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 SPY (ARCA: SPY) is currently trading around the 530.09 level. For the bulls, an initial push to 530.77 is anticipated. If 530.77 is held, buyers will aim for 531.57. Sustaining this level during regular trading hours could see a rise to 532.56. Our high bull target for SPY today is 534.17.
If 530.09 fails to hold as support, bears will target 528.66. Continued selling pressure could bring the price down to 527.36. A significant breakdown could lead to a test of strong support at 526.31. Our low bear target for the day is 525.26.
Invesco QQQ Trust Series 1 QQQ (NASDAQ: QQQ) is currently trading around 454.10. Bulls need to see sustained buying above this level. Holding 454.10 as support could drive the price up to 455.29. If buying pressure remains strong, we might see a move to 456.23. A robust bullish session could push the price to 457.55. Our high bull target for QQQ today is 458.83.
Should 454.10 fail as support, bears will likely push for 452.98. If selling persists, the price could test 452.14. A breakdown here may see the price fall to 450.98. Our low bear target for QQQ today is 449.36.
Apple Inc. AAPL (NASDAQ: AAPL) is currently trading around 189.44. Bulls will look to maintain this level as support. If successful, we might see a rise to 190.52. Continued upward momentum could target 191.57. If bulls dominate, our high bull target for AAPL is 192.27.
If 189.44 does not hold as support, bears will test 188.56. Persistent selling could drive the price to 187.50. Further bearish pressure might lead to a test of 186.99. Our low bear target for AAPL is 186.35.
Microsoft Corp. MSFT (NASDAQ: MSFT) is currently trading around 422.84. Bulls need to hold this level and push to 423.81. If 423.81 is sustained as support, we could see a move to 425.16. Continued buying might drive the price to 426.00, our high bull target for the day.
If 422.84 fails as support, bears will aim for 421.62. A breakdown could lead to a test of 420.26. Further selling pressure may bring the price to 419.17. Our low bear target for MSFT is 417.25.
NVIDIA Corporation NVDA (NASDAQ: NVDA) is currently trading around 950.29. Bulls need to push up to 955.43 and establish it as support. If successful, the price could rise to 961.78. Continued buying may drive NVDA to 972.06. Our high bull target for the day is 980.21.
If 950.29 does not hold, bears will target 945.15. Further selling could test 937.84. Persistent downward pressure might see the price fall to 928.47. Our low bear target for NVDA is 922.67.
Alphabet Inc Class A GOOGL (NASDAQ: GOOGL) is currently trading around 172.28. Bulls need to maintain this level and push to 174.01. Sustained buying could drive the price to 175.12, our high bull target for the day.
If 172.28 fails as support, bears will aim for 171.14. A breakdown could lead to a test of 169.34. Continued selling might see the price fall to 167.04, our low bear target for GOOGL.
Meta Platforms Inc META (NASDAQ: META) is currently trading around 479.47. Bulls need to hold this level and push to 480.96. Continued buying could target 483.11. If bulls dominate, our high bull target for META is 485.96.
If 479.47 does not hold as support, bears will test 477.50. Further selling might drive the price to 475.19. Continued bearish pressure could see a fall to 473.93, our low bear target for META.
Tesla Inc. TSLA (NASDAQ: TSLA) is currently trading around 172.61. Bulls need to push to 176.34. Sustained buying could drive the price to 179.79. Continued bullish momentum might see a test of 182.53. Our high bull target for TSLA is 184.10.
If 172.61 fails as support, bears will target 169.70. Persistent selling could lead to a test of 166.89. Further downward pressure might see the price fall to 164.87, our low bear target for TSLA.
Final Word: Today's session includes key data releases such as the Continuing and Initial Jobless Claims at 8:30 AM ET, and results from the 4 and 8 Week Bill Auction at 11:30 AM ET. Additionally, we have scheduled speeches from four Fed officials: Barr at 10:00 AM ET, Harker at 10:30 AM ET, Mester at 12:00 PM ET, and Bostic at 3:50 PM ET. With no significant data releases tomorrow, with the key focus being monthly option expiries, expect heightened volatility and substantial trade positioning today. Trade safely 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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