Market Clubhouse Morning Memo - May 2nd, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, And META)

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 currently trading around 503.95. For the bulls, the immediate target is a rise to 505.32. If the market maintains strength above this level, we anticipate buyers pushing the price further to a supportive level at 506.06. Holding above 506.06 during the trading day could lead to an uptick towards 506.71, with a potential high target for bulls at 508.34.

On the downside, if 503.95 fails to act as a support, we expect the bears to challenge the strength at 502.85. Should selling pressure intensify, the next target for the bears would be 501.74. Breaking through this level could bring the SPY down to a stronger support at 500.91. In a heavy sell-off scenario, our lower bear target is set at 498.93.

Invesco QQQ Trust Series 1

The QQQs QQQ are navigating around a crucial point at 425.77. The bulls aim to secure a position above 426.64, which, if successful, could establish 427.32 as a robust support level. With continued buying, the price might ascend to 428.50 and potentially reach a test high of 429.40. The bullish target for the day is set at 430.16.

Conversely, if the price struggles to stay above 425.77, bears might take the opportunity to push the price down to 424.82. A weakness observed could lead to a further drop to 424.04. Persistent selling might challenge the support at 423.27, with a bearish day potentially driving the price down to 420.76.

Apple Inc.

Apple's AAPL current trading level is at 171.13. The bulls are hoping to maintain this as a supportive base and propel the price to 171.79. If the momentum stays bullish, the next target is 172.45, followed by 172.95. Should the bulls dominate today's trading, the aspiration is to reach a high of 173.39.

Should Apple fail to hold at 171.13, the price might retreat to 170.32. With increased selling activity, the next focus would be on bringing the price down to 169.73. Further bearish momentum might lead to 168.99, with a possible deep drop to a low bear target of 168.41.

Microsoft Corp.

Microsoft MSFT is presently positioned at 398.38. The bullish scenario involves holding this level and moving upward to 399.21, which should then serve as a solid base for further gains. If sustained, this could lead to an attempt at reaching 400.30, with a high target of 401.39 for the day.

If Microsoft cannot sustain support at 398.38, the bearish outlook includes a drop to 397.65. Breaking below this level might lead to further declines to 395.68 and 394.46. In a significant bearish push, the lowest target for the day is set at 393.47.

NVIDIA Corporation

NVIDIA NVDA is trading around 846.80. For bullish traders, the initial goal is to climb to 852.61 and establish it as a clear support level. If buying continues, the next levels to target are 865.62 and 877.25, with a high for the day set at 882.97.

If NVIDIA fails to maintain 846.80 as a support, bears may test lower at 842.42. A breakdown here could lead to a drop to 837.58. Should the selling intensify, the price might be driven down to 833.50, with the lowest bear target at 827.98.

Alphabet Inc Class A

Alphabet GOOGL is operating around 165.41. Bulls are looking to hold 167.04 as support and push the price to 169.34. With continued bullish energy, the day might culminate at a high of 171.14.

If the support at 165.41 does not hold, bears might push the price down to 163.79. A breach here could lead to further testing at 161.79. In a scenario of strong selling, the lowest bear target for the day is projected at 160.36.

Meta Platforms Inc

Meta META is trading around 441.35. The bullish strategy involves holding this level, moving up to 446.90, and possibly reaching 450.55. Strong buying could further propel the price to a high target of 453.45.

Conversely, if Meta cannot sustain 441.35, the bearish route would involve a move down to 436.87, followed by 432.39. A significant sell-off might bring the price to the day's lowest bear target at 429.01.

Final Word:  Today's market session is pivotal with several key data releases on the schedule. The day begins with the release of Continuing and Initial Jobless Claims at 8:30 AM ET, providing insights into the employment landscape. Following closely are the Preliminary Non-Farm Productivity and Unit Labor Costs for the first quarter. Shortly after the New York session begins, more data will be available with the Final Durable Goods Orders, Capital Goods Orders, and Factory Orders for March. Later in the morning at 11:30 AM, the Treasury will conduct auctions for 4 and 8 Week Bills, which could influence short-term market liquidity. After the trading day concludes, Apple will release its earnings, which is likely to impact market dynamics significantly due to its substantial market influence. Participants should approach the day with caution and strategize accordingly. Good luck and trade safely!

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.