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 509.49. For those optimistic about the market, the immediate goal is to surpass 510.14. Holding above 510.14 could signal further upward movement towards 511.69. Should this support level remain intact during regular market hours, a move towards 512.26 might be anticipated, setting the stage for reaching our peak target of 512.91 for bullish traders.
Conversely, if the SPY fails to maintain support at 509.49, we anticipate bearish momentum to drive prices towards 508.83 for a test. Persistent selling could push prices further down to 508.34. A breach of this level could lead to a significant support test at 507.52. In the event of an extensive downward movement, our lowest target for bearish activity is set at 506.71.
Invesco QQQ Trust Series 1 The QQQ ETF (NASDAQ: QQQ), also known as "the Q's," is hovering around a pivotal point of 438.89. For bullish market participants, the objective is to sustain prices above 440.00, which could pave the way to 440.78, signifying robust support. If buying momentum continues, we might see an escalation to 441.56, with a strong trading session potentially testing the 442.53 mark. The highest target for bulls today is envisioned at 444.09.
On the flip side, should the Q's struggle to stay above 438.89, we foresee bearish forces pushing the price down to 437.47. A display of weakness could lead to further testing down at 436.58. Should the selling pressure persist, a more substantial support test at 435.88 might occur. Failing to maintain this level could result in a descent to the bearish target of 434.76 for the day
Apple Inc. Apple's (NASDAQ: QQQ) current market position is around 171.79. Bulls are eyeing this level to act as a foundation for a rally to 172.45. Sustaining bullish momentum might lead the stock towards 172.95. A dominant bullish market for Apple could see it aiming for a further climb to our upper target of 173.39.
Should Apple's support at 171.79 give way during the trading day, a downward adjustment to 171.13 is anticipated. Continuous selling might prompt a move towards 170.32, and further pressure could see 169.73 come into play. If this level is compromised, the bearish target for Apple is set at 168.99.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is navigating around the 406.01 mark. Bulls are hopeful for the stock to solidify its position above this level, potentially climbing to 407.11, which is eyed as a critical support level. Should support be established, the next bullish target is 408.46, with the ultimate aim for the day being 409.69 for those with a positive outlook.
Conversely, if Microsoft cannot uphold the 406.01 level, bears might target a move down to 404.92. A breach here could signal a further descent to 402.74. Continued downward pressure could see the price reaching 401.39, with the most pessimistic scenario for the day placing the bear target at 400.30.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is currently positioned around 865.62. Bulls are looking to elevate the stock to 877.25, establishing it as a firm support level. An upward trajectory could then target 882.97, with sustained buying possibly leading to a rally towards 890.55. The highest bullish goal for NVIDIA today is set at 898.13.
If NVIDIA fails to maintain 865.62 as a robust support level, bears might push the price towards 858.43. A breakdown of this level could lead to further declines towards 852.61. Should market conditions weaken, a test at 846.80 might occur, with the ultimate bearish target for the day lying at 842.42.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around 133.78. Bulls aim to uphold this level as support, potentially leading to an ascent to 134.96. A continuation of bullish trends might see the stock reaching a high target of 135.66.
Should Alphabet not sustain support at 133.78, we anticipate bears to drive the price towards 132.84. Failing to hold this level could see a further drop to 131.58. In the event of extensive selling, the bearish target for Alphabet is established at 130.41.
Meta Platforms Inc Meta (NASDAQ: META) is seen around 492.33. The bullish scenario involves maintaining this level as support, followed by an upward move to 495.54. A strong buy-side market could push the price to 498.03, with the ultimate bullish target being 500.83.
If Meta's support at 492.33 falters, a downward trend towards 488.81 is expected. Continuous selling might lead to a further drop to 485.96. If this level is breached, the bearish target for the day is set at 483.11.
Tesla Inc. Tesla's (NASDAQ: TSLA) current level is 182.53. Bulls are aiming to propel the stock to 184.10, with sustained buying possibly leading to a key level of 186.10. A bullish market overall might see Tesla challenging 189.22, with an ambitious target for the day set at 191.52.
Should Tesla fail to hold 182.53 as a substantial level of support, a move down to 179.19 is anticipated, with continued selling potentially bringing 176.34 into focus. If this level is surpassed, the bearish target for Tesla is positioned at 172.61.
Final Word: Today's trading session is notable for the release of several key employment figures. The ADP Employment Change numbers will be released at 8:15AM EST, followed by the JOLTS Job Openings for January at 10AM EST. Also at 10AM EST, Jerome Powell's semiannual monetary policy testimony before the House Financial Services Committee could introduce volatility into the markets. Statements from Daly, a voting member, and Kashkari, a non-voter, are also anticipated. Market participants should remember to trade cautiously and prioritize discipline 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.
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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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