How To Trade SPY As Market Awaits Cues From Powell

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)

Bulls currently face a critical area near 563.23, needing immediate strength to move higher toward 564.29. Sustained buying above this zone would open the path toward the pivotal support-turned-resistance at 565.38. A firm hold here would likely extend the upward trajectory toward 566.46, with the ultimate bullish objective today resting at 567.81.

If bullish momentum falters and 563.23 breaks down decisively, bears will likely push aggressively toward 561.90. A failure to stabilize here will embolden sellers to press lower into the 560.83 area. Should the selling accelerate beyond this point, expect further downward movement to 559.75, with today’s extended bearish objective at 558.32.

Invesco QQQ Trust Series 1 (QQQ)

The current focus for bulls is firmly around 476.85, where immediate buying needs to sustain momentum for advancement toward 479.03. If strength persists at this level, buyers will target higher levels at 481.73. An active and aggressive bullish session may ultimately propel prices upward to challenge 483.95, with the day’s top-side target marked at 486.10.

Conversely, failure at the initial 476.85 pivot could prompt swift bearish selling toward 474.66. Should weakness persist, bears are expected to drive prices lower, targeting the next support at 471.33. Sustained selling at this area will introduce risk toward 469.27, with deeper bearish activity potentially reaching today’s lower target of 467.60.

Apple Inc. (AAPL)

Apple’s current battle lies at 212.44, where bulls need immediate buying to secure the area and propel prices toward 214.07. Continued bullish activity at this level should fuel momentum toward 215.25, with today’s ambitious bull-side objective positioned at 216.70.

If buyers falter and 212.44 collapses, anticipate a quick bearish move down to 211.12. Persistent selling below this point may push prices toward the 209.81 support level. Should this bearish pressure continue, prices could weaken further into 208.81, with today’s deepest bearish target sitting at 207.93.

Microsoft Corp. (MSFT)

Bulls currently defending Microsoft at 384.57 must maintain buying momentum to capture 385.42 and establish it firmly as a new floor. Successful buying at this level opens up potential advancement to 386.09. With sustained upward momentum, bulls may drive the auction higher, reaching today’s upper bullish target at 387.60.

If 384.57 fails as immediate support, expect sellers to aggressively target the 382.69 area. A decisive breakdown here would encourage further downside exploration toward 381.64. Continued bearish pressure may deepen the selling momentum, potentially reaching 380.59, with today’s ultimate bearish objective at 379.50.

NVIDIA Corporation (NVDA)

NVIDIA bulls presently confront a critical decision around 116.61, needing immediate strength to rise toward the 117.86 area, where firm bullish support must be established. A successful breakout from here could lead to additional buying toward 119.44. If bulls dominate today’s auction, expect momentum to lift prices to 120.27, with an ultimate bullish target at 121.97.

Failure to hold 116.61 could trigger bearish momentum toward 115.83. If sellers become aggressive, anticipate further selling pressure down to 115.15. Persistent bearish activity may open a move toward 114.29, with today’s deepest bearish level marked at 113.68.

Alphabet Inc Class A (GOOGL)

Alphabet bulls currently battle at the pivotal support of 161.79 and must quickly establish control to target higher toward 163.79. Continued bullish momentum at these levels will drive the auction further upward, potentially achieving today’s ultimate bullish objective of 165.41.

If buyers lose their footing at 161.79, expect bears to swiftly target the downside level of 160.36. Continued bearish activity here will likely bring about additional weakness toward 158.54. Should selling accelerate significantly, Alphabet may be driven further down, achieving today’s low bearish target of 157.41.

Meta Platforms Inc (META)

Meta bulls are presently tasked with holding the line at 585.73, aiming to rapidly secure the next key resistance at 591.29. Persistent bullish activity at these levels will likely lift prices toward 598.17. If momentum remains robust, expect further upside toward today’s maximum bullish target at 604.50.

Should 585.73 fail to remain supportive, bearish pressure will rapidly target the downside level of 580.17. Sustained selling at this point could extend the downward move toward 573.25. Continued weakness below this area may see bears pressing prices lower, potentially reaching today’s ultimate bearish target at 565.53.

Tesla Inc. (TSLA)

Tesla bulls currently engage around the pivotal 233.49 area, needing strong immediate buying momentum to propel prices toward 235.74. A vigorous bullish response here will target higher levels, potentially extending into the critical area around 238.50. With significant market-wide bullish sentiment, the auction may test 239.92, with the ultimate upside objective today at 242.49.

If buying evaporates and 233.49 breaks, expect swift bearish pressure to target lower at 230.65. Persistent selling below this level could invite further downside action toward 228.45. If bears decisively dominate this area, Tesla’s price may experience deeper weakness toward today’s lower bearish target at 226.53.

Final Word:

Today brings a significant market catalyst in the form of the FOMC Interest Rate Decision, scheduled for release at 2 PM ET. Fed Chairman Jerome Powell is anticipated to maintain the current interest rate stance, which will heavily influence market dynamics. Following the rate decision, Powell's press conference will be closely scrutinized for any signals regarding future policy direction, economic forecasts, and insights into inflation expectations.

Traders should remain acutely aware that market volatility surrounding these events typically spikes dramatically, creating both substantial risks and valuable trading opportunities. Stay disciplined, manage your positions carefully, and remember that preserving capital during highly volatile periods is equally important as seizing 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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