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 521.85. The bulls aim for a rise to 522.84 initially. Should the price maintain its strength above this level, the target shifts to 523.76. If this can be sustained during regular trading hours, the next goal would be 525.26, with a high bull target set at 526.31 for the day.
On the downside, if the level of 521.85 cannot be maintained as support, the price may descend to 520.67 as bears test this threshold. A further decline to 519.71 could occur if sellers increase their presence, followed by a strong support level at 518.76. If the session intensifies on the sell-side, the bear target for the day could be as low as 518.04.
Invesco QQQ Trust Series 1 Currently (NASDAQ: QQQ), the Q's are trading around the key level of 442.53. Bulls would need this level to hold to target a rise to 444.09, establishing it as strong support. Further buying could bring the price to 445.09, and if momentum persists, 446.51 could be tested with a high bull target of 447.73 for the day.
Conversely, if 442.53 cannot be maintained during the trading session, it could signal the bears to drive the price down to 441.56. A continued display of weakness might lead to further tests at 440.78 and 440.00. Should these levels fail to hold, the day’s low bear target could be reached at 438.89.
Apple Inc. Apple's (NASDAQ: AAPL) stock is trading around 184.96. Bulls are looking to maintain this level as a base to possibly push the price to 185.86. If bullish trends continue, the next target is 186.35, with a high bull target set at 186.99 for the day.
Should the support at 184.96 fail during the trading hours, the bears might test the level of 184.59. If the selling pressure persists, it could lower the price to 184.09 and possibly down to 183.38. A breakdown of this level could see the day's low bear target at 182.96.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is currently positioned around the level of 419.17. Bulls would need the price to hold above this level, targeting a move to 420.26 and then 421.62, with a high target for the day at 422.84 if the momentum is sustained.
If the support at 419.17 fails, the price could be pushed down to 417.25 by the bears. If this level is compromised, further declines could test 416.32 and 414.56, with a low bear target at 413.14 for the day.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading around a crucial level of 907.51. Bulls are eyeing a push to 913.30, hoping to establish it as a firm support, then aiming for 917.98 and 922.67, with a high bull target of 928.47.
If 907.51 does not hold as support, bears might drive the price down to 903.25. If this level fails under selling pressure, further declines could test 898.13 and 890.55, with a low bear target at 882.97.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is currently at 165.41. Bulls are hoping to hold this as support and push the price to 167.04, with a high bull target of 169.34 if the momentum continues.
If 165.41 fails to hold, bears may push the price down to 163.79. If this level is broken, further tests at 161.79 could occur, with a low bear target at 160.36 for the day.
Meta Platforms Inc Meta (NASDAQ: META) is trading around 473.93. Bulls are looking to hold this level as support, aiming for a rise to 475.19 and 477.50, with a high target of 479.47 for the day.
If 473.93 cannot be sustained as support, bears might push the price down to 470.28. Continued bearish pressure could lead to further declines to 468.38, with a day’s low target at 465.81.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around 169.70. Bulls aim to push the price to 172.61 and 176.34, with a high bull target of 182.53 if the broader market remains bullish.
Should 169.70 fail to hold as support, a decline to 166.89 might occur. Continued selling could bring the price down to 164.87, with a low bear target at 168.32 for the day.
Final Word: Today’s trading session is light on data, beginning with the New York Fed Survey of Consumer Expectations at 11 AM ET. The market will also see a 3 and 6 Month Bill Auction at 11:30 AM ET. Speeches from Fed members Jefferson and Mester are scheduled for 9 AM EST. At 1 PM ET, OpenAI is set to present a new product, potentially impacting major AI-related stocks. Trade carefully and 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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