Market Clubhouse Morning Memo - October 2nd, 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

SPY SPY is trading near our key level of 567.81. For bullish momentum, we’d like to see a push higher to the next target of 569.16. Should this level hold firmly, buyers might aim to elevate the price to the 569.98 support. If this support holds through regular trading hours, it opens the door for an additional climb toward 571.06. Our high bull target for SPY stands at 572.15.

If 567.81 fails as support, the bears will likely attempt to test 566.46. If selling pressure persists, we can anticipate a further move down to 565.38. A decisive breakdown from there might lead to a test of 564.29, with a sharp sell-off potentially targeting the low bear level of 563.23.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently trading around 481.73. For bulls to maintain control, we need buyers to hold the line above this level, driving the price toward 483.95. A solid move above 483.95 could signal a path to higher levels, with 486.10 acting as the next upside target. If momentum is sustained, expect the price to reach the 487.69 resistance, with the high bull target for today at 490.05.

On the flip side, failure to hold 481.73 could see the bears gaining traction, sending the price to 479.03. Continued selling pressure might lead to further downside, testing the 476.85 level. Should this support break, we expect a potential decline toward 474.66, with a final bear target at 471.33.

Apple Inc.

Apple AAPL is currently auctioning near 225.31. Bulls will look to hold this level and aim for a push to 226.08, reinforcing it as a key support zone. If buying continues, the next move would likely target 226.90, with bullish momentum bringing a possible test of the 227.82 high bull target for the day.

However, if 225.31 doesn’t hold, we can expect a test of 223.87 on the downside. Continued selling could drive the price lower to 222.96. A break below this level might lead to a further drop toward 222.24, with a potential low bear target at 221.66.

Microsoft Corp.

Microsoft MSFT is currently trading around 419.17. Bulls will aim to defend this level, seeking a rally up to 420.26. If the price stabilizes above this point, buyers could push for a run toward 421.62, with continued momentum targeting the 422.84 high bull level for the day.

If 419.17 fails as support, bears may take control and push the price down to 417.25. Should this level break, expect a further decline to 416.32. Continued downside pressure could lead to a test of 414.56, with a final bear target of 413.14 for the day.

NVIDIA Corporation

NVIDIA NVDA is currently trading near our key level of 115.83. For bulls to take charge, they’ll need to push the price to 116.61 and hold it as support. A solid move higher could target 117.86, with buying momentum potentially lifting the price to 119.44. The high bull target for today is 120.27.

If 115.83 doesn’t hold, we’ll be watching for a test of 115.15 on the downside. If selling pressure increases, the next level to watch is 114.29. A breakdown here might lead to further weakness, with the low bear target at 112.54.

Alphabet Inc Class A

Alphabet GOOGL is currently auctioning around 167.04. Bulls need to maintain support at this level and push higher to 169.34. If they succeed, a rally could extend to 171.14, which stands as the high bull target for today.

If 167.04 doesn’t hold, bears could step in and drive the price lower to 165.41. A break below this level might trigger additional selling down to 163.79. A significant decline could result in testing the low bear target of 161.79.

Meta Platforms Inc

Meta META is currently trading around 573.25. Bulls need to hold this level as support to push higher toward 580.17. A strong buying session could see further gains to 585.73, with bullish momentum potentially reaching the high bull target of 591.29.

If 573.25 breaks down, we can expect a test of 565.53. Bears might intensify selling pressure, driving the price lower to 559.29. If this level gives way, the low bear target for Meta today is 553.05.

Tesla Inc.

Tesla TSLA is trading around 256.34. Bulls will aim to hold this level and push toward 257.56. If the buying momentum continues, expect Tesla to test the next resistance at 259.81. With a strong market rally, we might see Tesla hit 262.68, with a high bull target at 264.46.

If Tesla fails to hold 256.34, we could see a test of 254.28. Continued selling pressure may drive the price to 252.38. A break below this level could lead to a deeper pullback, targeting the low bear level of 250.25.

Final Word: Today’s trading session starts with the Non-Farm Employment Change at 8:15 AM ET, a key labor market indicator that often sets the tone for the day. Following that, Fed’s Hammack speaks at 9:00 AM ET, potentially providing more clarity on future monetary policy. At 11:00 AM ET, Fed Governor Bowman, a voting member, will address the Community Banking Research Conference, which could offer further insights into the central bank’s thinking. 

At 12:15 PM ET, Fed's Barkin, another voting member, is scheduled to speak at the Wilmington Biz Conference and Expo, potentially adding to market volatility. Given the importance of the data releases and multiple Fed speakers throughout the day, expect significant price swings and volatility. Traders should remain alert and manage risk carefully, as today’s action could be highly reactive to new information. Stay disciplined, trade cautiously, and 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.