Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, 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, 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) is currently trading around our level of 528.66. For the bulls, a push higher initially to 530.09 is desirable. If the price action remains robust above 530.09, we anticipate buyers bringing the price to our support level of 530.77. Holding 530.77 during regular trading hours could lead to a further push up to 531.57. Our high bull target for SPY today is 532.56.
On the flip side, if 528.66 fails to hold as support, we expect the bears to test the strength of 527.36. Persistent selling could drive the price lower to 526.31. If this level breaks under heavy selling pressure, a strong support at 525.26 comes into play. In the event of a severe sell-off, our low bear target for the day is 523.76.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are currently trading around our key level of 452.14. For the bulls, we want to see buyers pushing above 452.98. If this level holds as support, we look for the price to climb to 454.10. Continued buying strength could bring 455.29 into play. A robust auction could lead to testing higher at 456.23, with our high bull target for the Q's at 457.55.
Should the auction struggle to maintain 452.14, we anticipate the bears taking control and driving the price down to 450.98. Further weakness could see the price tested at 449.36. Persistent selling might bring the level of 447.73 into focus. If this fails to hold, the low bear target for the day is 446.51.
Apple Inc. Apple (NASDAQ: AAPL) is currently trading around our level of 189.44. For the bulls, maintaining support at this level is crucial. A rally higher to 190.52 would signify strong bullish momentum. Should the bulls sustain control, the price could reach 191.57. If the momentum continues, a push to our high bull target of 192.27 is expected.
Conversely, if 189.44 fails as support, we look for a lower test at 188.56. Continued selling pressure could drive the auction down to 187.50. Persistent bearish activity might bring 186.99 into play. If this level breaks, our low bear target for the day is 186.35.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently trading around our level of 422.84. Bulls need to maintain support at this level and push the price to 423.81. If this level holds during regular trading hours, it could trigger a rally to 425.16. Sustained buying pressure might drive the price to our high bull target of 426.00.
If 422.84 does not hold as support, bears might test 421.62. A break below this level could see the price drop to 420.26. Continued downward pressure might push the price further down to 419.17. Our low bear target for the day is 417.25.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is currently trading around our key level of 937.84. For the bulls, pushing up to 945.15 and reclaiming it as support is critical. This could lead to an upward move to 950.29. Sustained buying momentum might result in a rally to 955.43, with our high bull target for the day at 961.78.
If 937.84 fails to hold as support, the bears might test the lower level of 928.47. A break below this level could see a drop to 922.67. Further selling pressure might lead to a test at 917.98. If this level doesn't hold, the low bear target for NVIDIA today is 913.30.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is currently trading around our level of 174.01. For the bulls, maintaining support at 174.01 is essential. A push higher to 175.12 could signal continued bullish momentum. Further strength might bring the auction to our high bull target of 176.23.
If 174.01 does not hold as support, bears might drive the price down to 172.28. Breaking this level could see an initial test at 171.14. Under heavy selling, we expect the price to reach our low bear target of 169.34.
Meta Platforms Inc Meta (NASDAQ: META) is currently trading around our level of 470.28. For the bulls, holding support at this level and pushing the price to 472.19 is crucial. If the auction remains strong, the price could climb to 473.93. Continued bullish momentum might bring the price to our high bull target of 475.19.
If 470.28 fails as support, bears might drive the price down to 468.38. Persistent selling pressure could push the price further to 465.81. If this level breaks, the low bear target for Meta today is 464.57.
Tesla Inc. Tesla (NASDAQ: TSLA) is currently trading around our key level of 172.61. For the bulls, pushing the price up to 176.34 is important. Sustained buying could lead to a rally to our key level of 179.79. In a strong bullish market, we might see Tesla testing higher at 182.53. If buyers dominate today, the high bull target is 184.10.
If 172.61 does not hold as support, we anticipate a test lower at 169.70. Continued selling might bring 166.89 into play. If this level breaks and sellers remain active, the low bear target for Tesla is 164.87.
Final Word: Today's session presents a relatively calm landscape in terms of economic data releases, with the only significant report being the Leading Index for April, which is due at 10 AM ET. However, market participants should be aware that we are scheduled to hear from two Federal Reserve officials today: Chris Waller, who will speak at 10:15 AM ET, and Adriana Kugler, who will speak after the market closes at 5:45 PM ET. Their remarks could provide insights into the Fed's future monetary policy direction and potentially influence market sentiment.
Moreover, it's important to note that today is Mopex, which typically leads to increased market volatility. Mopex, or Monthly Options Expiration, can result in heightened trading activity as options contracts reach their expiration. This can lead to large moves in individual stocks and indices as traders adjust their positions.
Given the absence of major economic data, today's market movements may be more influenced by technical levels, Mopex, and the remarks from the Fed officials. As always, it's crucial to stay vigilant and be prepared for potential volatility, especially during key events and expiration periods during today's close. Keep an eye on the key levels mentioned for each ticker, and be ready to adjust your strategies accordingly.
Good luck, trade safely, and Happy 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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