Market Clubhouse Morning Memo - September 29th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, GOOGL, And NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, META, GOOGL, and NVDA.

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 

SPY SPY experienced a gap up and an overnight rally, now fluctuating around the 430.05 mark. For bullish momentum, an initial push towards 431.04 is desired. If buying continues, 431.78 is the next target. Should the price sustain above 431.78, aiming for 432.28 is on the agenda. A highly bullish end-of-quarter scenario could propel the price towards 432.91, with an optimistic bull target of 433.27 for the day.

On the flip side, if 430.05 doesn't hold, bears might aim for 429.28 to test the market. If sellers dominate, a further dip to 428.62 is expected. Breaking this level could lead to a strong support at 427.71. Continued selling might push the price to 427.08, with a deeper descent testing 426.37. A harsh selling session could set the bear target at 425.75 for the day.

Invesco QQQ Trust Series 1

The Q's QQQ also gapped up overnight, now hovering around 360.08. For bulls, holding above 360.79 is key. If this level remains solid, the targets are 361.41 followed by 362.13. A strong buying pattern could push the Q's to a high bull target of 363.23 today.

Conversely, if 360.08 doesn't hold, a bearish momentum could push the price down to 359.39. Continued selling could test 358.60, and if this level fails to hold, 357.94 is the next target. Breaking this level could drive the price down to a low bear target of 356.83 for the day.

Apple Inc.

Apple AAPL is fluctuating around 171.66. For bullish momentum, holding 171.66 is crucial, aiming for a rally to 172.35 and possibly 173.24. If bulls take charge, pushing towards a high bull target of 174.05 is desired.

Alternatively, failing to hold 171.66 could trigger a test at 171.03. Continued selling might push the price down to 169.95, and breaking this level could set the bear target at 169.02 for the day.

Microsoft Corp.

MSFT Microsoft too gapped up overnight and is now fluctuating around 316.04. For bulls, maintaining above 316.04, reclaiming 318.48, and pushing towards 320.05 is the plan. Continued buying could set the high bull target at 321.51 for the day.

Conversely, if 316.04 fails to hold, bears might aim for 314.98, and further down to 313.61. Continued selling could drive the price down to a low bear target of 311.91 for the day.

Meta Platforms Inc

META

Meta is holding above 304.77. For bulls, maintaining this level and pushing towards 308.16, then 309.51 is ideal. Continued bullish momentum could set the high bull target at 311.42 for the day.

Alternatively, failing to hold 304.77 could lead to a bearish drive towards 301.71. Continued selling might test 300.23, and breaking this could set the bear target at 297.33 for the day.

Alphabet Inc Class A

GOOGL Alphabet is around 132.84. For bulls, holding this level and aiming for 133.78, followed by 134.96 is the plan.

Conversely, if 132.84 doesn't hold, bears could push the price to 132.22, testing further at 131.76 and 131.28. A heavy sell-off could set the bear target at 130.41 for the day.

NVIDIA Corporation

NVDA NVIDIA is fluctuating around 434.01. For bulls, pushing towards 436.56, then 439.87 is desired. Continued buying could aim for a high bull target of 442.76 for the day.

Alternatively, if 434.01 fails to hold, bears could aim for 432.36. Breaking this level might push the price to 429.17. Further selling could test 426.17 and 424.83, setting a low bear target at 421.35 for the day.

Final Word: Today's focus is on the end-of-quarter rebalancing flows and processing the premarket PCE print. Expect a high volatility level, especially towards the New York session close at 4PM EST. Stay alert, exercise caution, and have a great trading day!

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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