Market Clubhouse Morning Memo - October 13th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, META, And TSLA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, 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 during our daily Morning Call, 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

The SPY SPY is currently trading around our level of 433.27. For the bulls, a rise initially to 433.75 is desired. Should the price remain robust above 433.75, the aim is for buyers to elevate the price to our support level of 434.13. If 434.13 stays solid during the regular trading hours, anticipation is for a surge above 435.06. Our optimistic bull target for SPY today is 435.59.

If 433.27 doesn’t hold as support, anticipation is for the bears to check the fortitude of 432.91. Should sellers emerge, the bears will aim to test lower at 432.28. If this level succumbs to heavy selling, a sturdy support awaits lower at 431.78. Should today witness a stern sell-side session, our pessimistic bear target for the day rests at 431.04.

Invesco QQQ Trust Series 1

The Q’s QQQ are currently trading around our pivotal level of 368.57. For the bulls, the goal is to see buyers above 369.39. If this level is maintained as support, the next aim is for 370.08 to be established as solid support. Sustained buying could bring our level of 370.91 into play. With strong buying momentum, the bulls should test 371.96 to the upside. Our ambitious bull target for the Q’s today stands at 372.91.

Should the trade struggle to maintain above 368.57 during today’s regular trading hours, the bears are expected to take charge and sell aggressively lower to 367.52. With any weakness, a test lower at 366.69 is likely. Continued selling could bring the lower level of 366.15 under test. If this level fails to hold as strong support, the anticipation is for bears to trade down to our pessimistic bear target for the day at 365.59.

Apple Inc.

Apple AAPL is trading around our level of 180.10. For the bulls, the goal is for 180.10 to stand as support. The bulls hope to see a rally to 181.25. Sustained bullish energy could drive the price to 182.27. If the bulls regain control of Apple today, the aim is to push higher to our ambitious bull target for the day at 182.96.

If 180.10 fails to hold as support during the regular trading hours, a test lower at 179.36 is expected. With continued selling, the bears are likely to drive the price down to 178.61. Should this level break down, the aim is for the bears to drive the price down to our pessimistic bear target for the day at 178.18.

Microsoft Corp.

Microsoft MSFT is trading around our support level of 328.52. For the bulls, the aim is to maintain above 328.52 and rally to 331.24, holding it as support during the regular trading hours. A hold above this crucial level could stimulate a rally to 333.46. Continued buying could propel the price to our ambitious bull target for the day at 335.96.

If 328.52 fails as support during the regular trading hours, the bears are expected to test 326.05 to the downside. Should this level break down, a probe lower at 324.81 is likely. With sustained downside pressure, the bears might push the price down to our pessimistic bear target for the day at 323.17.

NVIDIA Corporation

NVIDIA NVDA is trading around our key level of 467.34. For the bulls, the goal is to push up to 470.17 and establish this level as a clear area of support. To the upside, the bulls aim to drive the price up to 473.81. Continued buying could spark a rally up to our key level and ambitious bull target for the day at 478.67.

If 467.34 fails to hold in today's session as sturdy support, the bears are likely to test lower at 464.95. Should this level of 464.95 break down with sellers present, a price drop to 461.49 is anticipated. If the bears dominate today, a test lower at 458.20 is likely. With continued selling pressure, the trade could hit our pessimistic bear target for the day at 454.09.

Meta Platforms Inc

Meta META is trading around our level of 321.03. For the bulls, the goal is to remain robust above 321.03, holding it as support while trading higher to 325.51. A strong buy-side could push the price to 329.83. Sustained bullish momentum could drive the trade to our ambitious bull target of 332.41.

If 321.03 fails to hold as support during regular trading hours, the bears are likely to sell down to 317.90. Continued selling pressure could drive the price to 315.70. Should this level break down, the bears are expected to drive Meta down to our pessimistic bear target of the day at 314.41.

Tesla Inc.

Tesla TSLA is trading around our pivotal level of 257.56. For the bulls, the aim is to drive up to 259.81 and establish it as a clear area of support. To the upside, the bulls aim to elevate the price to 262.68. Continued buying could trigger a rally up to our key level and ambitious bull target for the day at 264.46.

If 257.56 fails to hold as solid support in today’s session, a test lower at 254.28 is likely, with continued selling bringing 252.38 into play. Should this level of 252.38 break down with sellers present, a price drop to our pessimistic bear target for the day at 250.25 is anticipated.

Final Word: Today’s session will focus on market reactions to this week’s data releases and positioning for the upcoming week. It could see a decent level of volatility, hence, trading cautiously to end the week on a positive note is advised. Good luck and Happy Friday!

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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