Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, GOOGL, AMZN, TSLA, META, 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 SPY (ARCA: SPY) is currently trading below our pivotal 445.08 mark. For a bullish scenario, we're eyeing a recovery above 445.08. A strong bullish indication would be a surge above 446.31, establishing it as support. A further climb could lead to 447.94. Our high target for SPY today stands at 449.42.
If SPY fails to sustain above 445.08, we anticipate a bearish move towards 443.90 and then 443.42. Should selling intensify and 443.42 doesn't hold, our bearish target is 442.61. In the case of significant sell-offs, our low target for SPY today is 441.06.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) experienced a dip overnight and are now hovering around our 371.96 benchmark. For bullish momentum, we're aiming for 372.91. If buying continues, 373.82 should be the next target, serving as a support. For a dominant bullish day, we're watching for activity above 373.82. A strong buying surge could propel the price to 375.18, with an ultimate bullish target of 375.98.
If selling persists, bears might push towards 370.91. A failure to maintain above this could lead to a further drop to 370.08. A breach of this level could see the price descending to 369.39, with our most bearish target for the day at 368.57.
Apple Inc. Apple (NASDAQ: AAPL) has seen a dip overnight but is trading above our 177.31 benchmark. For bullish momentum, we're hoping for 177.31 to hold as support, with a rally towards 178.18 and then 178.61. If the bullish trend continues, we could see prices reaching 179.36. For a dominant bullish day for Apple, we're aiming for 180.60, with an ultimate bullish target of 181.25.
If 177.31 doesn't hold, a bearish move towards 176.84 is anticipated. Further selling could push prices to 176.29. If this level is breached, our bearish target is 175.81.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading below our 331.24 benchmark. For a bullish outlook, we're aiming for a recovery above 331.24. If this level holds as support, we could see a rally towards 333.46. A strong bullish move could lead to 335.96, with our day's high target at 337.80.
If 331.24 doesn't hold, a bearish descent towards 328.52 is likely. A breach of this level could lead to 326.05, our most bearish target for the day.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is hovering around our 134.96 benchmark. For bullish momentum, we're hoping for 134.96 to hold as support, with a rally towards 136.29. A bullish rally could bring the price to our day's high target of 137.79.
If 134.96 doesn't hold, a bearish move towards 133.78 is anticipated. A breach of this level could lead to our day's low target of 132.84.
Amazon.com, Inc. Amazon (NASDAQ: AMZN) is trading around our 137.22 benchmark. For a bullish day, we're looking for 137.22 to hold as support, with a rally towards 138.03. A strong bullish trend could lead to our day's high bull target of 138.76.
If 137.22 doesn't hold during regular trading hours, a bearish move towards 135.97 is anticipated. Further selling could push prices to 135.39, with our most bearish target for the day at 134.60.
Tesla Inc. Tesla (NASDAQ: TSLA) is hovering around our 250.25 benchmark. For bullish momentum, we're hoping for 250.25 to hold as support, with a rally towards 252.38. A strong bullish trend could lead to our day's high target of 254.28.
If 250.25 can't hold up, a bearish move towards 248.37 is anticipated. A breach of this level could lead to our day's low target of 246.16.
Meta Platforms Inc Meta (NASDAQ: META) is trading around our 300.23 benchmark. For a bullish outlook, we're aiming for 300.23 to hold as support, with a rally towards 301.71. A strong bullish trend could lead to our day's high target of 304.77.
If 300.23 doesn't hold as a level of support, a bearish move towards 297.33 is anticipated. Further selling could push prices to 295.97, with our most bearish target for the day at 293.91.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is hovering around our 458.20 benchmark. For bullish momentum, we're hoping for this level to hold as support, with a rally towards 461.49. If 489.04 is secured as a robust support, a bullish surge towards our day's high target of 464.95 is anticipated.
If 458.20 doesn't hold, a bearish move towards 454.09 is anticipated. Further selling could push prices to 450.04, with our most bearish target for the day at 447.05.
Final Word: Today's trading session is expected to be relatively quiet in terms of data and Federal Reserve commentary. Even though a subdued session is anticipated, it's crucial to monitor market patterns and option flows. Stay alert and trade wisely. Remember, next week offers a full trading week, culminating in quad witching on Friday. Trade smart and 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.