Market Clubhouse Morning Memo - October 7th, 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 569.98 level. For bullish momentum to continue, we need to see a move higher towards 571.06. If the bulls maintain strength above this level, it opens the door for a run toward 572.15, which would act as a significant support level. Should 572.15 hold, the next target is a climb to 573.50. The highest target on the upside today for SPY sits at 574.65, signaling strong bullish control.

On the downside, if 569.98 fails to hold, sellers are likely to test the 569.16 area. If selling pressure persists at that point, a drop toward 567.81 would be the next step. A break of this level could trigger further downside to 566.46, where we expect some buying interest to emerge. If the selling becomes more aggressive, the bears could drive the price down to 565.38, the low bear target for the session.

Invesco QQQ Trust Series 1

QQQ QQQ is hovering around the 483.95 level. For the bulls to maintain control, we’ll need to see strength above 483.95, potentially pushing the price to 486.10, which would serve as an important support level. If this level holds, it could fuel a continued rally to 487.69. If buying momentum remains strong, we could see a test at the 490.05 level, with the high bull target for the day at 491.82.

On the flip side, if 483.95 can’t be defended, the bears will likely take the price lower to test 481.73. Continued weakness could bring 479.03 into play. A breakdown here may see sellers pressing toward 476.85, with a possible low bear target at 474.66 if the bearish momentum is strong enough throughout the session.

Apple Inc.

Apple AAPL is trading near 223.87 at the moment. For bulls to take control, they need to hold this level as support and push the price higher to 225.31. If this move is successful, 226.08 could be the next bullish target, potentially leading to a rally towards 226.90. Should momentum persist, 226.90 would represent the high bull target for today.

If 223.87 breaks down, the bears will likely attempt to push the price lower toward 222.96. Should selling continue, the next area of interest is 222.24. Further downside pressure could drive the price to 221.66, with the final bearish target for the session sitting at 220.97.

Microsoft Corp.

Microsoft MSFT is currently auctioning near the 414.56 level. A move above this key level is critical for the bulls to maintain momentum, potentially leading to a rally towards 416.32. If 416.32 holds as support, the next target is 417.25, with buyers likely pushing the price higher. If the bullish trend continues, Microsoft may test the high bull target at 419.17 today.

If 414.56 breaks down, the bears will target 413.14 as the next area of interest. A further decline could bring the price down to 411.72, and sustained selling pressure might push Microsoft to the next support at 410.64. The low bear target for today is set at 409.69 if the bears remain in control.

NVIDIA Corporation

NVIDIA NVDA is trading around the 123.41 level. For a bullish move, we need to see a push higher towards 125.21. If buyers can establish this level as solid support, the next target is 126.84. A strong buy-side rally may even push NVIDIA to 128.10, with the high bull target at 129.53 if the market remains bullish.

If 123.41 fails to hold, the bears will likely push the price lower to 121.97. Should sellers maintain control, NVIDIA could drop to 120.27. Continued downward momentum might see the price test 119.44, and if the selloff intensifies, the low bear target for the day is 117.86.

ow bear target for today is set at 409.69 if the bears remain in control

Alphabet Inc Class A

Alphabet GOOGL is currently trading around the 165.41 level. For the bulls, we need to see 165.41 hold as support, which would encourage a move towards 167.04. If this level holds, we expect the bullish trend to continue, with a potential test of 169.34, the high bull target for the session.

If 165.41 is broken, the bears are likely to test lower levels, starting with 163.79. If selling continues, the next significant area to watch is 161.79. Persistent downside pressure could take Alphabet down to the low bear target of 160.36 for the day.

Meta Platforms Inc

Meta META is auctioning around 591.29. If the bulls can keep control above this level, we could see a move towards 598.17. If 598.17 is tested and holds as support, Meta could climb higher to 604.50, with a high bull target for today set at 609.30 if the buying pressure remains strong.

However, if 591.29 fails, the bears will likely push the price down to 585.73. Continued selling pressure may drive Meta lower to 580.17. If sellers stay in control, we could see Meta trade down to 573.25, marking the low bear target for the session.

Tesla Inc.

Tesla TSLA is trading around 248.37. For the bulls to take charge, they need to drive the price up to 250.25. If this level is claimed and holds as support, we expect a move to 252.38. Continued bullish activity could push Tesla towards 254.28, with the high bull target for the session at 256.34.

On the bearish side, if 248.37 breaks, the bears will aim for a move down to 246.16. If selling pressure builds, the next target is 243.98, which could be broken if the bears dominate. The low bear target for Tesla today stands at 242.49.

Final Word: Today's trading session appears quieter on the economic front, with a light data schedule providing fewer catalysts for market volatility. At 11:30 AM ET, the U.S. Treasury will conduct auctions for 3 and 6-month Treasury bills, a minor event that may not impact market direction significantly. We also have a few speeches lined up from Federal Reserve officials Kashkari, Bostic, and Musalem, though these will occur after market hours, limiting any immediate impact.

With the economic calendar light, traders should focus on price action and volume dynamics to guide their trades. Pay close attention to key technical levels and market reactions to them, as they could provide clarity amid today's quiet backdrop. It's crucial to stay nimble and adapt quickly as price action evolves. Good luck and trade safely!

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.