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)
SPY is currently trading near our key level of 596.57. For the bulls, we want to see buyers push the price higher to 598.04 and establish it as support. If buyers maintain control above this level, we anticipate a move to 599.24. Holding above 599.24 during regular trading hours could lead to further upside, with a potential test of 600.51. Should bullish momentum persist, the high bull target for SPY today is 601.22.
If 596.57 fails to hold as support, sellers will likely aim for a move lower to 595.14. A break below this level could lead to further downside toward 593.73. If selling pressure intensifies, we anticipate a test of strong support at 592.00. Should today’s session bring an aggressive sell-off, the bears could drive the price down to the low bear target of 589.71.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is currently auctioning near our key level of 511.53. For the bulls, we want to see sustained buying above this level, which could lead to a test of 513.64. If buyers remain in control, we expect an advance toward 515.00. A strong rally could push QQQ to challenge 516.58, and if momentum continues, our high bull target for the day stands at 517.97.
If 511.53 does not hold during today’s session, we anticipate selling pressure to bring QQQ lower toward 509.87. A breakdown here would open the door for a test of 508.22. If this level fails under sustained selling, we expect further weakness down to 506.68. Should sellers continue to dominate, the low bear target for the session is 504.44.
Apple Inc. (AAPL)
Apple is currently auctioning around 241.23. For bulls, the key objective is to hold this level as support and push higher toward 242.21. If buyers can maintain strength above this mark, we anticipate further upside to 242.83. Continued bullish action could bring 243.57 into play, marking our high bull target for the day.
If 241.23 cannot hold as support, we expect a downside test of 240.23. Continued weakness could bring further selling pressure, leading to a move lower toward 239.43. If this level is breached, we anticipate the next key support at 238.63. In the event of heavy selling, the low bear target for the day sits at 237.49.
Microsoft Corp. (MSFT)
Microsoft is currently trading near our level of 399.21. For bulls, holding this level as support is crucial for a move higher toward 400.30. If buyers establish control, we anticipate a continued push toward 401.39. Sustained momentum could see MSFT rally to 402.74, which marks our high bull target for the day.
Should 399.21 fail as support, sellers will look to drive the price down to 398.38. If selling pressure persists, we anticipate further downside to 397.65. A break below this level could accelerate selling toward 395.68. If weakness continues, our low bear target for Microsoft is set at 394.46.
NVIDIA Corporation (NVDA)
NVIDIA is currently trading around our key level of 125.21. Bulls need to hold this level as support and push higher toward 126.84. A sustained move above this level could see further upside toward 128.10. If buying momentum remains strong, we expect a potential rally up to 129.53, with our high bull target standing at 131.42.
If 125.21 fails to hold, bears will likely attempt to take control, driving the price down to 123.41. A break below this level could lead to further weakness toward 121.97. Continued selling could push NVIDIA lower to 120.27. If pressure remains heavy, we expect the bears to target 119.44 as the session’s low bear target.
Alphabet Inc Class A (GOOGL)
Alphabet is currently trading near 171.14. Bulls need to defend this level as support and push the auction higher toward 172.28. If buying pressure holds, we anticipate a continued rally to 173.46. Further bullish momentum could bring Alphabet up to our high bull target of 174.01.
If 171.14 fails to hold, sellers will likely attempt to push the price lower to 169.34. A break below this level could bring further downside pressure toward 167.04. If this support level fails under aggressive selling, our low bear target for Alphabet today stands at 165.41.
Meta Platforms Inc (META)
Meta is currently auctioning near 671.80. Bulls need to hold this level as support to drive the price higher toward 676.46. If buyers maintain control, we expect continued upside toward 679.79. A strong rally could push Meta toward our high bull target of 683.97.
If 671.80 is lost as support, sellers will likely attempt to drive the price lower to 667.99. Continued weakness could bring further downside to 663.33. If this level fails under sustained selling pressure, our low bear target for the session is 658.86.
Tesla Inc. (TSLA)
Tesla is currently trading around 304.24. Bulls need to defend this level as support and push the price higher toward 310.17. If buyers maintain strength, we anticipate a further push toward 312.42. A strong bullish move could see Tesla test 315.93, with our high bull target set at 322.52.
If 304.24 fails to hold, sellers will likely attempt to drive the price lower to 300.56. If this level is breached, we expect further downside to 298.28. Continued weakness could see Tesla drop toward our low bear target of 296.44.
Final Word:
Today’s session brings multiple key economic releases that could influence market sentiment. The Final S&P Global Manufacturing PMI will be released at 9:45 AM ET, followed by Construction Spending for January and the ISM Manufacturing, Prices Paid, New Orders, and Employment reports at 10:00 AM ET. These data points could provide insights into the strength of the manufacturing sector and inflationary pressures. Additionally, the Treasury will hold a 3 and 6 month Bill Auction at 11:30 AM ET, which could impact short-term yields and broader market movement. Trade smart and manage risk accordingly.
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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