Market Clubhouse Morning Memo - October 4th, 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 currently trading near the 569.16 level. For bullish momentum to continue, we need to see a move toward 569.98 and for this level to hold firmly as support. If buyers maintain control, we expect a test of 571.06. Should this level act as strong support during market hours, an advance to 572.15 is likely. The day’s bull target tops out at 573.50.

In contrast, if 569.16 fails to serve as support, sellers may push prices lower toward 567.81. A break below this level could signal a further decline to 566.46. If selling pressure increases, the next downside level to watch is 565.38. A sharp selloff could bring the price down to our lower target at 564.29.

Invesco QQQ Trust Series 1

QQQ QQQ is currently trading near 483.95. For bullish strength, we need to see buyers hold above this level and push the price up to 486.10. If 486.10 holds as support, the next target is 487.69. If the buying pressure sustains, a rally toward 490.05 may be possible. The high bull target for the day is 491.82.

Should the 483.95 level fail to hold, we expect the bears to drive the price toward 481.73. Continued weakness would likely result in further downside to 479.03. Persistent selling could push the price lower to 476.85, with our low bear target for the session resting at 474.66.

Apple Inc.

Apple AAPL is trading near 226.08. For the bulls, we’re looking for this level to act as support, which could lead to a push higher toward 227.82. Should the momentum hold, the next target is 229.03. If Apple continues to climb, we anticipate reaching the high bull target of 230.25.

If 226.08 breaks down as support, the bears will likely target 225.31. Selling pressure could drive the price lower toward 223.87, and if this level fails, 222.96 comes into focus. The session’s low bear target for Apple is 222.24.

Microsoft Corp.

Microsoft MSFT is currently trading around 417.25. For the bulls to take control, we need to see a hold above 417.25 and a push higher toward 419.17. A continued bullish move could lead to a test of 420.26. If buying strength holds throughout the session, the price may approach our high bull target of 421.62.

On the downside, a failure to hold 417.25 could open the door for a move toward 416.32. A further breakdown would see bears testing 414.56, with continued selling pushing the price lower to 413.14. The low bear target for the day is 411.72.

NVIDIA Corporation

NVIDIA NVDA is trading close to 123.41. To see further upside, we need a rally to 125.21, with this level acting as solid support. If buyers maintain control, 126.84 becomes the next target. A strong upward move could lead to a test of 128.10, with the high bull target set at 129.53.

If 123.41 does not hold as support, a move lower toward 121.97 is likely. Continued selling pressure may result in a further drop to 120.27. If weakness persists, the bears could drive the price toward 119.44, with a low bear target for the session at 117.86.

Alphabet Inc Class A

Alphabet  GOOGL is currently trading near 165.41. Bulls will be looking to hold this level and push the price higher to 167.04. If buyers remain in control, the price may reach our next target at 169.34, which serves as the high bull target for the day.

If 165.41 fails as support, bears may take the price lower to 163.79. A continued breakdown could lead to a test of 161.79. If selling accelerates, the low bear target for the day is 160.36.

Meta Platforms Inc

Meta META is currently trading around 585.73. For the bulls to maintain control, this level must hold as support, allowing a move toward 591.29. If momentum builds, Meta could push higher to 598.17. Continued buying strength could take Meta to our high bull target of 609.30.

On the downside, failure to hold 585.73 may lead to a decline to 580.17. If selling pressure persists, the price could fall further to 573.25. Should the bears dominate, we’re looking at a low bear target of 565.53 for the day.

Tesla Inc.

Tesla TSLA is currently trading around 243.98. Bulls will aim to push the price higher to 246.16. If buying momentum continues, the next target is 248.37. Should Tesla maintain its upward trajectory, we expect a move toward 250.25. The high bull target for the day is set at 252.38.

If Tesla fails to hold 243.98 as support, the price could fall to 242.49. Continued downside pressure could bring 239.92 into play, with a further move lower to the low bear target of 238.50.

Final Word: As the week comes to a close, today's session holds significant weight due to the upcoming Non-Farm Payrolls and the September Unemployment Rate, both released at 8:30 AM ET. These key indicators will provide fresh insight into the labor market's health, potentially sparking significant market reactions. Adding to this, at 9:00 AM ET, Fed official John Williams will be speaking at a New York conference, which could further stir market volatility. Given the weight of these events, today is set to be highly active and could see sharp market swings. It's important to manage risk carefully and trade with a cautious mindset. Stay sharp, good luck, and 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.