Market Clubhouse Morning Memo - May 24th, 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 currently trading around the key level of 527.36. For the bulls, an initial move higher to 528.66 is desirable. If the price can maintain strength above 528.66, we anticipate buyers pushing the price to the support level of 530.09. Should 530.09 hold during regular trading hours, we expect a further rise to 530.77. The highest target for the bulls today is 531.57.

If 527.36 fails to hold as support, the bears are expected to test the strength at 526.31. Should sellers gain momentum, a further decline to 525.26 is likely. If this level breaks under heavy selling, a strong support level at 523.76 comes into play. In the event of a significant sell-off, the lowest target for the bears today is 522.84.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around the key level of 455.29. For bullish momentum, we need to see buyers maintaining the price above 455.29. If this level holds as support, the next target is 456.23. Continued buying strength could push the price to 457.55. If the market is strong today, a test of 458.83 is probable. The highest target for the bulls today is 460.55.

If the price struggles to hold above 455.29 during regular trading hours, we expect the bears to take control, driving the price down to 454.10. If weakness persists, the next level to watch is 452.98. Continued selling pressure could test 452.14. If this level fails to hold, the lowest target for the bears today is 450.98.

Apple Inc.

Apple AAPL is currently trading around 188.20. For the bulls, holding this level as support is crucial. If the price can maintain above 188.20, we look for a move to 188.56. Continued bullish momentum could see the price reaching 189.44. Should the bulls regain control, the next target is the high bull target for the day at 190.52.

If 188.20 fails to hold as support during regular trading hours, the bears will likely test 187.50. Further selling could drive the price down to 186.99. If selling pressure continues, 186.35 is the next level to watch. If this level breaks, the lowest target for the bears today is 185.86.

Microsoft Corp.

Microsoft MSFT is currently trading around 428.48. For the bulls, maintaining strength above this level is essential. A rally to 429.25 and holding it as support during regular trading hours is key. If the price holds above this support, a move to 430.25 is expected. Continued bullish momentum could see the price reaching the high bull target for the day at 431.25.

If 428.48 fails to hold as support, the bears will likely push the price down to 427.36. Should this level break, the next target is 426.00. Further downside pressure could drive the price to 425.16. The lowest target for the bears today is 423.81.

NVIDIA Corporation

NVIDIA NVDA is currently trading around the key level of 1,052.31. For bullish action, we need to see the price push up to 1,063.07 and hold this level as support. If the bulls succeed, the next target is 1,075.18. Continued buying could drive the price up to 1,091.24. The highest target for the bulls today is 1,107.30.

If 1,052.31 fails to hold as support, the bears are expected to test lower at 1,039.67. If this level breaks, the next target is 1,025.53. Continued selling could bring the price down to 1,010.21. If selling pressure persists, the lowest target for the bears today is 998.75.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 174.01. For the bulls, holding this level as support is crucial. If the price can maintain above 174.01, we look for a move to 175.12. Continued bullish momentum could bring the price to the high bull target of 176.23.

If 174.01 fails to hold as support during regular trading hours, the bears are likely to drive the price down to 172.28. Should this level break, the next target is 171.14. On heavy selling, the lowest target for the bears today is 169.34.

Meta Platforms Inc

Meta META is currently trading around 468.38. For bullish momentum, it is important for the price to remain above 468.38. If this level holds as support, the next target is 470.28. A strong bullish trend could push the price higher to 472.19. The highest target for the bulls today is 473.93.

If 468.38 fails to hold as support, the bears will likely drive the price down to 465.81. Continued selling pressure could push the price lower to 464.57. If this level breaks, the lowest target for the bears today is 462.20.

Tesla Inc.

Tesla TSLA is currently trading around the key level of 172.61. For bullish momentum, we need to see the price push up to 176.34. Continued buying could drive the price to our key level of 179.79. If there is a bullish rally in the broader market, a test of 182.53 is likely. The highest target for the bulls today is 184.10.

If 172.61 fails to hold as support, the bears are expected to test lower at 169.70. Further selling could bring the price down to 166.89. If this level breaks, the lowest target for the bears today is 164.87.

Final Word:Today's session is highlighted by the release of the Preliminary Durable and Capital Goods Orders for April, scheduled at 8:30 AM ET. Shortly after the New York open at 9:35 AM ET, we will hear from Chris Waller, a voting member of the Fed. However, the most anticipated event is the release of the May Final University of Michigan Sentiment and Inflation outlook data at 10:00 AM ET. With restricted trading hours on Monday due to the Memorial Day Holiday, heightened volatility is expected. Trade carefully and have a successful day! Happy Friday!

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.