Market Clubhouse Morning Memo - October 28th, 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 hovering near our key level of 581.97. For bullish momentum, we'd like to see buyers push the price higher toward 583.18. If the price action stays strong above this level, we're watching for the bulls to target 585.37 as the next area of support. A sustained move above this level could lead to a rally toward 587.31, with our high bull target set at 589.71 for the day.

Should 581.97 fail to hold as support, we're expecting the bears to test the strength of 580.67. If sellers step in, a move down to 579.12 becomes probable. A break of this lower level could see a further decline toward 577.87. In the case of heavy selling pressure today, our low bear target sits at 576.62.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around the key level of 498.37. To see bullish continuation, buyers need to defend this area and push the price higher. The first upside target is 499.44, and with sustained buying strength, we could see the price rise toward 501.07. A strong auction could result in a move up to 502.65, with our high bull target at 504.44 for the day.

If the price fails to hold above 498.37 during regular trading, the bears may take control and drive the auction lower to 496.94. A further breakdown could lead to a test of 495.35. If sellers maintain pressure, we’re looking for a drop toward 493.60, with our low bear target for the session at 491.82.

Apple Inc.

Apple AAPL is trading near our significant level of 231.76. For the bulls to gain control, we'd like to see buyers defend this level, aiming for a rally to 233.28. Continued buying could lift the price toward 234.20, with momentum potentially driving it higher. If the bulls hold their ground, a move up to our high bull target of 234.97 could be on the cards.

On the flip side, if 231.76 doesn’t hold as support, the price could move lower, with bears targeting 230.25 initially. Further selling could test 229.03, and persistent downside pressure may see the auction break down to 227.82. If this level fails, we’re eyeing a low bear target of 226.90.

Microsoft Corp.

Microsoft MSFT is currently holding around 431.25. For the bulls, the key focus is on maintaining support at this level and pushing higher toward 432.49. A hold above this level could lead to a rally, with potential upside toward 434.49. If buying pressure remains strong, the price could continue upward, reaching the high bull target of 435.79 for the session.

If 431.25 fails to hold, the bears are likely to test lower at 430.25. A break of this level could drive Microsoft down to 429.25. Further selling could lead to a move toward 428.48, with the bears aiming for a low target of 427.36.

NVIDIA Corporation

NVIDIA NVDA is currently sitting near 142.35, and for the bulls, it’s important to hold this level as support. If buyers can push the auction higher, the first target will be 144.21. Sustained bullish momentum may lead the price toward 145.61. Continued strength could see the auction testing 147.06, with a high bull target set at 148.52 for the session.

If 142.35 fails to act as support, the bears may drive the price lower to 141.21. A break below this level could see the price testing 140.28, with further downside pushing NVIDIA toward 139.42. On significant selling, we could see the price move to the low bear target of 138.55.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 167.04. Bulls need to defend this level and push higher, aiming for the first target at 169.34. If momentum continues, the price could rise toward 171.14. A strong uptrend may see the auction testing our high bull target of 171.14 today.

Should 167.04 fail to hold as support, the bears may step in and push the price lower. The initial downside target is 165.41, with further selling likely to bring the auction to 163.79. If sellers remain aggressive, the low bear target for the day is set at 161.79.

Meta Platforms Inc

Meta META is auctioning around our level of 580.17. Bulls will need to maintain control and push the price higher, targeting 585.73. A continued rally could bring the price up to 591.29, with sustained buying momentum pushing Meta toward our high bull target of 598.17.

However, if 580.17 does not hold as support, the bears may take over and push the price lower. The initial downside target is 573.25, and if sellers continue to dominate, the price may drop toward 565.53. If this level is broken, we are looking for a low bear target of 559.29 for the day.

Tesla Inc.

Tesla TSLA is currently holding around 269.48. For bulls to gain traction, the price needs to rise above 272.42. If buying pressure persists, Tesla could move toward 275.07, with the next key target at 278.11. In a strong bullish scenario, Tesla may hit the high bull target of 279.43 for the day.

If 269.48 cannot hold, we expect to see bears pushing the price lower, targeting 266.83 initially. A break of this level could bring further downside to 264.46. Should sellers maintain control, Tesla might drop toward the low bear target of 262.68.

Final Word: While today’s economic calendar appears light, it still holds potential market-moving events. At 10:30 AM ET, the Dallas Fed Manufacturing Activity index will be released, providing insights into regional economic conditions. Following this, we have a series of Treasury auctions, starting with a 2-Year Note Auction at 11:30 AM, followed by a 3-Month Bill Auction and a 5-Year Note Auction at 1:00 PM ET. These auctions could influence broader market sentiment, particularly if there are surprises in demand or yield results.

With fewer high-profile economic reports, price action and volume could play a more critical role in shaping the day’s direction. Traders should stay alert to sudden changes in market sentiment, as low-volume sessions can sometimes lead to unexpected volatility. Keep a close eye on key technical levels and be prepared to adapt to shifting market conditions. Stay disciplined, manage your risks, and good luck with today’s trading!

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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