How To Trade SPY And Tech Leaders As Market Focuses On CPI Data

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)

The SPY is currently trading near our key level of 560.83. For the bulls, we want to see an initial push to 561.90. If buyers can maintain strength above this level, the next upside target is 563.23. Holding this level as support during regular trading hours increases the probability of a further move up to 564.29. Should momentum remain strong, the high bull target for SPY today is 565.38.

If 560.83 fails to hold as support, we anticipate the bears will drive the price down to 559.75. Further weakness could result in a test of 558.32. Should selling pressure intensify and break this level, the next significant support is found at 557.44. In the case of an aggressive sell-off, we expect SPY to reach its low bear target of 556.27.

Invesco QQQ Trust Series 1 (QQQ)

The Q’s are currently auctioning near our level of 474.66. For the bulls, we want to see buyers step in and maintain support here. If the auction remains constructive, the next level of interest is 476.85. A breakout above this area opens the door for a test of 479.03. If buyers continue to dominate the session, we expect to see a push toward 481.73, with a high bull target of 483.95.

If 474.66 cannot hold, bears will look to press lower toward 471.33. A breakdown of this level would likely lead to further downside testing at 469.27. Continued weakness could bring a move toward 467.60. If this support level fails, sellers may push the Q’s down to the low bear target of 465.93.

Apple Inc. (AAPL)

Apple is currently trading around 220.29. Bulls will want to see this level hold as a solid support zone. If buyers maintain control, we expect an upside move toward 220.97. A breakout above this level could drive price action higher to 221.66. Should bullish momentum persist, Apple may rally to its high bull target for the session at 222.24.

If 220.29 is lost as support, bears will likely push the auction lower to 219.19. Continued selling pressure could bring 218.08 into focus. If this level is broken, the next area of support stands at 216.70. In a scenario where sellers remain aggressive, Apple could trade down to the low bear target of 215.25.

Microsoft Corp. (MSFT)

Microsoft is currently trading around 382.69. Bulls need to maintain support at this level to push the price higher to 384.57. Holding above 384.57 could see a continuation toward 385.42. If strong buying interest is present, Microsoft has the potential to reach the high bull target for today at 386.09.

If 382.69 fails to hold as support, we anticipate the bears will take control and push the price toward 381.64. A breakdown here could lead to a test of 380.59. Should selling momentum increase, we expect the auction to reach 379.50, with a low bear target of 377.72.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our key level of 111.70. For the bulls, we want to see strength above this level, leading to a test of 112.54. If buyers sustain momentum, we anticipate a move to 113.68. Should buying pressure continue, NVIDIA could rally to 114.29, with the high bull target set at 115.15.

If 111.70 does not hold, sellers will likely push the price down to 110.73. A break below this level could open the door to further downside at 109.86. If the selling pressure remains strong, NVIDIA may test 109.12, with a potential drop to the low bear target of 107.51.

Alphabet Inc Class A (GOOGL)

Alphabet is currently trading near 165.41. Bulls need to hold this level as support to sustain upward momentum. If buyers step in, the first upside target is 167.04. Continued strength in the auction could drive the price toward 169.34, which is our high bull target for the day.

If 165.41 is lost as support, bears will look to take control and push the price lower toward 163.79. A breakdown at this level could lead to further selling pressure, with a potential move down to 161.79. In a more aggressive sell-off, Alphabet may test the low bear target at 160.36.

Meta Platforms Inc (META)

Meta is currently trading near 615.65. Bulls will need to maintain strength above this level to target an upside move toward 622.01. If buyers sustain control, we could see a push toward 629.88. A strong rally today could bring Meta to our high bull target of 635.49.

If 615.65 does not hold as support, bears are likely to drive price action lower toward 609.30. A break below this level could trigger further selling down to 604.50. If downside momentum continues, we expect the auction to reach our low bear target of 598.17.

Tesla Inc. (TSLA)

Tesla is currently auctioning around 238.50. Bulls will need to hold this level to maintain upward momentum. If buyers step in, we expect a move toward 239.92. Continued strength could bring a test of 242.49, with the potential for a further rally to 243.98. Should bullish momentum persist, the high bull target for Tesla is 246.16.

If 238.50 is lost as support, bears will likely push Tesla lower to 235.74. Further weakness could see a test of 233.49. If this level is breached, Tesla may trade down to the low bear target at 230.65.

Final Word:

Today's session is heavily influenced by the February CPI report. Market participants will also be watching the Bank of Canada's Interest Rate Decision at 9:45 AM ET, followed by the press conference at 10:30 AM ET. Later in the day, at 1 PM ET, the U.S. Treasury will conduct a 10-Year Note Auction, which could impact market sentiment. Expect heightened volatility throughout the session, particularly around these scheduled events. Stay nimble and trade with discipline. 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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