Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, AMZN, GOOGL, MSFT, and NVDA.
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 trading below our crucial threshold of 450.23. Bulls will want to see a rally up to this level, establishing it as a support point. If that happens, we could see further upward movement to 451.01 and 451.61. The day's optimistic target for SPY is 452.55.
Should the SPY fail to secure 450.23 as support, we anticipate a downward move to 449.42. If that level also fails to hold, expect a sharp sell-off down to 447.94. In the case of extreme selling, the day's bearish target is 446.31.
Invesco QQQ Trust Series 1 The QQQ (NASDAQ: QQQ) is hovering around our key level of 375.98. Bulls should aim for an initial surge to 377.58. Sustained buying above this level could propel the price to 378.93, with an ultimate bullish target of 380.41 for the day.
If sellers dominate, we expect a test of the 375.98 support level. A failure to maintain above this could trigger a bearish move to 375.18, and potentially down to 373.82. The day's lowest bearish target is 372.91.
Apple Inc. Apple (NASDAQ: AAPL) is trading above our set level of 187.50. For bullish action, this level should serve as support, with potential rallies to 188.05 and 188.32. The day's high target for Apple is 189.16.
If 187.50 fails as support, look for a dip to 186.99. Further selling could push the price down to 186.35, and if that level breaks, the bearish target for the day is 185.86.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading above our key level of 328.52. Bulls will want this level to hold as support, aiming for a rally to 331.24 and potentially 333.46. The day's high target for Microsoft is 335.98.
If 328.52 can't hold, expect a bearish move to 326.05. Further declines could take us to 324.81, with a day's low target of 323.17.
Amazon.com, Inc. Amazon (NASDAQ: AMZN) is trading near our key level of 137.22. Bulls should aim for this level to hold as support, targeting a move to 138.03 and possibly 138.76.
If 137.22 fails to hold, anticipate a sharp sell-off to 135.97, and potentially down to 135.39. The day's bearish target is 134.60.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading above our set level of 134.96. Bulls should aim for this level to hold as support, targeting a rally to 136.29 and possibly 137.79.
If 134.96 can't hold, expect a bearish move to 133.78. A break below this could lead to a day's low target of 132.84.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading above our key level of 478.67. Bulls should aim for this level to hold as support, with an upward target of 483.43 and potentially 489.04. The day's high target for NVIDIA is 495.79.
If 483.43 fails to hold, anticipate a bearish move to 478.67. Further declines could take us to 473.81, with a day's low target of 470.17.
Final Word: Expect a volatile trading session today, given the shortened week and the confluence of key data and Federal Reserve speakers. Stay alert and trade cautiously. Good luck out there!
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.
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