Market Clubhouse Morning Memo - October 1st, 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 573.50, an important level for bulls to maintain. For upside potential, buyers will aim to push through 574.65, signaling strength and opening the door for a move toward 575.67. If this area holds during the session, we could see a further rally targeting 576.62. A strong bullish push might even take us to the high target of 577.87 for the day.

On the downside, failure to hold 573.50 as support could bring selling pressure, testing 572.15. If sellers dominate, the next key level to watch is 571.06. Should this support level break, we may see a drop toward 569.98. In an extended sell-off, the low bear target for SPY sits at 569.16.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently near a key pivot at 487.69, where bulls need to sustain momentum. Holding above this level could lead to a move higher to 490.05. If buyers can maintain control, we may see the price push further to 491.82. Should the bullish trend strengthen, we expect a potential test of 493.60, with a high target set at 495.35.

However, if 487.69 fails to act as support, bears could gain control, driving prices down to 486.10. Increased selling pressure could then test 483.95, with further weakness bringing 481.73 into play. A stronger sell-off may result in a test of the low bear target at 479.03.

Apple Inc.

Apple AAPL is currently trading around 230.25, a critical level for bullish traders. Buyers will aim to push the price higher, targeting 231.76 as the next resistance. Should momentum persist, 233.28 could come into play, with continued strength potentially pushing toward the high bull target of 234.20.

On the flip side, if 230.25 fails to hold as support, we could see a move down to 229.03. Additional selling pressure might push the stock lower to 227.82. If bears continue to dominate, 226.90 becomes a key level to watch, with a low bear target of 226.08 in sight.

Microsoft Corp.

Microsoft MSFT is currently hovering around 429.25, a key level that bulls will want to defend. A break above 429.25 could push the price toward 430.25, where holding support may set up a further rally. Should buying momentum continue, we could see a move to 431.25, with a potential test of the high bull target at 432.49.

If 429.25 does not hold, sellers could look to take control, targeting 428.48 initially. Continued selling might lead to a test of 427.36, and if bearish momentum persists, 426.00 could come into play. The low bear target for Microsoft on the day is 425.16.

NVIDIA Corporation

NVIDIA NVDA is trading near 121.97, a key level that buyers will try to push higher from. A successful hold of support at 123.41 could ignite bullish momentum, potentially driving the stock toward 125.21. Should the buying persist, 126.84 becomes a target, with the high bull level set at 128.10.

If 121.97 fails to hold, sellers might step in, targeting 120.27 as the first level to test. Further selling pressure could push the stock down to 119.44. Should the bears remain in control, 117.86 becomes the next key support, with a low target of 116.61 on the day.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 167.04, a critical level for the bulls to maintain control. A break higher could see a move toward 169.34, with buyers looking to reclaim this level as support. If the bullish momentum continues, we could see a push toward the high target of 171.14.

Should 167.04 fail to act as support, bears may push the price down to 165.41. If selling pressure intensifies, the next area of support is at 163.79. A more extended sell-off could lead to a test of the low bear target at 161.79.

Meta Platforms Inc

Meta META is trading around 573.25, a level that bulls will want to defend. If buyers can hold this area, they may push the price up to 580.17. Continued strength could drive Meta higher toward 585.73, with the high bull target for the day set at 591.29.

On the downside, a break below 573.25 could see bears take control, driving the price down to 565.53. Further selling could lead to a test of 559.29, with a possible move to the low bear target of 553.05 if bearish pressure remains strong.

Tesla Inc.

Tesla TSLA is currently near a key level of 259.81, and bulls will aim to push higher from here. A successful rally could bring the price to 262.68, with continued buying strength targeting 264.46. Should the bullish momentum pick up, Tesla could test the high bull target of 269.48.

If 259.81 fails as support, bears could gain control, targeting 257.56 initially. Further downside pressure could see the price fall to 256.34, with the low bear target for the day at 254.28 if selling intensifies.

Final Word: Today's session marks the beginning of Q4 2024 and the start of October, which often brings increased market activity. First on the calendar is the Final S&P Global Manufacturing PMI for September at 9:45 AM ET, a key indicator of economic health. At 10:00 AM ET, we will get both the JOLTS Job Openings report for August and the ISM Manufacturing Index, both of which are crucial in assessing labor market conditions and business sentiment.

Additionally, at 10:30 AM ET, the Dallas Fed Services Activity report for September will be released, providing insights into the broader services sector. Atlanta Fed President Raphael Bostic, a voting member, is scheduled to speak at 11:00 AM ET alongside voting member Lisa Cook, adding potential market-moving commentary. With a full schedule of data and speeches, volatility could spike throughout the session. It's essential to stay focused, adapt to changing conditions, and trade with caution. 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.