.39.
Apple Inc. Post earnings report, Apple (NASDAQ: AAPL) is trading around 172.35. Bullishly, holding 172.35 as support is crucial. A desired rally to 173.24, followed by a possible surge to 174.05 and 174.59 is on the cards. Reclaiming momentum could drive prices towards our high bull target of 175.09.
If 172.35 crumbles as support, a lower test at 171.66 is likely. Continued selling could drag prices down to 171.03, then 169.95. Breaking this level could lead to our bear target for the day at 169.02.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is hovering around 347.85. Bullishly, holding firm above 347.85 could pave the way to 349.67, which if sustained, could rally prices towards 352.26, with an eventual goal of hitting 354.73.
Failing to uphold 347.85 could see bears driving prices down to 345.90. Breaking this could further test 343.68, with a bearish day potentially hitting our low target of 341.41.
Meta Platforms Inc Meta (NASDAQ: META) is near our benchmark of 311.42. Bullish sentiments require holding above 311.42, targeting a rise to 314.41, possibly reaching 315.70, and ambitiously aiming for 317.90.
Should 311.42 fail as support, bears might drive prices down to 309.51, further probing 308.16. Breaking this level could see a descent to our bear target of 304.77.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is around the key level of 432.36. Bullishly, pushing to 434.01 and establishing it as support is desirable, targeting an upward journey to 436.56, potentially rallying to 439.87, and ambitiously to 442.76.
If 432.36 doesn't hold, a bearish test at 429.17 is likely. Breaking this could see a further decline to 426.17 and 424.83, with a bearish day possibly hitting our low target of 421.35.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around the key 215.15 level. Bullishly, a push to 217.78, potentially rallying to 219.39 and 220.52 is desirable, with a strong buying scenario aiming for 222.19.
If 215.15 fails to hold, a bearish descent to 213.89 is likely, possibly probing 213.16, with a break here targeting our bearish goal for the day at 211.53.
Final Word: Today's trading will be influenced by numerous data releases both premarket and during regular hours. Stay alert, trade wisely, and here's to a fruitful Friday in the markets!
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.
Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will get early access to the Morning Memo just like this one every single day, hours before it goes to publication. For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. Additionally, don't miss out on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.