Market Clubhouse Morning Memo - October 17th, 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 auctioning near our key level of 585.37. For bullish momentum, we’d like to see a move up to 587.31, with buyers maintaining strength above this level. If sustained buying pressure occurs, the next target would be 589.71, where we expect support to hold during regular hours. Should this level hold strong, we could see the price testing 593.59, with the highest bull target for SPY being 596.57 for the day.

On the downside, if 585.37 fails to hold as support, the bears will aim to test 583.18. A breach below this level would open up the door for further selling, likely testing 581.97. If sellers maintain pressure below 581.97, we expect a move down to 580.67, with a potential low bear target of 579.12 should selling intensify.

Invesco QQQ Trust Series 1

QQQ QQQ is currently auctioning around the crucial level of 495.35. Bulls need to keep the price above 495.35 to sustain upward momentum. Should buyers step in, we expect the price to test 496.94, with further strength leading to a challenge at 498.37. A continued bullish trend could push the auction toward 499.44, with the high bull target for the day sitting at 501.07.

On the flip side, if 495.35 breaks down, bears will likely look to drive the price lower to 493.60. If there’s a significant sell-off, expect further weakness to bring the auction to 491.82. If sellers maintain control below this level, we could see a test of 490.05, with a potential low bear target for the day at 487.69.

Apple Inc.

Apple AAPL is auctioning around the key level of 233.28. Bulls are aiming to defend this level as support, hoping to see a rally toward 234.20. If the buying continues, expect the price to climb to 234.97, with sustained strength pushing it further to 235.74, which serves as our high bull target for the day.

If 233.28 is lost as support, bears could take over and drive the price down to 231.76. Continued downside pressure would likely bring the price to 230.25, and if sellers maintain their grip, we could see a test at 229.03, with the low bear target for Apple at 227.82 if the sell-off accelerates.

Microsoft Corp.

Microsoft MSFT is auctioning around 417.25. Bulls need to defend this level and push the price higher toward 419.17, which serves as the next area of support. Continued buying pressure could see the price rise to 420.26, and if the market is strong today, Microsoft could reach its high bull target of 421.62.

If 417.25 fails as support, bears may look to drive the price down to 416.32. A break below this level could push the auction further to 414.56. Continued selling could bring the price down to 413.14, with a low bear target of 411.72 for Microsoft in today’s session.

NVIDIA Corporation

NVIDIA NVDA is currently trading near 139.42, a key level to watch. Bulls need to push the price up to 140.28 and hold this level to maintain upward momentum. If buying continues, the price could move to 141.21, with a potential rally up to 142.35. The high bull target for NVIDIA today stands at 144.21.

If the price cannot hold 139.42 as support, bears are likely to test the 138.55 level. A break below this could lead to further weakness, testing 137.94. Continued selling pressure would likely bring the price to 136.98, with a low bear target at 135.64 if the downtrend intensifies.

Alphabet Inc Class A

Alphabet GOOGL is trading around 165.41, a crucial support level. Bulls are looking to hold this level and push the price higher toward 167.04. If buying continues, we expect the auction to challenge 169.34, which serves as today’s high bull target.

Should 165.41 fail to hold, the bears will look to test the downside at 163.79. If there’s continued selling pressure, the next target would be 161.79. Heavy selling could bring the price down to 160.36, marking the low bear target for Alphabet.

Meta Platforms Inc

Meta META is auctioning around 580.17. For the bulls, holding this level as support is key to pushing the price higher toward 585.73. Continued buying momentum could drive the price further to 591.29, with the high bull target for Meta being 598.17 if buyers dominate today’s session.

If 580.17 fails as support, bears will likely push the auction down to 573.25. Continued selling pressure could see the price dip to 565.53. If sellers are persistent, the price could fall to our low bear target at 559.29.

Tesla Inc.

Tesla TSLA is trading near the important level of 220.65. Bulls will aim to push the price higher to 222.19, with further buying momentum likely driving the auction toward 223.98. A strong bull run could see the price testing 226.53, with a potential high bull target for the day at 228.45.

On the downside, if 220.65 fails to hold, bears could look to test 219.39. If selling continues, we expect the price to drop to 217.78, and a break below this level could bring Tesla down to 216.31, the low bear target for today.

Final Word: Today’s trading session starts with the European Central Bank (ECB) rate decision at 8:15 AM ET, setting the tone for the day’s market sentiment. In addition, the market will react to Taiwan Semiconductor Manufacturing Company's positive earnings, which have somewhat offset the pessimistic guidance from ASML Holding. At 8:30 AM ET, we will see the release of September’s Advance Retail Sales, alongside Initial and Continuing Jobless Claims. These reports will provide crucial insights into consumer spending and the labor market.

Later, at 10:00 AM ET, we’ll receive the NAHB Housing Market Index for October, offering a snapshot of the housing market’s health. Adding to the mix, Federal Reserve member Austin Goolsbee is scheduled to speak at 11:00 AM ET, potentially shedding light on the Fed’s perspective on the economy. Traders should be prepared for swift price movements and adapt to the dynamic market environment. Stay alert, manage risks, and trade wisely!

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.