Benzinga - by RIPS, Benzinga Contributor.
Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, GOOGL, NVDA, TSLA, and META.
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 The SPY (ARCA: SPY) is currently trading around our level of 440.34. For the bulls, a move higher initially to 441.06 is desirable. If the price remains robust above 441.06, we anticipate buyers driving the price to 442.61. Should 442.61 sustain during regular trading hours, a move towards 443.90 is likely. Our optimistic target for SPY today is 445.08.
Should 440.34 fail as support, the bears might challenge the level of 439.66. Presence of sellers could lead to a test of 438.78. A breach here with substantial selling could bring the price to 437.92. Further selling pressure might lower the price to 436.51. In a strong downward market today, our pessimistic target is 435.59.
Invesco QQQ Trust Series 1 The Q's (NASDAQ: QQQ) are trading near our pivotal level of 377.58. For upward momentum, buyers need to maintain levels above 378.93. If this is achieved, 380.41 could become a new support level. A continuation of buying could raise the price to 381.89. Our optimistic target for the Q's today is 382.93.
If maintaining above 377.58 proves difficult, bears might push the price to 375.98. A sign of weakness could lead to a test of 375.18. Persistent selling could challenge the level of 373.82. A failure to maintain this level might see a decline to our pessimistic target of 372.91.
Apple Inc. Apple (NASDAQ: AAPL) is trading around 184.96. The bulls aim to maintain this as a support level. A rally to 186.35 is desired. Further bullish drive could lift the price to 187.50. If bulls dominate Apple's market today, our optimistic target is 188.32.
If 184.96 fails as a support, a test at 184.09 is likely. Continued selling might bring the price to 183.38. Increased selling pressure could lower the price to 182.96. A breakdown here could lead to our pessimistic target of 182.27.
Microsoft Corp. Microsoft (NASDAQ: MSFT) is trading near 366.98. Bulls seek to sustain above this level and aim for 368.79 as a new support. A successful hold here could lead to a rise towards 370.10. Sustained buying might push the price to our optimistic target of 375.00.
If 366.98 fails as support, bears might challenge 365.35. A breakdown here could lead to a test of 363.81. Increased bearish activity might push the price to our pessimistic target of 359.90.
Alphabet Inc Class A Alphabet (NASDAQ: GOOGL) is trading around 131.58. Bulls aim to maintain this as support and push to 132.84. Continued positive momentum could lead to our optimistic target of 133.78.
If 131.58 fails as support, bears might lower the price to 130.41. A breakdown here could lead to a test of 129.52. In a strong sell-off, our pessimistic target is 128.91.
NVIDIA Corporation NVIDIA (NASDAQ: NVDA) is trading near 489.04. Bulls aim to push the price to 495.73 and establish it as a support level. Further upward movement could lead to 499.62. Sustained buying might take the price to our optimistic target of 506.40.
If 489.04 fails to hold, bears might test 483.43. A breakdown here could see a drop to 478.67. Persistent selling could challenge 473.81 and 470.17. In a strong downward trend, our pessimistic target is 464.95.
Tesla Inc. Tesla (NASDAQ: TSLA) is trading around 225.60. Bulls aim for an upward push to 228.48. Continued buying might lead to 230.65. A strong bullish market could see a test of 235.74. In a highly positive scenario, our optimistic target is 238.50.
If 225.60 fails to hold, a test at 222.19 is likely. Further selling could bring the price to 217.78. A breakdown here might lead to our pessimistic target of 213.89.
Meta Platforms Inc Meta (NASDAQ: META) is trading near 329.83. Bulls aim to sustain above 332.41 and target 335.12. Strong buying could push the price to 338.75. In an optimistic scenario, our target is 340.66.
If 329.83 fails as support, bears might lower the price to 325.51. Increased selling pressure could bring the price to 321.03. A further decline might lead to our pessimistic target of 315.70.
Final Word: Today's session will be influenced by the CPI data released this morning and comments from Fed speakers during trading hours. Trade with caution 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.
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