Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, GOOGL, META, and AMZN.
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 presently trading around our mark of 419.04. For bullish traders, an initial push towards 420.05 is desired. If the price stays robust above 420.05, we anticipate buyers elevating the price to our support tiers of 420.69 and 421.15. Should 421.15 sustain during the normal trading span, a drive above 421.98 is expected. The high target for bullish traders on SPY today is 422.70.
If 419.04 fails to maintain as support, bearish traders might test 418.17. Should sellers surface, a lower test at 417.47 by bears is anticipated. A breakdown at this level with heavy selling unveils a firm support lower at 416.54. In case of a severe sell-off today, our low target for bearish traders is 415.71.
Invesco QQQ Trust Series 1 The Q’s (NASDAQ: QQQ) are trading around our pivotal point of 352.55. For bullish traders, holding above 352.55 is essential. If this threshold is sustained, 353.50 is eyed as strong support. Persistent buying could target 354.24. With a strong buying thrust, bullish traders might test 355.32 and 355.93 upwards. The day’s high target for bullish traders in Q’s is 356.83.
If holding above 352.55 proves challenging during today’s normal trading hours, bearish control with a push downwards to 351.00 is expected. Should weakness appear, a lower test at 349.28 by bears is foreseen. If this level crumbles, a bearish descent to our day’s low target of 347.95 is predicted.
Apple Inc. Apple (NASDAQ: AAPL) is trading around our threshold of 171.03. For bullish traders, 171.03 should remain as support, aiming for a rally to 171.66. Persistent bullish movement could rally the price to 172.35. With bulls dominating today, a push towards our high target of 173.24 is anticipated.
Failing to hold 171.03 as support prompts a test lower at 169.95. Continued selling could lead bears to push the price to 169.02. If this level breaks down, a bearish descent to our day’s low target of 167.74 is anticipated.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading around our support level of 326.05. For bullish traders, maintaining above 326.05 with a rally to 328.52, and holding it as support is crucial. A hold above this pivotal point could drive the price upwards to 331.24. Sustained buying may reach our high target of 333.46 for the day.
Should 326.05 fail as support, a bearish probe to 324.81 is expected. A breakdown here invites a further probe lower at 323.17. Persistent selling could drive bears to our day’s low target of 321.51.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around our key point of 209.51. Bullish traders aim for a rally to 211.53 with a clear support establishment. Upwards, bulls might drive the price to 213.16 and 213.89. Continued buying could rally the price to 215.15. A significant reversal could target our high for the day at 217.78.
If 209.51 fails as strong support, a test lower at 208.48 is expected. Continued selling could bring 206.09 into play. A breakdown here, with sellers dominating, could lead to our day’s low target of 204.03.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around 134.96. Bullish traders aim for 134.96 to hold as support, driving the price to 136.29. Continued bullish action could target our high for the day at 136.94.
If 134.96 fails to hold, bearish traders may drive the price to 133.78. A breakdown here could probe lower at 132.84, with heavy selling targeting our day’s low of 132.22.
Meta Platforms Inc Meta (NASDAQ: META) is trading around 308.16. Bullish traders seek a strong hold above 308.16, targeting a rise to 309.51. Strong buying could elevate the price to 311.42, targeting our high for the day at 314.41.
Failing to hold 308.16 could see bearish traders driving the price to 304.77. Persistent selling could test lower at 301.71, with a breakdown targeting our day’s low at 300.23.
Amazon.com, Inc. Amazon (NASDAQ: AMZN) is trading around 124.96. Bullish traders aim for support at 124.96, targeting a rise to 126.46. Sustained bullish action could target our high for the day at 127.76.
If 124.96 fails to hold, bearish traders may drive the price to 123.77. A breakdown here could probe lower at 122.53, with heavy selling targeting our day’s low of 121.32.
Final Word: Today sees a lack of significant US data announcements that could trigger market volatility, especially with the Fed in a blackout period leading up to the FOMC meeting on November 1st. The spotlight in today's session will instead shine on market structure and how large funds are aligning themselves with major companies poised to unveil their earnings this week. Wishing you a successful day ahead!
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.
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