Market Clubhouse Morning Memo - October 15th, 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 hovering around the 583.18 level. For a bullish outlook, we want to see a move upward towards 585.37. If buying momentum persists above this level, we could see a push toward 587.31. Holding this area during the session could lead to a further advance to 589.71, with the highest target for bulls on the day sitting at 593.59.

If 583.18 fails to hold as support, bears will likely aim to bring the price down to 581.97. If this level is tested and sellers take control, the next key level to watch is 580.67. A break below this could lead to a deeper move toward 579.12, and if selling pressure continues, we could see SPY testing the low bear target of 577.87.

Invesco QQQ Trust Series 1

QQQ QQQ is currently trading near the 496.94 level. If the bulls want to see upside momentum, holding above this level is crucial. A break higher could lead to a challenge of the 498.37 level, followed by a potential rise to 499.44. If the session stays strong, we could see the price climb to 501.07, with the high bull target for the day positioned at 502.65.

On the other hand, if 496.94 cannot hold, bears may begin to drive the price lower. Initial support could be found around 495.35, but a break below this level may open the door to a test of 493.60. Continued selling could take the price down to 491.82, and the low bear target for the day is set at 490.05 if the downside accelerates.

Apple Inc.

Apple AAPL is currently auctioning near 231.76. For the bulls, holding this level could lead to a rally toward 233.28. If buying strength continues, the next target could be 234.20. Should Apple maintain its upward trajectory, bulls could aim for a high target of 234.97 by the end of the session.

If 231.76 fails to hold as support, bears may start applying pressure, pushing the price down to 230.25. A sustained break below this could result in a drop to 229.03, and further selling may bring the stock to 227.82. If this level doesn’t hold, the low bear target for Apple is set at 226.90.

Microsoft Corp.

Microsoft MSFT is currently around 420.26, and bulls will look for price action to remain strong above this level. If it does, we could see a push toward 421.62, which needs to hold as support for continued strength. Beyond this, 422.84 could become the next target, with the high bull target for the day being 423.81.

Should 420.26 give way, bears could step in, aiming to test the downside at 419.17. A break below this level may bring 417.25 into focus, followed by a potential move to 416.32. The low bear target for Microsoft today is 414.56 if sellers remain dominant throughout the session.

NVIDIA Corporation

NVIDIA NVDA is currently hovering around the key level of 136.98. For the bulls, holding above this point could fuel a move higher to 137.94. If momentum remains strong, the price could rise to 138.55, with continued buying potentially driving the stock toward 139.42. The highest target for bulls today sits at 140.28.

If 136.98 fails to act as support, we expect bears to take over, potentially driving the price down to 135.64. If this level breaks, 134.56 could be tested next. Should selling pressure remain heavy, the auction may test the 133.31 level, with the low bear target on the day set at 132.19.

Alphabet Inc Class A

Alphabet GOOGL is auctioning around 165.41. Bulls will aim to defend this level, with a potential rally toward 167.04 if buying pressure increases. If the session stays strong, 169.34 could come into play as a bullish target.

However, if 165.41 fails to hold as support, the bears may push the price lower to 163.79. Should selling continue, the next downside target would be 161.79, with a low bear target of 160.36 if weakness dominates the session.

Meta Platforms Inc

Meta META is currently around 591.29. Bulls need to hold this level and drive the price toward 598.17, where further buying pressure could see the stock advance to 604.50. If Meta rallies with strength, the high bull target on the day would be 609.30.

If 591.29 fails to hold, bears could take over, aiming to push the stock lower to 585.73. If this level breaks, 580.17 becomes the next downside target, with a further move potentially reaching the low bear target of 573.25.

Tesla Inc.

Tesla TSLA is currently near 217.78, and bulls will aim to push the price toward 219.39. Continued buying could lead to a test of 220.65, with further strength possibly driving the stock to 222.19. The high bull target for Tesla on the day is 223.98 if bullish momentum persists.

If 217.78 fails to hold, bears could step in and drive the price down to 216.31. A break below this level might lead to a test of 213.88. Continued selling could bring Tesla down to the low bear target of 211.53 for the session.

Final Word: Today’s trading session offers relatively light economic data, but there are still notable events to watch. At 8:30 AM ET, Canada’s CPI for September will be released, potentially impacting the markets. Later in the morning, at 11 AM ET, we’ll see the New York Fed Survey of Consumer Expectations for September, providing insights into consumer sentiment and inflation expectations.

In the afternoon, at 2 PM ET, the Fed will release its Discount Rate Minutes, which could offer additional clues about the Federal Reserve’s current thinking on monetary policy. We will also hear from two voting members of the Fed today: Daly at 11:30 AM ET and Kugler at 1:05 PM ET. Their commentary could add more context to the Fed’s outlook. Stay sharp, manage your risks carefully, and good luck trading today!

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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