Market Clubhouse Morning Memo - April 18th, 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 trading around our level of 502.85. For the bulls, we're aiming for an initial move to 503.95. Should the market maintain momentum above this point, the next target for buyers is 505.32. Holding above this level during regular trading hours could lead to further gains, with an upward push towards 506.06.

If 502.85 fails to act as a support level, the focus shifts to the bears aiming for 501.74. A downward move through this point indicates selling pressure, with the next objective at 500.91. Breaking below this could bring the SPY down to a significant support at 500.17. A particularly strong sell-off could see the day's trading hitting a low of 498.93.

Invesco QQQ Trust Series 1

The Q's QQQ are currently priced around our key level of 427.32. For upward momentum, buyers need to maintain the price above this level. Succeeding in this, the next objective would be to establish 428.50 as a robust support, potentially propelling the market to 429.40. Strong market conditions today could push prices up to a higher test at 430.16, with a goal of reaching 431.18.

Conversely, if the price fails to stay above 427.32, bears are likely to drive the market lower towards 426.64. A break below this level suggests a further decline to 425.77. If selling pressure continues, a test of the 424.82 support level could occur, with a potential decline to the day's low target of 424.04 if this level fails.

Apple Inc.

Apple's AAPL stock is trading near our 168.41 mark. Bulls are looking to maintain this as a support level to enable a rally to 168.99. With continued bullish force, the price might ascend to 169.73. A strong day for Apple would ideally see it reaching higher towards 170.32.

If the support at 168.41 is not sustained, we anticipate a decline to 168.00. Further bearish movement could lead to 167.59, and persistent selling might bring down the price to 167.09. If these levels are breached, the day could close with Apple reaching a low of 166.27.

Microsoft Corp.

Microsoft MSFT is currently positioned at 413.14. The bulls are encouraged to hold this level firmly to propel the price to 414.56, which should then act as a reliable support. Successful stabilization here could lead to a target of 416.32, with the ultimate bullish goal for the day being 417.25.

Should Microsoft fail to uphold the 413.14 level, bears might lead the price downward to 411.72. If this support breaks, the next focus will be on 410.64. Continuous bearish pressure could decrease the price further to 409.69, with the lowest bear target set at 408.46.

NVIDIA Corporation

NVIDIA NVDA is seeing trading activity around the crucial 852.61 mark. Bulls are aiming to push this higher to 858.43 and solidify it as a strong support zone. From there, a move to 865.62 is desirable, with the potential to extend gains up to 877.25. The highest bull target for the day is set at 882.97.

If 852.61 cannot sustain as a support during today’s trading, bears will likely test lower levels, starting at 846.80. A break below this might lead to further declines to 842.42. If market weakness persists, the next significant level to watch is 837.58, with the day potentially ending at a low of 833.50.

Alphabet Inc Class A

Alphabet GOOGL is presently trading at 155.59. Bulls need to keep this level as a base to encourage a rise to 156.61. If the momentum holds, we could see a move towards our high bull target of 157.41.

However, if 155.59 fails to hold, it could signal bearish control, pushing the price to 154.95. A break below this level could lead to further tests at 154.44, and in the event of heavy selling, the day might conclude at a bearish low of 153.93.

Meta Platforms Inc

Meta META is trading at 495.54, and bulls are looking to maintain this level to facilitate a move to 498.03. A successful trade here could lead to a further increase to 500.83, with an optimistic end-of-day target at 504.54.

If the support at 495.54 breaks during the trading day, bears might push the price down to 492.33. Persistent selling could lead to further declines to 488.81, with the lowest bear target for the day at 485.96.

Tesla Inc.

Tesla's TSLA current level is at 152.97. Bulls will be looking to drive the price up to 155.78, with subsequent goals at 157.52 and potentially a test at 158.92. Strong buying could elevate the day's high to 160.32.

If the 152.97 level fails to hold, we might see a decline to 150.98. Continued bearish activity could bring the price down further to 148.45, with a final bearish target for the day at 146.19. 

Final Word: Today’s trading session is accompanied by several significant economic releases and events, including the Continuing and Initial Jobless Claims, the Philly Fed Business Outlook, and Existing Home Sales. Additionally, the Treasury’s 5-Year TIPS Auction and statements from four Fed voting members are expected to influence market volatility. Market participants will be closely monitoring these events, as well as Netflix’s earnings after the market closes. Maintain discipline in your trading strategies. Good luck in today’s volatile market!

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.