Market Clubhouse Morning Memo - December 4th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, TSLA, META, GOOGL, And NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, META, GOOGL, 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

The SPY SPY is currently trading around 456.88. Bulls are aiming for an upward movement initially to 457.86. If the market stays strong above this level, the next target is to elevate the price to our support at 458.54. Should 458.54 sustain during regular trading hours, we anticipate an advance to 460.28, with our highest bullish target for the day at 462.20.

Conversely, if 455.90 fails to serve as a support, bears may test the strength at 455.14. Should sellers emerge, the focus would shift to testing lower at 454.56. A break below this level under heavy selling would highlight a crucial support at 453.54. Persistent selling could drive the price to 452.55, and in a significant sell-off session, our lowest bear target is foreseen at 451.61.

Invesco QQQ Trust Series 1

The Q's QQQ are presently around 387.67. For bullish trends, holding above 388.80 is key, with a target to establish 389.46 as a solid support. Continued buying might elevate the level to 390.09, with the day's highest bullish target at 391.39.

If the Q's struggle to stay above 387.67, we anticipate bears gaining control, potentially pushing prices down to 386.69. Market weakness could lead to a further test at 385.55. Persistent selling pressure could lead to a probe of 384.36, setting 382.93 as the day's lowest bear target.

Apple Inc.

Apple AAPL is trading near 189.52. Bulls are looking to maintain this as a support level, targeting an increase to 190.33. With sustained bullish momentum, the next target is 191.25, and if bulls regain control today, we aim to see a rise to the high bull target of 191.76.

If 189.52 fails to hold during regular trading hours, a lower test at 189.16 is likely. Continued selling could lead to bears targeting 188.32, and if selling intensifies, 188.05 becomes relevant. If this level is breached, the lowest bear target for Apple for the day is 187.50.

Microsoft Corp.

Microsoft MSFT is currently at around 372.03. Bulls are aiming to keep the stock above 372.03, with a goal to rally to 372.85. If this key support level is maintained, we could see a push to 373.48, with the day's highest bull target at 375.11.

Should 372.03 not hold as support, bears might test the level at 371.31. If this level is breached, a further downside probe at 370.10 is expected. In a scenario of continued selling pressure, the lowest bear target for Microsoft for the day is projected at 368.79.

Tesla Inc.

Tesla TSLA is trading around 238.50. Bulls are aiming for an upward move to 239.92. Continued buying could see a rally up to 242.47, and in a broader bullish market, targets of 243.98 and 246.16 are envisaged.

If 238.50 doesn't hold as strong support, a lower test at 235.74 is anticipated, with continued selling possibly bringing 233.49 into play. Should this level break, the lowest bear target for Tesla for the day is 230.65.

Meta Platforms Inc

Meta META is positioned around 321.03. Bulls are looking to keep the stock strong above 321.03, aiming to trade higher to 322.63. Strong buying could potentially lift the price to 325.51. If bullish trends continue, the top bull target is 328.13.

If 321.03 doesn't act as a reliable support, bears could lower the price to 317.90. Persistent bearish pressure might further depress the price to 315.70. If this level is breached, the lowest bear target for Meta for the day is 314.41.

Alphabet Inc Class A

Alphabet GOOGL is trading around 130.41. Bulls are aiming to keep this level as support and elevate the price to 131.58. Continued bullish momentum could push the stock to our high target of 132.84.

If Alphabet fails to maintain 130.41 as support, bears may target a lower price of 129.52. If this level is breached, a further bearish probe at 128.91 is anticipated. In heavy selling scenarios, the lowest bear target for the day is set at 128.34.

NVIDIA Corporation

NVIDIA NVDA is trading around 464.95. Bulls are seeking to push the price up to 467.34, aiming to establish this as a strong support level. The upward target is 470.17, with the highest bull target for the day at 473.81.

If 464.95 fails to hold as a robust support, bears might initiate a downward trend to 461.49. If 461.49 is broken down amid selling, a drop to 458.20 is expected. Continued selling pressure might lead to the day's lowest bear target for NVIDIA at 454.09.

Final Word: Today's session is light on inflation-related data, but does include the Treasury's 3 and 6 Month Bill Auction later in the session. With the Fed in a blackout period, there will be no Fedspeak for the duration of this entire week and next week leading into the next FOMC meeting on Wednesday December 13th. Volume might be lower throughout the session, which can make trading more challenging. 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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