Market Clubhouse Morning Memo - November 19th, 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 key pivot level of 585.75. Bulls will want to see a steady rise from this level, with the first target being 587.31. If this level is maintained as support, further momentum could lead to a test of 589.71. Sustained buying pressure could then drive prices toward 592.00, with a potential high for the session around 593.73 if the broader market supports bullish sentiment.

On the flip side, if 585.75 fails as support, bears may target 584.68 for an initial pullback. Below this level, increased selling pressure could test 583.18. If bears maintain control and momentum accelerates, we anticipate a move to 581.97, with 580.67 marking the bearish target for the session in a significant downtrend.

Invesco QQQ Trust Series 1

QQQ QQQ is trading around the 498.37 level, a key area for today's auction. Buyers will aim to hold above this point, targeting an initial resistance at 499.44. If strength continues, 501.07 becomes the next area of interest. Should bullish momentum prevail, we could see a climb toward 502.65, with a high bull target set at 504.44 for the session.

Conversely, a breakdown below 498.37 could lead to bears pressing toward 496.94. Sustained selling might test 495.35 as the next support level. If this area fails, bears could push the price further to 493.60, with 491.82 serving as the bearish target for the day during a heavy sell-off.

Apple Inc.

Apple AAPL is currently auctioning near 227.82, which serves as today's pivot level. If buyers can maintain this as support, the first bullish target is 229.03. Should momentum continue, prices may advance to 230.25. With strong participation from buyers, the session's high target could be 231.76.

If 227.82 does not hold, sellers are likely to drive prices lower toward 226.90. Continued downward pressure could lead to a test of 226.08. If selling remains aggressive, 225.31 becomes the next key level to watch, with 223.87 marking the bearish target for today.

Microsoft Corp.

Microsoft MSFT is trading around 414.56, with bulls looking to hold this level to maintain upward momentum. Initial resistance lies at 416.32, and if this level holds as support, a move to 417.25 is possible. Should buyers continue to dominate, the session’s high bull target could reach 419.17.

Failure to sustain 414.56 as support may see sellers pressuring the price toward 413.14. If weakness persists, 411.72 becomes the next level of interest. A breakdown below this could lead to a deeper move toward 410.64, with the low bear target set at 409.69 in a bearish scenario.

NVIDIA Corporation

NVIDIA NVDA is trading near 141.21, a critical pivot for today's session. If bulls take control, the first upside target is 142.35, and a break above this level could see a move to 144.21. Continued bullish action may result in a test of 145.61, with the high bull target at 147.06.

If 141.21 fails to hold, sellers may target 140.28 as the next support level. A break below could see further downside to 139.42. With sustained selling pressure, 138.55 comes into play, and the session's bearish target could be 137.94.

Alphabet Inc Class A

Alphabet GOOGL is trading near 174.01, which serves as a key support level. Bulls will look to hold above this point, with 175.12 as the first target. If upward momentum builds, 176.23 could be reached, marking the high bull target for the day.

A breakdown below 174.01 might see bears pushing toward 172.28. If selling persists, 171.14 is the next level to watch. A continued decline could bring the price to 169.34, representing the low bear target for the session.

Meta Platforms Inc

Meta META is currently auctioning around 553.05, a crucial pivot point for the day. If buyers can defend this level, the price could rise toward 559.29. Sustained bullish action might lead to a test of 565.53, with the high bull target set at 573.25 if momentum remains strong.

Failure to hold 553.05 could see sellers driving the price lower to 548.44. Further bearish momentum might bring a test of 541.79. Should selling pressure continue, 537.68 is the bearish target for the session.

Tesla Inc.

Tesla TSLA is trading near 333.93, and bulls are looking for a move to 340.97 as the first upside target. Continued buying strength could see the price reaching 346.64. With strong bullish participation, 350.87 may be tested, with 356.80 as the session's high bull target.

If Tesla fails to hold 333.93, sellers may target 327.59 for the first pullback. Persistent weakness could bring the price down to 322.52. If the sell-side dominates, 315.93 is the low bear target for the session.

Final Word: Today’s trading session is light on high-impact economic events, offering traders an opportunity to focus on price action and key technical levels. At 8:30 AM ET, we will see the release of Canada’s CPI data for October, which could provide insights into broader inflationary trends. The U.S. Redbook Retail Sales data at 8:55 AM ET will offer a snapshot of retail activity, which traders should monitor for potential market sentiment shifts.

Later in the session, the Treasury Buyback Announcement at 11 AM ET and remarks from Fed non-voting member Jeffrey Schmid at 1:10 PM ET may provide minor catalysts. Without significant market-moving events, it will be crucial to watch for volume spikes and institutional activity at key levels. Stay disciplined, manage risks carefully, and be ready to capitalize on emerging opportunities. Good luck and trade with caution!

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.