Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, GOOGL, TSLA, 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 SPY (ARCA: SPY) is currently trading near our specified level of 422.70. For a bullish outlook, an initial upward movement to 423.89 is desired. Should the price sustain above 423.89, we anticipate buyers driving the price to our support mark of 424.52. If 424.52 remains steady during the standard trading hours, a surge past 425.75 is expected. The high bull target for SPY today is set at 426.37.
On the downside, if 422.70 doesn’t maintain as support, the bears may challenge the robustness of 421.98. Observing sellers at this juncture, the bearish target shifts lower to 421.15 and then 420.69. A significant sell-off breaking this level could find strong support at 420.05. A highly bearish session today might drive the price down to our low bear target of 419.04.
Invesco QQQ Trust Series 1 Currently, the Q's (NASDAQ: QQQ) are trading around the crucial level of 357.94. Bullish sentiment desires buyers to hold above 357.94. If this level stays as support, 358.60 is eyed as a robust support point. Continuous buying activity might usher the price to 359.39. With strong buying vigor, bulls may challenge 360.08 upwards. The high bull target for the Q's today stands at 360.79.
If the price struggles to maintain above 357.94 during today's trading hours, bears might seize control, driving the price down to 356.83. Any weakness observed may prompt further downside tests at 355.93 and 355.32. Should this level falter as a strong support, bears might push the price down to our daily low bear target of 354.24.
Apple Inc. Apple (NASDAQ: AAPL) is trading near our mark of 173.24. For a bullish narrative, it’s essential for 173.24 to serve as support. Bulls aim for a rally to 174.05. Sustained bullish energy might propel the price to 174.59. If bulls dominate today's session, a push towards our high bull target of 175.09 is desired.
Conversely, if 173.24 doesn’t sustain as support, a downward test at 172.35 is likely. Continued selling could drive the bears to lower the price to 171.66. Breaking this level might lead to further bearish action towards our low bear target for Apple today at 171.03.
Microsoft Corp. Microsoft (NASDAQ: MSFT), announcing their earnings post-trading today, is trading around our support level of 331.24. Bulls aim to keep the price firm above 331.24, rallying to 333.46 and holding it as support through the regular trading hours. Maintaining above this pivotal level could ignite a rally, aiming for 335.96. The high bull target for Microsoft today is set at 337.80.
If 331.24 fails as support, bears might drive the price down to 328.52. Breaking this level could lead to further probing at 326.05. Under continued bearish pressure, a push towards our low bear target for the day at 324.81 is likely.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL), also announcing post-trading earnings today, is trading near 137.79. Bulls aim for 137.79 to hold as support, driving the price up to 138.39. Sustained bullish drive could reach our high bull target of 139.46.
Should 137.79 fail as support, bears might drive the price down to 136.94. Breaking this level could lead to a further dip to 136.29. Heavy selling could drive the price to our daily low bear target for Alphabet at 134.96.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around the pivotal level of 217.78. Bulls aim for an upward push to 219.39 and 220.52. Continued buying activity could see a healthy rally to 222.19. A strong bullish sentiment today might drive the price to our high bull target of 223.86.
If 217.78 fails to hold as strong support, a downward test at 215.15 is likely, with continued selling bringing 213.16 into play. Breaking this level with a strong bearish presence could lead to a price dip to our daily low bear target for Tesla at 211.53.
Meta Platforms Inc Meta (NASDAQ: META) is trading near our level of 317.90. For a bullish scenario, it’s crucial for 308.16 to hold as support, aiming for a rise to 321.03. A robust bullish activity could push the price to 325.51, and potentially to our high bull target of 329.83.
Conversely, if 317.90 doesn’t hold, bears might drive the price down to 315.70 and 314.41. Further selling pressure could see the price at 311.42, and potentially down to our daily low bear target for Meta at 309.51.
Amazon.com, Inc. Amazon (NASDAQ: AMZN) is currently trading around the mark of 128.35. For the bullish, the hope is for 128.35 to stand firm as a support level, propelling the trade higher to 129.23. If the upward momentum endures, the trajectory could lead to our optimistic bull target of 130.18.
Should 128.35 fail to establish and maintain its stance as support during the standard trading window, anticipation shifts towards the bearish, with expectations of a price dip to the lower tier of 127.76. If this tier is further breached, initial exploration by the bears could reach down to 126.46. Amidst intensified selling pressure, the projection is set at descending to our pessimistic bear target for the day for Amazon at 124.96.
Final Word: The spotlight in today's session is on the market's reaction to the PMI data scheduled for release this morning. Eyes will also be on Microsoft and Alphabet, with their earnings report due post market close. It's vital to exercise disciplined trading amidst anticipated volatility today. Good luck, and trade safe!
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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