Market Clubhouse Morning Memo - October 23rd, 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 hovering around our key level of 581.97. For bulls to gain traction, we need to see a move higher toward 583.18. Should the auction maintain strength above this level, we anticipate a push toward 585.37, a critical resistance. If buyers can sustain momentum throughout the session, 585.37 could serve as a springboard to further gains, with our upper bull target resting at 587.31.

On the downside, if 581.97 fails to hold as support, we expect sellers to challenge 580.67, with an eye on driving the price lower. A break beneath 580.67 would likely lead to a test of 579.12. Should bearish pressure continue, we foresee a drop to 577.87, with the possibility of hitting our low target for the session at 576.62.

Invesco QQQ Trust Series 1

QQQ QQQ is currently auctioning near 493.60. For bulls to establish control, 493.60 must be held, which could open the door to a move toward 495.35. Sustained buying pressure might allow the bulls to push the price up to 496.94. If the session continues with strong momentum, 498.37 could be tested, with a high bull target set at 499.44.

On the flip side, if 493.60 fails to hold as support, we expect bears to take over, driving the price toward 491.82. If selling intensifies, further downside movement could bring the price to 490.05. Persistent bearish action might lead to a test of 487.69, with the session's low bear target sitting at 486.10.

Apple Inc.

Apple AAPL is auctioning around 234.97, which is a critical level for today's action. Bulls will need to defend this level, potentially driving the price higher to 235.74. Should the rally continue, we might see the price extend to 236.69. If the session favors the bulls, the high target of 237.49 will be in sight as momentum builds.

If 234.97 breaks to the downside, bearish action could push the price lower to 234.20. If selling intensifies, expect a drop to 233.28. Further downside pressure could lead to a move toward 231.76, with the day's low bear target set at 230.25.

Microsoft Corp.

Microsoft MSFT is trading near the key level of 428.48. Bulls will aim to hold this level and push the price to 429.25. If this upward momentum is sustained, the next resistance at 430.25 comes into play. Should buying continue to pick up steam, the price could reach 431.25, with our high bull target for the day at 432.49.

However, if 428.48 fails as support, bears are likely to press the price down to 427.36. Continued weakness could push the price lower to 426.00. If selling persists, 425.16 could be tested, with the session's low bear target positioned at 423.81.

NVIDIA Corporation

NVIDIA NVDA is currently auctioning around 142.35, a key level for the bulls. To keep the upward momentum, the auction needs to rally to 144.21 and hold that level as support. If bulls can maintain control, a move toward 145.61 seems likely. A continued push could bring the price up to 147.06, with the high bull target of the day at 148.52.

If 142.35 fails as support, bears are likely to test the downside at 141.21. Should the selling persist, the price may fall to 140.28. Continued bearish pressure could lead to a test of 139.42, with the low bear target set at 138.55.

Alphabet Inc Class A GOOGLAlphabet is auctioning around 163.79, a critical point for today's Alphabet is auctioning around 163.79, a critical point for today's session. Bulls need to defend this level, and if successful, the price could rise to 165.41. A further push might bring the price up to 167.04, which is our high bull target if the session remains bullish.

Should 163.79 fail as support, bears are expected to step in and drive the price lower to 161.79. If this level is breached, the next downside target is 160.36, with further selling possibly leading to 158.54, our low bear target for the day.

Meta Platforms Inc

Meta META is auctioning around the critical level of 580.17. Bulls will aim to hold this as support, which could drive the price higher to 585.73. If buying momentum picks up, the price may extend to 591.29. Should the session remain bullish, the high bull target stands at 598.17.

However, if 580.17 breaks to the downside, bears will likely target 573.25. Continued selling could push the price down to 565.53. If this level is breached, the low bear target of the day at 559.29 comes into play.

Tesla Inc.

Tesla TSLA is auctioning near 216.31, a key level for today's session. Bulls will aim to push the price toward 219.39. If buying strength holds, we could see the price rise to 220.65. If there is significant upward momentum, the price might test higher levels at 222.19, with the high bull target at 223.98.

If 216.31 fails to hold, bears may drive the price lower to 213.88. Should selling pressure continue, we expect the price to drop to 211.53, which is our low bear target for the day.

Final Word: Today’s trading session is packed with events that could introduce volatility into the markets. Starting off at 9:45 AM ET, we have the Bank of Canada's Interest Rate Decision, which may influence broader market sentiment. At 1:00 PM ET, the Treasury will host a 20-Year Bond Auction, adding a layer of complexity to today’s market moves. The release of the Fed's Beige Book at 2:00 PM ET could provide insights into the economy and potentially sway the market. 

In addition, two key Federal Reserve officials that are voting members are set to speak today. Michelle Bowman will be speaking at 9:00 AM ET, followed by Thomas Barkin at 12:00 PM ET. Both speeches could offer critical insights into the Fed’s thinking on inflation, economic growth, and future monetary policy. With such a packed schedule, expect heightened market activity. Traders should stay vigilant, remain adaptable, and manage risk accordingly throughout the day. Good luck!

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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