Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, 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 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 pivot point of 434.13. The optimistic scenario involves an initial move up to 434.66, with a subsequent ascent to 435.06 if momentum persists. Should 435.06 prove resilient, we foresee a rise towards 435.59, aiming for a peak target of 436.51.
Conversely, if 434.13 fails as a floor, we expect a downward pressure towards 433.75. A bearish presence suggests a potential dip to 433.27, and if intensified selling occurs, we might see a descent to a sturdy floor at 432.91, with a critical lower target of 432.28.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are hovering near our critical point of 368.57. Bulls would aim for a climb above 369.39, with 370.08 as the next stronghold if sustained. Should buying continue, we may challenge 370.91, with an ambitious ceiling at 371.96.
Should the Q's falter below 368.57, bears may drive the price to 367.52. Further weakness could test 366.69, with 365.59 being the subsequent focus. A breach of this threshold anticipates a bearish objective at 364.65.
Apple Inc. Apple (NASDAQ: AAPL) is situated around our marker of 178.61. Bulls are eyeing this as a base, aiming for a surge to 179.36 and potentially 180.10, with a final bullish aim for the day at 180.60.
If Apple cannot maintain 178.61 as a base, we'd see a pullback to 178.18. Persistent selling might push prices to 177.31 and 176.84, with a bearish extremity at 176.29.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is present near our benchmark of 354.73. Bulls would pursue a stronghold above this, with a surge towards 358.28 and a potential rally to 362.81, leading to a top bull goal at 365.35.
On the downside, if 354.73 doesn't hold, we anticipate a bearish exploration of 352.26 and possibly 349.67, with a lower bear target at 347.85.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) finds itself near a pivotal point of 454.09. Optimists would push for an advance to 458.20, and then to 461.49, aiming for a peak at 467.34.
If support at 454.09 is breached, we expect a decline towards 450.04. Further pressure could lead to a test of 447.05 and 444.38, with a deep bear target at 442.76.
Meta Platforms Inc Meta (NASDAQ: META) is trading near 314.41. Bulls would look for a firm position above this, with an advance to 315.70, and if the momentum is strong, we could see a move to 317.90, and possibly a top target of 321.03.
Should 314.41 not serve as a strong foundation, we anticipate a bearish move to 311.42, potentially reaching 309.51, and in a heavy sell-off, a target of 308.16.
Tesla Inc. Tesla (NASDAQ: TSLA) is positioned around a key threshold of 217.78. Bulls would aim to propel the price to 219.39 and, with sustained interest, to a top level of 222.19.
If Tesla doesn't sustain 217.78, bears may push down to 215.15, and in the presence of strong selling, further to 213.16, with a bearish boundary at 211.53.
Final Word: Today's trading will be influenced by data releases and Federal Reserve speakers. Maintain your trading strategy and discipline, and best of luck in the session!
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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