Market Clubhouse Morning Memo - October 18th, 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 the key level of 583.18. For the bulls, the goal is to push the price towards 585.37, which should act as strong support if held. A continuation in buying momentum could lift the price higher towards 587.31. If this level holds throughout the session, we could see a further rally to 589.71. The highest target for the bulls today is at 593.59.

On the downside, if 583.18 fails to hold as support, sellers are expected to test the strength of 581.97. If selling continues, we could see a move down to 580.67. A break below this level could trigger a drop towards the more significant support level at 579.12. In a scenario of heavy selling pressure, the low bear target for today is set at 577.87.

Invesco QQQ Trust Series 1

The QQQs QQQ are currently trading near the key level of 493.60. If buyers can maintain support above this level, the next target would be 495.35. Continued bullish action could bring the price up towards 496.94. Should the rally persist, QQQ could aim for 498.37, with the highest bull target for the day being 499.44.

Should 493.60 fail to hold, sellers might attempt to push the price down towards 491.82. Further selling pressure could lead to a drop to 490.05, with the next key level at 487.69. If that breaks, the bears will be eyeing the low bear target for the day at 486.10.

Apple Inc.

Apple AAPL is auctioning around the key level of 235.74. For bullish momentum to continue, it is crucial to hold this level as support and target 236.69. If buyers maintain strength, we could see the price rally towards 237.49. In a strong bull session, AAPL may push towards its high bull target for the day at 238.63.

On the flip side, if 235.74 cannot hold as support, we anticipate a test lower at 234.97. A break below this level could lead to further downside pressure toward 234.20. If sellers remain in control, Apple could fall to 233.28, with the low bear target for the day set at 231.76.

Microsoft Corp.

Microsoft MSFT is currently trading near 417.25. Bulls will want to hold this level and push the price higher toward 419.17. If 419.17 is established as a strong support level, further buying could drive the price to 420.26. If momentum continues to the upside, we may see Microsoft reach the high bull target for the day at 421.62.

If the price breaks below 417.25, the bears may attempt to test lower levels, starting with 416.32. Continued selling pressure could drive the price down to 414.56, and if that level fails, Microsoft could drop to the low bear target for the day at 411.72.

NVIDIA Corporation

NVIDIA NVDA is currently trading near the important level of 138.55. Bulls will be looking to reclaim 139.42 as support and drive the price higher towards 140.28. A strong bullish session could see the price test 141.21, with the high bull target for the day sitting at 142.35.

If the price breaks below 138.55, the bears may step in and push the price lower to 137.94. If selling pressure intensifies, we may see the price fall to 136.98. In a weaker auction today, NVIDIA could drop to 135.64, with the low bear target set at 134.56.

Alphabet Inc Class A

Alphabet GOOGL is trading near the key level of 163.79. Bulls will want to establish 163.79 as a solid support and push the price towards 165.41. Continued bullish momentum could see the price rally up to 167.04, which is the high bull target for the day.

If 163.79 fails to hold as support, the bears will likely attempt to drive the price down to 161.79. A breakdown of this level could see further selling pressure, targeting 160.36. If the bears continue to dominate, the low bear target for Alphabet is set at 158.54.

Meta Platforms Inc

Meta META is auctioning around 580.17. For the bulls, holding this level as support is key to pushing the price higher toward 585.73. Continued buying momentum could drive the price further to 591.29, with the high bull target for Meta being 598.17 if buyers dominate today’s session.

If 580.17 fails as support, bears will likely push the auction down to 573.25. Continued selling pressure could see the price dip to 565.53. If sellers are persistent, the price could fall to our low bear target at 559.29.

Tesla Inc.

Tesla TSLA is trading near its key level of 219.39. Bulls will be looking for a push up to 220.65. Continued strength in the auction could see Tesla test higher levels, with the next target at 222.19. If the market stays bullish, Tesla could rally towards 223.98, with the high bull target set at 226.53.

If 219.39 fails to hold, we expect bears to test the downside, starting with 217.78. Further selling pressure could drive the price down to 216.31, and if sellers maintain control, Tesla may drop to the low bear target of 213.88.

Final Word: Today’s trading session offers limited economic data, but at 8:30 AM ET, market participants will focus on the Housing Starts and Building Permits for September. Additionally, Fed's Waller, a voting member, is set to speak at 12:10 PM ET, and his remarks on decentralized finance from Vienna could create market ripples, particularly in the financial and tech sectors. Despite the light economic calendar, traders should be prepared for potential volatility driven by market sentiment and order flow due to monthly options expiries. As always, it’s crucial to manage risk and adjust strategies according to market developments. Good luck, trade safely, 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.