Market Clubhouse Morning Memo - November 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 currently trading near our focal level of 585.75. Bulls will aim to drive the price upward towards 587.31, with sustained momentum at that level potentially paving the way for a move toward 589.71. If buyers maintain control at 589.71 during regular trading hours, we anticipate a further advance to 592.00. The bullish apex for the day is set at 593.73, a target achievable with robust buying activity.

Conversely, if 585.75 fails to act as support, bears are likely to challenge 584.68 as the next downside level. A break here may invite selling pressure toward 583.18. Persistent bearish activity could target the strong support at 581.97. Should today's session see accelerated selling, 580.67 serves as the low bear target.

Invesco QQQ Trust Series 1

QQQ QQQ is currently hovering around the key area of 498.37. Bulls need to hold this level to set the stage for an advance to 499.44, solidifying it as a new support base. If buyers sustain strength above 499.44, the next target is 501.07, with continued momentum likely leading to a test of 502.65. The ultimate bullish target for today is set at 504.44, achievable if buyers dominate the session.

On the downside, failure to maintain 498.37 as support could allow bears to push the price toward 496.94. Should this level give way, the auction may test 495.35. Persistent selling could target the support zone at 493.60, with the day's low bear objective positioned at 491.82.

Apple Inc.

AAPL AAPL is trading close to our reference point of 225.31. Bulls will need to secure this level as support to drive the price higher to 226.08. A breakout above this range opens the path toward 227.82, with strong upward momentum targeting the high bull objective at 229.03. Sustained buying strength will be critical for achieving these levels.

Should 225.31 fail to hold as support, the price may dip to 223.87. Selling pressure below this area could push the auction toward 222.96, with 222.24 being the next significant downside target. If bearish momentum intensifies, expect a move toward the day's low target of 221.66.

Microsoft Corp.

MSFT MSFT is auctioning near 416.32, a critical area for bulls to defend. A firm hold above this level could spark a rally toward 417.25, establishing it as a new support. Buyers reclaiming control above 417.25 could push the price to 419.17, with a high bull target for today set at 420.26, contingent on continued upward momentum.

Failure to maintain 416.32 as support may lead to bearish attempts to test 414.56. A breakdown here could see sellers targeting 413.14. If downward pressure persists, the next support at 411.72 becomes a key test, with the day's low bear target resting at 410.64.

NVIDIA Corporation

NVDA NVDA is currently trading near the pivotal level of 138.55. A sustained move above this point could drive the price to 139.42, a key threshold for bulls to establish as support. Momentum beyond this area may target 140.28, with buyers eyeing 141.21 for further gains. The high bull target for NVDA today is set at 142.35.

On the downside, losing 138.55 as support could signal weakness, with the price likely testing 137.94. Continued selling could push the price lower to 136.98, and in the event of a weaker session, the auction might probe support at 135.64. A bearish breakdown may lead to the day's low target of 134.56.

Alphabet Inc Class A

GOOGL GOOGL is trading near 174.01, a crucial level for bullish continuation. Holding this area as support could initiate a move toward 175.12, with sustained buying likely to target 176.23. Strong upward momentum could see the high bull target realized as the auction unfolds.

Failure to secure 174.01 may open the door for bearish control, testing the 172.28 level. If selling pressure continues, 171.14 becomes a key downside objective. A sharper decline could push the price to the low bear target of 169.34.

Meta Platforms Inc

META META is auctioning around the critical level of 553.05. Bulls need to secure this point to drive the price higher to 559.29. With consistent buying activity, the auction could approach 565.53, with 573.25 as the high bull target if upward momentum dominates the session.

If 553.05 fails to hold as support, bears may take control and push the price toward 548.44. Continued selling could see the auction revisit 541.79, and if bearish momentum remains strong, 537.68 serves as the low bear target for the day.

Tesla Inc.

TSLA TSLA is trading near 340.97, a key level for bullish action. A strong push higher could target 346.64, with additional buying paving the way to 350.87. If momentum remains intact, we could see TSLA testing 356.80, with the high bull objective for today set at 363.84.

If bears overwhelm buyers and break 340.97, the price may fall to 333.93. Sustained selling pressure could extend the decline to 327.59, with the low bear target for the session resting at 322.52.

Final Word: As we begin the week, today's session features lighter economic data but remains critical for market sentiment. The New York Fed Services Business Activity for November is set to release at 8:30 AM ET, followed by the NAHB Housing Market Index at 10 AM ET. Additionally, Austan Goolsbee's remarks during a conference in Chicago could offer insights into broader economic expectations. Treasury auctions for 3 and 6 Month Bills at 11:30 AM ET may influence fixed-income markets, though the overall impact is expected to be moderate.

With limited high-impact events, traders will focus on interpreting last week's data and any emerging headlines. The lack of a clear economic catalyst could create choppy market conditions, so staying disciplined and reactive to price action is crucial. Stay cautious, manage your risk effectively, and be prepared for unexpected developments. 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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