Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, NVDA, AMZN, and META.
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 hovering around our pivotal level of 447.94. For a bullish outlook, maintaining above 447.94 is crucial. A strong bullish indication would be a surge above 449.42, establishing it as support. If momentum persists, we might see it reach 450.23. The day's optimistic target for SPY is 451.01.
Should 447.94 fail as a support, anticipate a bearish descent to 446.31. If selling intensifies and 446.31 doesn't hold, the next bearish target is 445.08. In case of significant bearish pressure, the day's pessimistic target for SPY is 443.90.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are trading near our crucial level of 375.18. For bullish momentum, sustaining above 375.18 is vital. If buying continues, bulls aim to secure 375.98 as support. A dominant bullish day would involve trading above 375.98, potentially reaching 377.58. The day's bullish target is 378.93.
If selling persists, bears might challenge the 373.82 support. A failure to maintain above 373.82 could lead to a drop to 372.91. If that doesn't hold, the next level to watch is 371.96. The day's bearish target is 370.91.
Apple Inc. Apple (NASDAQ: AAPL) is trading above our marker of 179.36. Bulls hope to keep 179.36 as support, aiming for 180.60. If bullishness continues, the next target is 181.25, with an ultimate bullish goal for the day at 182.27.
If 179.36 falters as support, anticipate a dip to 178.61 or 178.18. Intense selling might push it down to 177.31, with the day's bearish target at 176.84.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading slightly below our 335.96 marker. Bulls aim for an ascent to 337.80, hoping to establish it as support. If bullishness persists, the next target is 339.02, with an optimistic end-of-day target at 341.41.
If 335.96 doesn't hold, anticipate a bearish move to 333.46. A breach there could lead to 331.24, with the day's bearish target at 328.52.
Tesla Inc. After an overnight gap up, Tesla (NASDAQ: TSLA) is around 262.68. Bulls hope to maintain this as support, targeting 264.46 next. Strong bullish activity might push it to 266.83, with the day's bullish target at 269.48.
If 262.68 doesn't hold, bears might aim for 259.81, then 257.56, with a bearish day's end target of 254.28.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is hovering around the 458.20 mark. For those bullish on the stock, holding this as a foundation and aiming for 461.49 is the strategy. Should 489.04 be secured again, the optimistic projection for the day's close is 464.95.
On the flip side, if 458.20 is compromised, bearish sentiments could drive the price towards 454.09, and if the decline continues, 450.04. The most pessimistic forecast for the day stands at 447.05.
Amazon.com, Inc. Amazon's (NASDAQ: AMZN) current position is close to 138.76. For bullish traders, the goal is to solidify this as a base and set sights on 139.37. If momentum remains, the day could conclude around the bullish target of 140.52.
Conversely, if support at 138.76 gives way, the bearish trajectory might lead to 138.03, and if the slide persists, 137.22. The day's lowest expected point is 135.97.
Meta Platforms Inc Meta's (NASDAQ: META) current stance is approximately 300.23. For those optimistic about its performance, the aim is to use this as a stepping stone and reach for 301.71. If the bullish trend continues, the day might wrap up around 304.77.
However, if 300.23 fails to provide adequate support, the bearish path could lead to 297.33, and further decline might touch 295.97. The most conservative estimate for the day is 293.91.
Final Word: Today's trading will be influenced by the volatility from index contract rollovers and consumer data at 11AM ET. Stay alert and trade wisely. Best of luck!
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.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.