Market Clubhouse Morning Memo - October 18th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, TSLA, NFLX, And NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, NFLX, and NVDA.

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

SPY SPY is now trading around the mark of 434.13. For an optimistic scenario, an initial rise to 434.66 is desired. Should the momentum stay robust past 434.66, anticipation is for buyers to elevate the price to a support mark of 435.06. A hold at 435.06 during standard trading hours could incite a surge past 435.59. The day's bullish target peak for SPY is set at 436.51.

Should 434.13 fail to maintain support, expectation shifts towards a bearish test at 433.75. If selling activity is observed, a further test downwards at 433.27 is likely. A breach of this level on substantial selling unveils a robust support at 432.91. A turbulent selling session today could hit the bearish daily target low of 432.28.

Invesco QQQ Trust Series 1

Currently, the Q’s QQQ are trading around a pivotal point of 366.15. For a bullish outlook, maintaining a buyer presence above 366.15 is crucial. With this support intact, the next aim is for 366.69 to establish strong support. Persistent buying vigor might bring 367.52 into contention. A strong buying wave could challenge 368.57 upwards, with the day’s bullish summit for the Q’s at 370.08.

A struggle to sustain above 366.15 today might embolden bears to drive prices down to 365.59. A display of weakness could beckon a bearish test at 364.65. Prolonged selling might risk testing 363.23. If this mark crumbles as a sturdy support, a bearish descent towards the day’s bearish low of 362.13 is foreseen.

Apple Inc.

Apple AAPL is trading near 175.81, with hopes for this level to act as a strong base. Bulls aim for a rally to 176.29, and with sustained bullish energy, a climb to 176.84. If bullish dominance is reclaimed today, an upward drive towards the day’s bullish pinnacle at 177.31 is expected.

A failure to secure 175.81 might instigate a downward test at 175.09. Continued selling could drag prices down to 174.59. A breach here could see bears driving prices towards the day’s bearish low at 174.05.

Microsoft Corp.

Microsoft MSFT trades close to a support level of 333.46, with hopes of sustaining above this mark. A successful hold could fuel a rally to 335.96, and if this level holds, an ascent targeting 337.80 is conceivable. With continued buying, the day’s bullish apex for Microsoft is eyed at 339.02.

Should 333.46 falter as a support, bears might explore 331.24 downwards. A break here could further test 328.52. Persistent bearish pressure might drive prices down to the day’s bearish nadir at 326.05.

Tesla Inc.

Tesla’s TSLA trading vicinity is around 252.38, with a bullish aspiration to ascend to 254.28 and establish it as a clear support. Upwards, bulls aim to drive prices to 257.56, with potential for a robust rally towards the day’s bullish zenith at 259.81.

A failure to uphold 252.38 could trigger a bearish test at 250.25, and continued selling might bring 248.37 into play. A break here, with sellers in control, could plummet prices towards the day’s bearish low at 246.16.

Netflix Inc.

Netflix NFLX is near 351.94, with bullish eyes on holding this level and ascending to 360.22. Sustained bullish momentum could rally towards the day’s bullish high of 362.64.

If 351.94 crumbles, bears might drive prices down to 348.23. Heavy selling could plummet the price further towards the day’s bearish low at 344.69.

NVIDIA Corporation

NVIDIA NVDA is trading around the crucial mark of 432.36. Bulls hope for an upward movement to 434.01, establishing it as a strong support. Bullish persistence could elevate prices to 436.56, potentially reaching 439.87. With strong buying, a rally towards the day’s bullish peak at 442.76 is envisioned.

Should 432.36 fail to hold, bears might explore 429.17 downwards. A breach here could see prices descending to 426.17, with a further bearish outlook testing 424.83. Continued selling pressure might bring prices down to the day’s bearish low at 421.35.

Final Word: Today's session centers around some limited housing data released in the premarket, alongside Federal Reserve speakers during the New York session. Ensure safe and disciplined trading. Best of luck today!

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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