Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, AMZN, TSLA, and GOOGL.
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 Currently, the SPY (ARCA: SPY) is hovering around our identified level of 414.46. For those on the bullish side of the spectrum, we're aspiring to witness an initial upward thrust to the vicinity of 415.08. If the price action exhibits strength and remains robust above 415.08, we're on the lookout for buyers to elevate the price to our delineated support level of 415.71. Should 415.71 withstand the market dynamics during the regular trading hours, we'd anticipate a bullish push up beyond the 416.54 mark. Our ambitious high bull target on the day for SPY is positioned at 417.47.
On the flip side, if 414.46 falters to establish itself as a solid support, we're projecting the bears to challenge the fortitude of 413.59. Should sellers emerge as the dominant force, the bears will likely aim to test the waters lower at 412.97 and 415.59. If that level succumbs to heavy selling, we've identified two potent support levels lower at 412.07 and 411.67. In the event of a turbulent sell-side session today, our low bear target for the day is pegged at 411.07.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are at this moment auctioning around our pivotal level of 346.80. For the bulls, we harbor a desire to see buyers prevail above 347.95. If this level manages to hold its ground as support without faltering, we're aiming for 349.28 to be claimed as a stronghold of support. Continued buying vigor could usher our level of 351.00 into the limelight. On the back of strong buying momentum, we aspire to see the bulls challenging 352.55 to the upside. Our high bull target for the Q's today is firmly placed at 353.50.
Conversely, should the auction struggle to maintain its stance above 346.80 during the regular trading hours today, we're anticipating the bears to seize control and drive the price aggressively lower to 344.50. In the event of manifest weakness, the bears are likely to test lower grounds at 342.32. If this level fails to establish a strong foundation of support, we're bracing for the bears to navigate the price down to our low bear target on the day of 339.93.
Apple Inc. Apple (NASDAQ: AAPL) is currently oscillating around our designated level of 167.74. For the bullish cohort, we're envisaging 167.74 to act as a robust support. The bulls would appreciate seeing the auction rally ascend to 169.02. Should bullish momentum continue to fuel the rally, the price could venture to 169.95. If the bulls reclaim the reins of Apple today, we're hopeful to see a spirited push higher to our high bull target on the day for Apple at 171.03.
In contrast, if 167.74 crumbles and fails to act as support during the regular trading hours, we're setting our sights on a test lower at 166.70. On continued selling activity, we're projecting the bears to guide the auction to the downside to 165.05. If this level is shattered, we're on the lookout for the bears to navigate the auction down to our low bear target on the day for Apple at 163.72.
Microsoft Corp. At present, Microsoft (NASDAQ: MSFT) is fluctuating around our earmarked level of 331.24. For the bullish contingent, we're anticipating the auction to exhibit resilience above 331.24 and muster the strength to rally to 333.46 and to have it enshrined as support during the regular trading hours. A steadfast hold above this key level of support could incite the price action to rally to the upside and target the 335.96 mark. Continued buying momentum could potentially see the price reach our high bull target on the day for Microsoft at 337.80.
Alternatively, if 331.24 proves to be frail and is unable to uphold as support during the regular trading hours, we're foreseeing the bears to probe 328.52 to the downside. If this level is breached, we're eyeing the bears to delve lower at 326.05. On continued downside pressure, the bears will likely endeavor to thrust the price lower to our low bear target on the day for Microsoft at 324.81.
Amazon.com, Inc. Following (NASDAQ: AMZN) a robust earnings announcement post the closing bell yesterday, Amazon is currently trading around our demarcated level of 126.46. For the bulls, we're keen on observing 126.46 being upheld as support and the auction transitioning higher to 127.76 and 128.35. If we are graced with strong buyers today, we envisage the price testing the mettle of 129.23. Continued bullish momentum could ferry the auction to our high bull target of 130.18.
However, if 126.46 fails to hold its ground as support during the regular trading hours, we're predicting the bears to sell the price to the downside level of 124.96. On continued selling, we anticipate the bears to probe our level of 123.77. If this level is broken down, we're on the lookout for the bears to steer the auction down to our low bear target on the day for Amazon of 122.53.
Tesla Inc. Tesla (NASDAQ: TSLA) is currently trading around our key level of 209.51. To the upside, we're hopeful for the bulls to propel the price up to 211.53. Continued buying on the tape could potentially orchestrate a healthy rally up to our key levels of 213.16 and 213.89. If we are privy to a substantial congregation of buyers today, we could find the price action gravitating towards the high bull target on the day for Tesla at 215.15.
On the downside, if 209.51 cannot endure today's session as a strong level of support, we're anticipating a test lower at 208.48 with continued selling possibly bringing 206.09 into the fray. If this level of 206.09 is violated and sellers are present, we're expecting a depreciation in the price down to our low bear target on the day for Tesla of 204.03.
Alphabet Inc Class A Alphabet Inc. (NASDAQ: GOOGL) is presently oscillating around our designated level of 122.87. On the bullish front, we are aspiring for this level to robustly hold as a support, paving the way for the auction to ascend towards the higher level of 123.49. Should the bullish momentum continue to flourish, we are optimistic that the auction might rally towards our high bull target for the day, which is stationed at 124.20.
Conversely, if the level of 122.87 fails to demonstrate resilience as a support during the regular trading window, we are anticipating the bears to seize control, driving the price downward towards the level of 121.86. If this level is dismantled under heavy selling pressure, we are projecting that the bears may probe further at the level of 120.96. Under a scenario of intensified selling, we are envisaging the auction descending towards our low bear target on the day for Alphabet, delineated at 120.18.
Final Word: Today's primary focus pivots around the premarket release of the PCE data, which, coupled with the nearing end-of-month flows, is anticipated to stir a decent amount of market volatility. This scenario underscores the importance of trading with caution. It's advisable to adhere to your established trading plan as you navigate through the day's market activities. Good luck, and let’s aim for a prosperous close to the week for Friday!
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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