Market Clubhouse Morning Memo - October 14th, 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

SPY SPY is currently trading near our key level of 580.67. For the bulls, we're looking for a rally to push the price up to 581.97. If this level is held firmly as support, buyers could drive the price higher to 583.18. If the market maintains its bullish momentum above this level, we may see an upward move towards 585.37. The high bull target for today’s session is set at 587.31.

If 580.67 fails to act as support, we anticipate the bears to step in and challenge the next level at 579.12. Should the selling pressure intensify, a breakdown toward 577.87 could be in play. If this level gives way, we expect the bears to target 576.62. A strong sell-off could lead to a move down to our low bear target of 575.67.

Invesco QQQ Trust Series 1

QQQ QQQ is currently hovering near the important level of 495.35. Bullish traders will want to see a strong hold above this level, with a potential move up to 496.94. If buyers remain in control, we could see continued momentum pushing the price toward 498.37. If the session turns strongly bullish, a test of the next resistance at 499.44 is possible. The high bull target for the day is 501.07.

If 495.35 fails to hold during the trading session, we expect the bears to test lower levels, starting with 493.60. If selling persists, the price could break down further to 491.82. Continued bearish pressure may push the price to test support at 490.05. If this level is breached, the low bear target for the day sits at 487.69.

Apple Inc.

Apple AAPL is currently trading around 229.03, which is a key level for today’s action. For the bulls to stay in control, we need to see this level hold as support. A move higher could take the price to 230.25. If the buying pressure continues, we expect the auction to push the price toward 231.76. Should the bulls maintain strength, Apple could reach its high bull target for the day at 233.28.

If 229.03 does not hold as support, we will be watching for a drop to 227.82. If sellers remain in control, we anticipate the auction moving further down to 226.90. A break below this level could bring 225.31 into play. Continued sell-side action may drive the price lower, with the low bear target set at 223.87.

Microsoft Corp.

Microsoft MSFT is currently trading near 416.32, and bulls will be looking for this level to act as support. If the price holds firm, we could see a move higher to 417.25. Sustained buying pressure may push the price toward 419.17. If today’s session sees a bullish breakout, Microsoft could test the high bull target at 420.26.

If 416.32 fails to hold during regular trading hours, the bears may push the price down to test 414.56. If selling continues, the auction could probe lower at 413.14. Should downside momentum persist, the price could fall to 411.72. The low bear target for today’s session is 410.64.

NVIDIA Corporation

NVIDIA NVDA is trading near 135.64, which will be key for bulls in today’s session. If buyers are able to hold this level, we anticipate an upward move to 136.98. Continued strength could push the price up to 137.94. If the buying pressure remains strong, NVIDIA may test its high bull target at 139.42.

Should 135.64 fail to hold as support, the bears may target 134.56. If sellers maintain control, we could see a move lower to 133.31. A breakdown below this level could lead to a test of 132.19. The low bear target for NVIDIA in today’s session is set at 131.42.

Alphabet Inc Class A

Alphabet GOOGL is currently hovering near the 163.79 level. Bulls will be watching for a hold above this level, potentially pushing the price up to 165.41. If buyers remain in control, we could see continued strength up to 167.04, which is the high bull target for today.

If 163.79 fails to hold, we anticipate the bears will try to take control and push the price down to 161.79. A break below this level could lead to further downside action, with a test of 160.36 likely. If the selling intensifies, the low bear target for Alphabet is 158.54.

Meta Platforms Inc

Meta META is trading near 591.29, which is a crucial level for the bulls. If this level holds as support, we could see a move higher to 598.17. A strong bullish auction could lead the price to test the next key resistance at 604.50. The high bull target for the day is set at 609.30.

If 591.29 cannot be held as support, we expect the bears to target 585.73. If selling pressure increases, the auction may drive the price lower to 580.17. Continued downside momentum could result in a move to the low bear target of 573.25.

Tesla Inc.

Tesla TSLA is trading around 220.65, with bulls looking for a push higher to 222.19. If buying pressure sustains, we could see a test of 223.98, followed by a potential move toward 226.53. Should today’s market favor the bulls, Tesla could reach its high bull target at 228.45.

If 220.65 fails as support, we may see a test lower at 219.39. Continued selling could lead to a drop to 217.78. If this level breaks, Tesla could fall further, with the low bear target set at 216.31.

Final Word: Today’s session begins with little on the economic front due to the Columbus Day holiday. There are no major economic releases scheduled, which means traders should shift their focus to market volume and price action. The primary catalysts today come from a few Fed speakers. Minneapolis Fed President Neel Kashkari speaks at 9 AM ET, followed by Federal Reserve Governor Christopher Waller at 3 PM ET. Though no major data is being released, commentary from these officials could offer insights into future monetary policy, which may cause some volatility. It's important to remain vigilant for any reaction to these speakers and adjust your strategy accordingly. 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.