Market Clubhouse Morning Memo - April 12th, 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

The SPY SPY is currently positioned around the level of 515.68. For those optimistic about its direction, a move up to 516.58 would be the initial goal. A continued strong performance above this mark could see further interest from buyers aiming to reach 517.39. Should this support level prove sturdy throughout the trading day, a further ascent to 518.04 is anticipated.

The upper target for bullish traders today is 518.76 for the SPY. Should 515.68 fail to serve as a reliable support, the focus will shift to the downside. Bears are expected to challenge the stability of 514.62 next. A demonstration of seller dominance at this level could lead to further declines to 513.76 and potentially a strong support point at 512.91. A significant bearish move could conclude at today's low target of 512.26.

Invesco QQQ Trust Series 1

Currently, the QQQ QQQ is trading around a pivotal level of 442.53. Bullish market participants are eyeing a climb above 444.09, hoping to establish it as a firm base of support. Maintaining this level could see an upward move to 445.43, with an aspiration to solidify it as robust support. With sustained buying, the next target of 446.51 might come into play.

If buyers continue to exert strength, the day's highest bullish aim is 449.36. Conversely, if 442.53 fails as a support during today's session, bears might assert control, leading to a dip towards 441.56. Any sign of weakness here could see further testing down to 440.00, with a critical support level at 438.89. If this is breached, bears might target a further drop to the day’s low at 437.47.

Apple Inc.

Apple's AAPL current trading level is at 173.94. Bulls are aiming to secure 174.59 as a supportive base to encourage a rally to 175.09. If the momentum remains bullish, we could see a push towards 175.81. Strong bullish control today would ideally lead to reaching the top target of 176.29.

On the flip side, if 173.94 does not hold up as a support, the focus will turn to the downside targets. The first level to watch would be 173.39. Should selling intensify, the next level in sight is 172.95, with a possible further slide to 172.45. A breakdown here could take the price down to the bearish target of 171.79.

Microsoft Corp. MSFT Microsoft's current price hovers around 426.00. Bulls are looking to maintain strength above 427.36, with a goal of rallying to 428.48 and securing it as support during the day. Success at this level could propel the stock towards 429.25, with a continuation of buying potentially reaching the high target of 430.25.

Should 426.00 fail to act as a solid foundation, bears might look to push the price lower to 423.81. A break below this could lead to further bearish targets at 421.62. Persistent downward pressure could then drive the price to 420.26, with the ultimate low target for the day at 419.17.

NVIDIA Corporation

NVIDIA NVDA is currently priced around 898.13. Bulls are keen on driving the price up to 903.25 and establishing it as a clear support level. A successful claim here could lead to a move towards 907.51, with potential further upside to 913.30. The high target for today's bullish traders is set at 917.98.

Conversely, if 898.13 does not sustain as a strong support today, bearish traders will likely aim to lower the price to 890.55. If this level is compromised, a further drop to 882.97 may occur. Weak market conditions could lead to a test at 877.25, and a significant bearish move might see the price reaching today's low target of 865.62.

Alphabet Inc Class A

Alphabet GOOGL is presently trading at about 158.54. Bulls are hopeful of maintaining 160.36 as a support to facilitate an increase to 161.79. Continued bullish force could potentially elevate the trading level to a high target of 163.79.

If 158.54 proves unreliable as support during today's market hours, bears might drive the price to 157.41. Should this level falter, the next potential downside target is 156.61. Intense selling could lead to a further drop to the day’s low target of 155.59.

Meta Platforms Inc

Meta META is trading around 520.27. Bulls are focused on keeping the price above this level, with an aim to elevate it to 526.29. A solid buying presence could lead to an ascent to 531.03, with the ultimate bullish target for the day at 537.68.

If Meta fails to maintain 520.27 as support, bearish traders might push the price down to 515.39. Increased selling could lower the price further to 512.85. If this level gives way, the bears could drive the price down to the day's lowest target of 508.25.

Tesla Inc.

Tesla's TSLA current market level is 172.61. Bulls are looking to propel the price to 176.34. Continued buyer activity might encourage a rise to 179.79. If market conditions are favorable, we could see Tesla testing higher levels at 182.53, with the day's top bullish target at 184.10.

If Tesla cannot maintain 172.61 as a sturdy support today, a downward test to 169.70 may follow. Persistent selling could push the price further down to 166.89. If this key level is broken, bears might lead the price to today's lowest target of 164.87.

Final Word: Today's trading session is relatively light on economic data, with the only notable release being the University of Michigan's Sentiment and Inflation Outlook figures, scheduled for 10 AM ET. Additionally, the market will hear from two voting members of the Federal Reserve, Bostic and Daly, at 2:30 PM and 3:30 PM ET respectively. Traders will primarily be processing the Consumer Price Index (CPI) and Producer Price Index (PPI) data released earlier in the week. With the approach of Monthly Options Expiration (MOPEX) next week, some pre-positioning may induce volatility in the markets. As always, trade cautiously, stay informed, and have a great 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.