Market Clubhouse Morning Memo - April 15th, 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 our focal level of 512.91. For the bulls to dominate, a movement higher to 513.76 is desired. A sustained strength above this mark could motivate buyers to elevate the price to the next level of 514.62. If this level holds during regular trading hours, an advancement to 515.68 is anticipated. The target for a strong bullish day for SPY is 516.58.

On the other hand, if the level of 512.91 fails to act as a solid base, the bears may take an opportunity to drive the price to 512.26. Should selling pressure persist, a further descent to 511.69 is likely. A breach of this level could extend losses to a more significant base at 510.95. If the market conditions worsen, the bearish day target is set at 510.14.

Invesco QQQ Trust Series 1

The Q's QQQ are currently navigating around the pivotal level of 440.78. The bullish scenario involves maintaining above 441.56, with aspirations to secure 442.53 as a solid support. If buyers maintain their momentum, the next level of 444.09 could come into play, with potential further exploration up to 445.09. The peak bull target for today for the Q's is 446.51.

Conversely, should the level of 440.78 not sustain during today's session, bears might assert control and push the price down to 440.00. Any signs of weakening could lead to a test of 438.89, and if the selling intensifies, 437.47 may not withstand a strong support, potentially setting the stage for a move down to the bearish day target of 436.58.

Apple Inc.

Apple AAPL is currently trading around the level of 174.59. Bulls will seek to maintain this level as a foundation for a move higher to 175.09. If the momentum remains favorable, we could see a rise to 175.81. Should bullish forces dominate today's session, the goal is to advance to a high bull target for Apple at 176.29.

If Apple's price fails to hold at 174.59 as support during the day, bears may lead the price down to 173.94. Continued bearish pressure could see further declines to 173.39 and potentially to 172.95. If this last support level does not hold, the bearish target for the day is set at 172.45.

Microsoft Corp.

Microsoft's MSFT current position is around 423.81. Bulls aim to sustain this level to potentially climb to 425.16, which they hope to maintain as a strong support. Holding above this level might allow for an upward movement to 426.00, with a final bull target for the day at 427.36.

If the price under 423.81 cannot find support during trading, bears will likely explore downward to 422.84. Breaking this level could lead to further declines towards 421.62. Continued downward pressure could push Microsoft to a low bear target of 419.17.

NVIDIA Corporation

NVIDIA NVDA is currently trading near 890.55. Bulls aim to drive the auction up to 898.13 and solidify this as a definitive support area. An upward trend might see the bulls pushing the price to 903.25 and potentially 907.51, with an optimistic target for the day set at 913.30.

However, if the 890.55 support does not hold today, bears might test lower levels starting with 882.97. Breaking down this level could see a further drop to 877.25, and under weaker conditions, a test of 865.62. If the selling persists, the bear day target is set at 858.43.

Alphabet Inc Class A

Alphabet GOOGL is currently priced around 158.54. Bulls are looking to maintain support at 160.36 and potentially drive the price higher to 161.79. If bullish momentum continues, we might see a move towards our high bull target of 163.79.

If Alphabet's support at 158.54 cannot be maintained, bears might push the price down to 157.41. A break below this could lead to a test of 156.61, and under heavy selling, a further decline to the low bear target of the day at 155.59.

Meta Platforms Inc

Meta META is currently positioned at 520.27. Bulls will look to hold this level as support, aiming for an upward move to 526.29. If buying pressure is robust, the next target could be 531.03, with a high bull target set at 537.68.

Should Meta's support at 520.27 fail during regular trading, bears might drive the price down to 515.39. Further sell-side pressure could lower the price to 512.85, and if this level breaks, the bearish day target is positioned at 508.25.

Tesla Inc.

Tesla TSLA is trading around the key level of 169.70. Bulls hope to push the price up to 172.61. Continued buying might facilitate a rally to 176.34. If today's market supports a bullish rally, Tesla might test further up to 179.79, aiming for a high bull target at 182.53.

However, if Tesla cannot maintain the support at 169.70, bears might push the price down to 166.89. Persistent selling could lead to a further drop to 164.87, and if this level is compromised, the low bear target for the day is 162.32.

Final Word: Today's trading session is somewhat light on economic data releases. In the premarket, we expect to see the Empire Manufacturing data for April, which is due out at 8:30 AM ET, alongside the Advance Retail Sales for March. Later in the morning at 10 AM ET, we will receive the Business Inventories data for February as well as the NAHB Housing Market Index for April. These releases could provide additional insights into the economic climate and potentially influence market movements.

Moreover, with escalating tensions in the Middle East, it's critical for traders to stay informed and vigilant. News developments from this region can quickly alter market dynamics, introducing volatility that could impact trading strategies. As always, it is crucial to approach the markets with caution and to trade safely, keeping an eye on both the economic indicators and geopolitical developments that could sway market sentiment and activity.

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.