Market Clubhouse Morning Memo - April 17th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, And TSLA)

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 SPY is trading around our focal point of 506.06. Bulls are hoping for an upward movement, initially targeting 506.71. Should the price remain robust above this mark, the next goal is to ascend to 507.52. Holding 507.52 could lead to further bullish activity reaching up to 508.34. The optimistic scenario for today sets the high bull target for SPY at 509.49.

Conversely, if the SPY fails to maintain 506.06 as a support level, we anticipate bearish pressure to drive the price down to 505.32. Presence of sellers here might force a further decline to 503.95. A breach of this level under heavy selling could see the price falling to a stronger support at 502.85. In a scenario of intense bearish activity, the low target for today is set at 501.74.

Invesco QQQ Trust Series 1

QQQ The QQQ, also known as the Q's, is currently positioned around the key price of 432.84. Bulls are eyeing a climb above 433.64, with the aim of solidifying it as a durable support level. Succeeding in this would set the stage for advancing to 434.76 and possibly reaching 435.88 if buying continues. Strong market conditions today might push the price to challenge 436.58. The ambitious target for the bulls is set at 437.47.

If the Q's struggle to stay above 432.84 during today's trading, it might signal bearish control leading to a decline to 431.82. Further weakness could test 431.18, and persistent sellers might bring the price down to 430.16. If this key support fails, bears might drive the price to a lower target of 429.40.

Apple Inc.

Apple AAPL is currently trading at 169.73. Bulls are keen on maintaining this as a support point and aim to elevate the price to 170.32. Should bullish momentum continue, further targets include 171.13. A dominant day for the bulls could propel Apple's price to an aggressive high of 172.45.

On the downside, if Apple's price cannot sustain 169.73 as support, the focus shifts to testing 168.99. Further selling could bring it down to 168.41 and possibly to 168.00 if bearish pressure intensifies. Should these levels fail, the bear's target for the day is set at 167.59.

Microsoft Corp.

Microsoft MSFT is being traded around a key level of 417.25. Bulls would like the price to firmly hold above this point, seeking an ascent to 419.17 and solidifying it as support. A successful hold could set the trajectory towards 420.26, with a potential end-of-day target of 421.62 if bullish momentum persists.

If Microsoft's support at 417.25 gives way during today's trading, bears may look to push the price down to 416.32. A breakdown here could lead to further bearish targets at 414.56 and potentially 413.14 if the selling pressure continues. The day's low bear target is envisaged at 411.72.

NVIDIA Corporation

NVIDIA NVDA is noted at a pivotal level of 877.25. For the bulls, a push upwards to 882.97 is crucial, aiming to establish it as a definitive support. Upside momentum could drive the price to further highs of 890.55 and even 898.13 if buying persists. The top bullish target for today is identified at 903.25.

If NVIDIA cannot sustain support at 877.25, bears might challenge the level at 865.62. Breaking this could lead to further declines to 858.43. In a weaker market, a test at 852.61 might occur, with a potential bearish extreme at 846.80.

Alphabet Inc Class A

Alphabet GOOGL is currently hovering around 154.44. Bulls aim to secure 154.95 as a support and push the trading price to 155.59. Continued bullish drive could take Alphabet to today's optimistic high of 156.61.

However, if 154.44 fails to act as support, we might see bears pulling the price down to 153.93. A breakdown here could prompt a further drop to 153.54. In a scenario of pronounced selling, the day's low bear target is projected at 152.94.

Meta Platforms Inc

Meta META is being traded around 500.83. Bulls are focused on maintaining this level as support and propelling the price to 504.54. Strong buying could further lift the price to 508.25, with an ultimate bullish target for the day at 512.85.

Conversely, if 500.83 does not hold as support, bears might drive the price down to 498.03. Continuation of selling could lead to lower levels at 495.54, and if selling pressure mounts, the price could drop to a daily low of 492.33.

Tesla Inc.

Tesla's TSLA current level is at 158.92. Bulls are hopeful for a price push to 160.32. Sustained buying could lead to further gains at 162.32, and in an optimistic market scenario, could challenge 164.87. The highest bullish target for the day is set at 166.89.

If Tesla fails to maintain 158.92 as support, the bears might push the price to 157.52. Continuing declines could lead to 155.78. If this level is compromised, further bearish targets include a possible drop to 152.97.

Final Word: Today's trading session is anticipated to be relatively quiet data-wise, with the focus instead on digesting overnight UK CPI data and comments from Jerome Powell's recent discussion. Additionally, a Treasury 20-year bond auction scheduled for 1 PM ET might introduce volatility. Market watchers will also stay alert to any new developments in the Middle Eastern conflict. Wishing all traders a safe and successful 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.