Market Clubhouse Morning Memo - May 21st, 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 the level of 530.09. For a bullish scenario, we need to see an initial rise to 530.77. Should the price hold above 530.77, we anticipate buyers pushing the price to our support level of 531.57. If 531.57 holds during regular trading hours, a further increase to 532.56 is expected. The highest target for SPY today is 534.17.

If 530.09 does not hold as support, we expect the bears to test 528.66. If sellers dominate, the next target would be 527.36. A break below this level with strong selling pressure would lead to a lower support at 526.31. In a heavy sell-off scenario, the lowest target for today is 525.26.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading near the key level of 454.10. For the bulls, we want to see the price stay above 454.10. If this level is maintained as support, we expect it to move up to 455.29. Continued strength in buying could push the price to 456.23. If the market is strong, the next target is 457.55. The highest target for QQQ today is 458.83.

If 454.10 fails to hold during trading hours, we anticipate a bearish move to 452.98. If weakness continues, the bears will aim for 452.14. Persistent selling pressure could bring the price down to 450.98. The lowest target for today is 449.36.

Apple Inc.

Apple AAPL is trading around the level of 191.57. For a bullish outlook, 191.57 needs to hold as support. If this happens, the price could rise to 192.27. With continued bullish momentum, the next target is 192.76. If Apple sees strong buying, the high target for today is 193.18.

If 191.57 does not hold, we expect a move down to 190.52. Further selling could bring the price to 189.44. Continued pressure may lead to 188.20. The lowest target for Apple today is 187.50.

Microsoft Corp.

Microsoft MSFT is trading around the level of 427.36. For a bullish scenario, we need to see the price stay above 427.36 and rise to 428.48. Holding above this support could push the price to 429.25. Continued buying momentum may lead to the high target of 430.25.

If 427.36 does not hold as support, we expect the bears to target 426.00. A break below this level could lead to a move down to 425.16. If selling pressure continues, the price may fall to 423.81. The lowest target for Microsoft today is 422.84.

NVIDIA Corporation

NVIDIA NVDA is trading near the key level of 955.43. For the bulls, we want to see the price rise to 961.78 and hold this level as support. If successful, the next target is 972.06. Continued buying could push the price to 980.21. The highest target for NVIDIA today is 991.66.

If 955.43 does not hold as support, we expect a move down to 950.29. Further selling pressure may bring the price to 945.15. If weakness persists, the price could test 937.84. The lowest target for NVIDIA today is 928.47.

Alphabet Inc Class A

Alphabet GOOGL is trading around the level of 176.23. For a bullish outlook, 176.23 needs to hold as support and the price should move up to 177.28. Continued bullish momentum could push the price to the high target of 179.15.

If 176.23 does not hold, we expect a move down to 175.12. Further selling pressure may bring the price to 174.01. In a strong sell-off, the lowest target for Alphabet today is 172.28.

Meta Platforms Inc

Meta META is trading around the level of 468.38. For a bullish scenario, we want the price to stay above 468.38 and move up to 470.28. Continued buying could push the price to 472.19. The highest target for Meta today is 473.93.

If 468.38 does not hold as support, we expect the bears to target 465.81. Further selling pressure may bring the price to 464.57. If selling continues, the lowest target for Meta today is 462.20.

Tesla Inc.

Tesla TSLA is trading around the key level of 172.61. For a bullish outlook, we need to see the price rise to 176.34. Continued buying could push the price to 179.79. If the broader market rallies, the next target is 182.53. The highest target for Tesla today is 184.10.

If 172.61 does not hold as support, we expect a move down to 169.70. Further selling pressure may bring the price to 166.89. A break below this level could lead to a move down to 164.87. The lowest target for Tesla today is 164.87.

Final Word:  Today's session has limited data releases. Before the New York open, the Philly Fed Non-Manufacturing Activity numbers for May will be released alongside the Canadian CPI for April. During the regular session, multiple Fed Speakers, all voting members, will be speaking. Waller and Barkin start at 9 AM ET, followed by Williams at 9:05 AM ET and Bostic at 9:10 AM ET. Barr will speak at 11:45 ET, and Bostic will speak again at 7 PM ET. The heavy Fed speaker calendar could lead to increased volatility throughout the session. Good luck and trade safely!

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.