Market Clubhouse Morning Memo - September 26th, 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 is currently trading near the 574.65 level. For the bullish scenario, we would like to see a solid push higher to the 575.67 mark. If this level holds as support during regular trading hours, buyers could aim for a rally towards 576.62. A continued move upward may lead to a test of 577.87, with the final bullish target for the day set at 579.12 if momentum remains strong.

On the bearish side, if SPY fails to maintain the 574.65 level, sellers may take control and target 573.50. Should this support break, further selling pressure could drive the price down to 572.15. If downside momentum accelerates, bears could push the market lower to 571.06, with a possible low target of 569.98 in a more severe selloff.

Invesco QQQ Trust Series 1

The QQQ is hovering around 493.60, a key level to watch. Bulls will need to defend this area and push the price higher towards 495.35. If buyers can establish 495.35 as strong support, it may signal a bullish advance toward 496.94. Continued upside action could bring 498.37 into play, with a high bull target of 499.44 if momentum stays in favor of the bulls.

Should 493.60 fail to hold as support, bears may step in to drive prices lower, with 491.82 as the first area of interest. If sellers maintain control, the next test could come at 490.05. Should selling pressure intensify, the market could decline to 487.69, with a low target of 486.10 if the bearish scenario plays out.

Apple Inc.

Apple is currently around 227.82. For a bullish outlook, buyers need to defend this level and target 229.03. If bulls successfully reclaim 229.03 as support, we could see the price move up to 230.25. Continued buying momentum may push Apple to 231.76, with the high bull target for the day being 233.28.

On the downside, if 227.82 breaks, bears may push Apple lower, targeting 226.90. If sellers maintain pressure, we could see further decline to 226.08. Should selling continue, 225.31 becomes a critical level, and a breakdown could lead to a test of the low bear target for the day at 223.87.

Microsoft Corp.

Microsoft is trading around 434.49. For the bullish case, we want to see buyers maintain support above this level and push the price higher to 435.79. If 435.79 holds as support, the next target could be 437.10. Should buyers sustain momentum, the high bull target for the day is 438.72.

In a bearish scenario, if 434.49 fails to hold, sellers will likely target 432.49. A break below this level could open the door to 431.25. Continued selling pressure may push Microsoft lower to 430.25, with a low bear target for the day at 429.25.

NVIDIA Corporation

NVIDIA is trading near 126.84. For the bulls, the goal is to push the price higher to 128.10. If buyers can establish 128.10 as a firm support, the next level to watch is 129.53. Continued bullish momentum could lead to a rally towards 131.42, with the high bull target at 132.19 for the day.

On the flip side, if 126.84 fails to hold as support, bears could take control and push the price down to 125.21. If selling intensifies, the next test would be at 123.41. A deeper decline may lead to 121.97, with a low bear target of 120.27.

Alphabet Inc Class A

Alphabet is currently trading near 163.79. For the bullish scenario, a push above this level could lead to a test of 165.41. If buyers can maintain support at 165.41, we could see a move higher to 167.04, which is the high bull target for the day.

If 163.79 fails to hold, bears may look to sell the price down to 161.79. Should sellers maintain control, a breakdown to 160.36 could be next. Continued downside pressure might see Alphabet testing the low bear target for the day at 158.54.

Meta Platforms Inc

Meta is trading around 573.25. For the bulls, maintaining support at this level could signal a push higher to 580.17. If buyers can hold the price at 580.17, the next target is 585.73, with a high bull target of 591.29 if the bullish momentum continues.

On the bearish side, if Meta fails to hold 573.25, sellers could push the price down to 565.53. If selling pressure persists, 559.29 may come into play. A breakdown below this level could bring Meta down to the low bear target of 553.05.

Tesla Inc.

Tesla is trading around 259.81. For a bullish move, we would like to see a push higher to 262.68. If this level holds as support, bulls may drive the price toward 264.46. Continued strength could lead to a test of 266.83, with a high bull target of 269.48 if momentum remains positive.

If 259.81 breaks, sellers could take control, targeting 257.56. A breakdown below this level may lead to further selling towards 256.34. If selling continues, the next target would be 254.28, the low bear target for Tesla on the day.

Final Word: Today’s trading environment is heavily influenced by key economic data releases, starting with the Third Reading of the Q2 Annualized GDP and Jobless Claims at 8:30 AM ET. These figures will set the tone for market sentiment early in the session. At 9:15 AM, we’ll hear from Fed member Michelle Bowman, followed by Fed Chair Jerome Powell’s opening remarks at 9:20 AM, which could provide critical insight into the Fed's future plans. Treasury Secretary Janet Yellen is also scheduled to speak later in the morning, adding further layers of complexity to the market narrative.

With the significant potential for market-moving information throughout the day, volatility is likely to be high. Traders should be prepared for swift market movements and ensure they are managing their risk appropriately. The combination of GDP data, jobless claims, and multiple Fed speakers creates a dynamic environment where any unexpected news could drive price action sharply in either direction. Stay vigilant, trade cautiously, and remember that protecting your capital is paramount during such uncertain trading conditions. Good luck!

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.