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

The SPY SPY is currently trading near 567.81, which acts as a significant level for today’s session. For bullish momentum to continue, we want to see a push above 569.16. A sustained move higher past this level may lead buyers to drive the price up toward 569.98, which should hold as support if the upward trend is to be maintained. If buyers remain in control, the next target is 571.06, with an ambitious bull target of 572.15 by the end of the session.

If 567.81 fails to act as support, we’re looking for sellers to step in and test the lower level of 566.46. Should this level break under selling pressure, a decline to 565.38 is likely. Below this, bears will aim for a support test at 564.29, with a potential breakdown pushing the price to our lower target of 563.23 if heavy selling persists.

Invesco QQQ Trust Series 1

The QQQ QQQ is trading near the key level of 481.73, and bulls need to maintain this level to push higher. If this support holds, a potential run to 483.95 is expected, with strong momentum possibly bringing the price to 486.10. Buyers will need to defend these levels to push the Qs up toward 487.69. Should the uptrend hold, the session's high target could be 490.05, representing a strong bullish session.

On the downside, if 481.73 cannot hold as support, we may see sellers aggressively drive the price lower toward 479.03. If weakness continues, bears will aim for 476.85, with a further slide testing 474.66. A breakdown beyond this level could lead to a move toward the day’s low bear target of 471.33.

Apple Inc.

Apple AAPL is trading near the 225.31 level, a crucial area for bulls to defend. If buyers maintain support at 225.31, we expect a move higher to 226.08. Further bullish action may propel the price to 226.90, with strong momentum allowing a run toward 227.82, which is our high bull target for the day.

If 225.31 fails to act as support during regular trading hours, we could see a test at 223.87. Continued selling pressure could lead to a move toward 222.96, with additional weakness pushing the price down to 222.24. If this level doesn’t hold, bears will likely push Apple lower to the low bear target of 221.66.

Microsoft Corp.

Microsoft MSFT is hovering around the 417.25 level, a key area for bullish traders to defend. If buyers maintain strength here, we could see a push toward 419.17. Should this level hold, the next upside target is 420.26, with continued momentum driving the price to the high bull target of 421.62 for the session.

If 417.25 breaks under bearish pressure, the first downside level to watch is 416.32. If sellers maintain control, a further drop to 414.56 is likely, with continued selling driving the price lower to 413.14. In a bearish scenario, the low target for the day would be around 411.72.

NVIDIA Corporation

NVIDIA NVDA is trading around 120.27, with bulls aiming to push the price higher. A move above this level could see buyers challenge 121.97 as the first area of support. If bullish momentum continues, the next targets are 123.41 and 125.21. A strong session could see the price reach the high bull target of 126.84.

If 120.27 fails to hold as support, the bears are likely to test 119.44 to the downside. Continued selling could push the price toward 117.86, and if weakness persists, a test at 116.61 is expected. In a heavy sell-off, the session’s low bear target is set at 115.83.

Alphabet Inc Class A

Alphabet GOOGL is trading around 165.41, with bulls needing to hold this level to maintain upside momentum. If support holds, a move higher to 167.04 is expected, with bullish continuation possibly taking the price to the high bull target of 169.34 for the day.

If 165.41 is lost as support, the bears may push Alphabet down to 163.79. Below this, sellers will likely test the 161.79 area. If the selling pressure remains strong, the price could fall further toward the day’s low target of 160.36.

Meta Platforms Inc

Meta META is currently auctioning around 573.25, a key support level for the bulls. If buyers defend this level, a rally to 580.17 is expected, with continued momentum possibly bringing the price up to 585.73. Should the auction remain strong, the high bull target for Meta stands at 591.29.

If 573.25 fails to hold, the price may drop to 565.53. Further downside pressure could lead to a decline toward 559.29, with persistent selling likely to push the price down to the low bear target of 553.05 for the session.

Tesla Inc.

Tesla TSLA is trading around 246.16, and bulls are looking to push the price higher. If buyers step in, the next level to watch is 248.37. Continued buying pressure may push the price toward 250.25, with strong bullish momentum leading to a potential test of 252.38. The high bull target for Tesla is 254.28.

If 246.16 is broken to the downside, we could see a drop to 243.98. Below this, selling pressure could lead to a test at 242.49, with a further decline pushing the price toward the low bear target of 239.92.

Final Word: Today’s session kicks off with key labor data, including Initial and Continuing Jobless Claims at 8:30 AM ET. This is followed by the release of the Final S&P Global Services PMI for September at 9:45 AM ET, providing critical insights into the service sector's health. At 10:00 AM ET, we’ll get the ISM Services report, which will shed light on prices, employment, and new orders in this pivotal sector.

Additionally, Fed officials Bostic and Kashkari are scheduled to speak later in the morning, which could offer further clues about the Federal Reserve's future policy path. With such a packed agenda, traders should remain alert, as any of these events could lead to rapid shifts in market sentiment. Today promises to be an active trading day with plenty of volatility, so stay sharp and manage your risk appropriately. 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.