Market Clubhouse Morning Memo - October 30th, 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 around the key level of 581.97. For bulls to take control, we need to see a push above 583.18, with this level acting as strong support during regular trading hours. If buyers step in and maintain momentum, we’re looking for a move higher to 585.37, followed by a potential test of 587.31. A strong buying session could push the price action up to the bull target for the day at 589.71.

However, if 581.97 fails as support, the bears are likely to challenge 580.67. A sustained break below this level could open the door for a move down to 579.12, with the next major level of support at 577.87. If selling pressure intensifies, we could see SPY fall to the low bear target of 576.62 by the end of the session.

Invesco QQQ Trust Series 1

QQQ QQQ is auctioning around the key level of 501.07. For bulls to take charge, we’re looking for a rally above this level, with buyers pushing towards 502.65. A successful hold here could propel the price towards 504.44, with continued strength potentially leading to a test of 506.68. If the momentum stays bullish throughout the session, the high target for the day is 509.87.

On the downside, if 501.07 fails as support, the bears could look to capitalize by pushing the price down to 499.44. Further selling pressure might bring the Qs to 498.37, with a break below this level targeting 496.94. If the auction remains weak, the final bearish target for the day is 495.35.

Apple Inc.

Apple AAPL is currently auctioning near 233.28, a key support level for bulls. If buyers can hold this line, we should see a move toward 234.20, followed by a potential rally to 234.97. Continued bullish action could lead to a further test higher, with the high target on the day being 235.74.

If 233.28 doesn't hold as support, we expect the bears to bring the price down to 231.76. Continued selling pressure could target 230.25, with the potential for a further drop to 229.03. If sellers remain in control, Apple could reach its low bear target of 227.82.

Microsoft Corp.

Microsoft MSFT is trading around the key level of 441.34. For bulls, a solid hold above this level could spark a rally to 442.95, with further upside momentum pushing the price to 444.95. If buyers dominate the session, we might see Microsoft test its high bull target at 446.33.

Should 441.34 fail to hold, the bears are likely to take charge, with an initial test at 438.72. A break below this level could push the price down to 437.10, with additional selling targeting 435.79. The low bear target for Microsoft today is 434.49 if the downward pressure continues.

NVIDIA Corporation

NVIDIA NVDA is auctioning around 140.28, which is a critical support level for bulls to maintain. A successful push above this level could lead to a test of 141.21, with potential buying pressure driving the price up to 142.35. If bullish momentum persists, we may see a rally towards the high target for the day at 145.61.

On the flip side, if 140.28 doesn’t hold, the bears could seize the opportunity to push the price lower to 139.42. A continued sell-off might test the 138.55 level, with further weakness leading to a low target for the day at 136.98.

Alphabet Inc Class A

Alphabet GOOGL is currently trading near the key level of 180.46. If bulls can maintain control above this level, we could see a move towards 181.77, with further upside potential leading to a test of 183.40. Continued strength in the session could drive the price up to the high bull target of 184.52.

In contrast, if 180.46 fails to hold as support, bears might drive the price lower to 179.15. If the selling persists, we could see a move down to 177.28, with the final bear target for the day being 176.23.

Meta Platforms Inc

Meta META is auctioning around the important level of 604.50. For bulls, maintaining this level as support is crucial for a potential rally to 609.30. If buying momentum holds, the price could push further to 615.65, with the high bull target at 622.01 being in reach if bullish sentiment prevails.

Should 604.50 fail, however, the bears will likely push the price lower, initially targeting 598.17. A break below this level could bring further downside to 591.29, and if selling pressure continues, the low bear target for the day sits at 585.73.

Tesla Inc.

Tesla TSLA is trading near 262.68. Bulls need to see this level hold for a potential rally towards 264.46. If the buying momentum continues, we may see the price push up to 266.83, with a further test of 269.48 likely if the market remains strong. The high bull target for Tesla today is 272.42 if buyers stay in control.

However, if 262.68 fails to hold, the bears may take over, driving the price down to 259.81. Continued selling pressure could bring 257.56 into play, and if this level breaks, Tesla may reach the low bear target of 256.34.

Final Word: Today’s session is filled with significant economic reports that could influence market direction. At 8:15 AM ET, we have the ADP Non-Farm Employment Change, followed by the Q3 Advance Annualized GDP and PCE data at 8:30 AM ET. These data points will provide insight into the broader economic health and inflation trends. Pending Home Sales data for September will be released at 10:00 AM ET, offering a snapshot of the housing market's strength.

There are no scheduled Fed speakers today, allowing market participants to focus solely on economic data. The GDP and PCE figures could be pivotal in shaping expectations for future Fed policy decisions. Given the weight of today’s reports, we can expect heightened volatility, especially as traders adjust their positions based on these releases. Be sure to manage risk carefully, and stay alert to any rapid changes in market sentiment. 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.