Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, 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, SPY (ARCA: SPY) is trading around the marker of 413.59. For an upward trend, a primary move to 414.46 would be encouraging. If the momentum stays robust above 414.46, we anticipate buyers driving the price towards the support mark of 415.08. Provided 415.08 remains sturdy during the standard trading hours, a surge beyond 415.71 is expected. The day’s top optimistic target for SPY stands at 416.54.
On the flip side, if 413.59 fails to sustain as support, a bearish trend might test the fortitude of 412.97 and 412.59. Should sellers dominate, a further dip to 412.07 and 411.67 is likely. A breach of that level under significant selling pressure reveals a strong support lower at 411.07. A drastic sell-off could set the day’s pessimistic target for the bears at 410.07.
Invesco QQQ Trust Series 1 At present, the Q's (NASDAQ: QQQ) are hovering around the pivotal point of 347.95. For a bullish scenario, holding ground above 349.28 is crucial. If this mark withstands, the next objective is claiming 351.00 as solid support. Persistent buying vigor could escalate our price level to 352.55, with the day's optimistic target being 353.50.
Conversely, if the trading fumbles to stay above 347.95 today, a bearish takeover is foreseen, pushing the price down to 346.80. Should this weakness persist, a further descent to 344.50 is probable. Failing to uphold 344.50 as a strong support might lead the bears down to the day’s pessimistic target of 342.32.
Apple Inc. Apple (NASDAQ: AAPL) is trading near the 169.02 mark currently. For a bullish outlook, it’s essential for 169.02 to remain as support. A rise to 169.95 is the next aim, with sustained bullish energy possibly propelling the price to 171.03. Regaining bullish control today could send the price soaring towards the day’s top optimistic target of 171.66.
Alternatively, if 169.02 crumbles as support, a decline to 167.74 is anticipated. Continuation of the selling spree might drag the price down to 166.70, and if this level gives way, the bears could push the price further down to the day’s gloomy target of 165.05.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading near the 331.24 marker. Bullish prospects entail holding firm above 331.24, with a rally to 333.46 and establishing it as support. A successful hold could invigorate a rise targeting 335.96, with the day’s high bullish aim pegged at 337.80.
However, if 331.24 falters as support, the bears might drive the price down to 328.52. A break below this level could further slide to 326.05. Persistent bearish pressure might usher the price down to the day’s low bear target of 324.81.
Tesla Inc. Tesla (NASDAQ: TSLA) is circling around the crucial 209.51 level. On the upside, a bullish move to 211.53 is eyed. Sustained buying could fuel a hearty ascent to 213.16 and 213.89. A substantial buyer turnout today could elevate the price towards the day’s high bull target of 215.15.
Conversely, if 209.51 doesn’t stand strong as support, a dip to 208.48 is foreseen. Continued selling may expose 206.09, and if broken down, a plunge towards the day’s bearish target of 204.03 is expected.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around the 122.87 mark. Bulls are eyeing 122.87 as support, with an aim to ascend to 123.49. Maintained bullish traction could hit our optimistic target of 124.20.
Should 122.87 fail to hold as support, the bears might drive the price down to 121.86. A break below might initiate a test at 120.96, with significant selling potentially pushing the price to the day’s low bear target of 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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