Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, and TSLA.
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) has seen a significant drop overnight and continues to decline in Thursday's premarket trading. It's currently trading slightly above our mark of 435.59. For those bullish on SPY, an initial rise to 436.51 would be favorable. Sustained buying could then target 437.02. Should the upward momentum hold above 437.02, the next aim would be our support at 437.92. Our most optimistic target for today is 438.78.
If support at 435.59 doesn't hold, then the bearish outlook involves aiming for 435.06 and 434.66. Should sellers dominate, a further dip to 434.13 is likely. If that level can't hold, our next strong support is at 433.75. A sharp decline could take us down to a bearish target of 432.91.
Invesco QQQ Trust Series 1 The QQQ (NASDAQ: QQQ) experienced a decline overnight and is currently trading near 361.41. Bulls should aim to maintain a price above 362.13. If sustained, a further rise to 363.23 could occur. Ongoing buying could take us to 364.65, with the day's high bullish target being 365.59.
If the price struggles to stay above 361.41, bears may take over and push the price down to 360.79. Should that level fail to hold, a further dip to 360.08 may occur, with 359.39 also potentially coming into the picture. The day's low bear target is 358.60.
Apple Inc. Apple (NASDAQ: AAPL) is hovering around our target of 174.05. Bullish investors would like an initial ascent to 175.09. If that support holds, the next target would be 175.81, with a possible surge to 176.29. The ultimate bullish target for today is 177.31.
However, if 175.09 isn't regained early and maintained, a move back down to 174.05 may occur. Should selling persist, the bearish aim would be 173.24, followed by a daily bearish target of 172.35.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading slightly above our support mark of 318.48. Bulls will aim for this to hold and for the price to rise towards 320.05. If buying remains strong, the next levels to watch are 321.51 and 323.17. The top bullish target for today is 324.81.
If 318.48 doesn't hold, bears could target 316.04. A break below that level would turn eyes to 313.61, with the lowest bearish target for the day at 311.91.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading near our key target of 257.56. Bulls will look to move up to 259.81 and hold it as strong support. The bullish trajectory would next target 262.68, with the top bullish target for the day at 264.46.
Should 257.56 fail to hold, a downward move to 254.28 is likely. A break below this level would make 252.38 the next bearish target, with the lowest bearish aim for the day at 250.25.
Final Word: Today's market movement will largely be influenced by reactions to the FOMC rate announcement and the hawkish outlook of the SEP dot plot. Additional data releases this morning will also guide investors' strategies for the remainder of the week. Stay alert and trade cautiously today. Good 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. 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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