Market Clubhouse Morning Memo - October 29th, 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 580.67. For the bulls, we need to see a push upward toward 581.97, which would signal strength. If the price remains strong and holds above 581.97, the next target for buyers would be 583.18. Should 583.18 maintain as a support level during regular trading hours, we could see a push higher, with 585.37 as the next level to test. The high bullish target for today is 587.31, which would indicate significant upward momentum.

If 580.67 fails to hold as support, bears will likely step in and test the 579.12 level. A breakdown at 579.12 could lead to further downside pressure, bringing 577.87 into play. Should selling intensify, the bears may push the price even lower, testing the 576.62 support level. If the day becomes highly bearish, our low bear target is set at 575.67.

Invesco QQQ Trust Series 1

QQQ QQQ is currently auctioning around 495.35. Bulls need to ensure the price holds above this level, which would create an opportunity to push toward 496.94 as a new support level. A solid hold at 496.94 would likely lead to further bullish momentum, bringing 498.37 into play. If buyers dominate, we could see the price test the higher level of 499.44, with the high bull target at 501.07 for today’s session.

Should the price struggle to stay above 495.35, we expect the bears to take control and drive it lower to 493.60. Further selling pressure could lead to a test of 491.82. If sellers remain active and the downward momentum continues, the next significant level would be 490.05, with our low bear target set at 487.69.

Apple Inc.

Apple AAPL is currently trading near 231.76. Bulls are aiming to hold this level as a base to rally higher. If 231.76 remains solid support, we could see a move upward toward 233.28. Should momentum continue, a test of 234.20 is likely, with buyers potentially driving the price higher. The high bull target for Apple today is 234.97, signaling a strong uptrend.

If 231.76 fails to hold during the session, expect the bears to test the lower support at 230.25. If selling pressure increases, a move down to 229.03 could be on the table. A breakdown of this level would bring 227.82 into focus, with a low bear target of 226.90 if the selling intensifies.

Microsoft Corp.

Microsoft MSFT  is currently hovering around 427.36. Bulls are watching this level closely, looking for support to hold firm and drive a rally toward 428.48. If 428.48 acts as a solid base, the next target for buyers would be 429.25. Strong buying pressure could see Microsoft push higher, with a high bull target of 430.25 within reach.

On the downside, if 427.36 doesn’t hold, bears will aim to test 426.00. A breach of 426.00 could open the door for further selling down to 425.16. Continued downward pressure would likely bring the price to 423.81, with a low bear target at 422.84 in a bearish scenario.

NVIDIA Corporation

NVIDIA NVDA is currently trading near 140.28. Bulls are hoping to push the price up to 141.21, reclaiming it as a solid support zone. If 141.21 holds, a rally toward 142.35 could follow, with continued strength bringing NVIDIA to 144.21. The high bull target for today’s session is 145.61 if the buying momentum sustains.

If 140.28 fails as support, the bears will likely test the 139.42 level. A breakdown here could lead to more downside, targeting 138.55. Should the selling continue, a test of 137.94 is expected, with a low bear target for the day set at 136.98.

Alphabet Inc Class A

Alphabet GOOGL is trading around 167.04. For the bulls, holding this level as support is critical to pushing the price toward 169.34. Continued buying could see the price rise further, targeting 171.14. If the bullish momentum holds strong, this would be a positive sign for the day, with potential upside movement.

On the downside, if 167.04 fails to hold as support, we expect the bears to push the price lower toward 165.41. If selling pressure increases, the next level to watch is 163.79. Should the bearish trend persist, a move down to 161.79 could occur as the low bear target.

Meta Platforms Inc

Meta META is trading near 580.17, a key level for bulls. If the price remains above this support, we could see a move higher toward 585.73. Continued bullish momentum would likely drive Meta toward 591.29, with the high bull target set at 598.17, reflecting a strong buying session.

If 580.17 fails, the bears will likely take control and push the price lower to 573.25. A break below this level could lead to further selling pressure, targeting 565.53. If the selloff continues, we could see Meta fall to the low bear target of 559.29.

Tesla Inc.

Tesla TSLA is currently trading around 262.68. For the bulls, holding this level as support is key to pushing the price toward 264.46. If buying strength continues, the next target is 266.83. A bullish rally could lead Tesla to test higher levels, with the high bull target set at 272.42 for today’s session.

On the downside, if 262.68 doesn’t hold, bears will likely target 259.81. A further breakdown could bring 257.56 into play, with continued selling driving the price toward 256.34, the low bear target for today.

Final Word: Today’s trading session is packed with crucial economic data releases, starting with the Wholesale Inventories, Retail Inventories, and Advance Goods Trade Balance for September at 8:30 AM ET. At 9:00 AM ET, the FHFA House Price Index for August will be published. At 10:00 AM ET, we will get the highly anticipated JOLTS Job Openings for September, along with the Consumer Confidence report for October. This data will give us insight into labor market conditions and consumer sentiment, both of which are pivotal for market direction. 

The Dallas Fed Services Activity report is scheduled for 10:30 AM ET, offering additional insight into service sector performance. At 11:30 AM ET, the Treasury will conduct a 2-Year FRN Auction, followed by the 7-Year Note Auction and 52-Week Bill Auction at 1:00 PM ET. With multiple significant economic releases throughout the day, expect heightened volatility. Traders should stay alert, manage risks carefully, and be prepared for rapid market movements. Trade smart, and stay safe!

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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