Market Clubhouse Morning Memo - November 7th, 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 trading near our crucial support area of 593.59. For bullish action, we'd like to see the price establish support at this level and push higher to test 596.57. If 596.57 holds and buying momentum continues, a move toward the next target of 600.51 is likely. Should buyers defend 600.51, a further rally could reach 604.45. Our optimistic bull target for SPY today is set at 609.33.

In contrast, if SPY cannot sustain above 593.59, we expect sellers to challenge 589.71. Should the bears strengthen here, they may drive the price down to 587.31. Breaking 587.31 with volume could see SPY reaching for the stronger support at 585.37. A particularly bearish session might push the price down to our low target of 583.18.

Invesco QQQ Trust Series 1

The QQQ QQQ is positioned around the critical level of 506.68. For bullish progression, we’d like to see buyers step in at 506.68 and support this price level, potentially leading to a test of 509.87. If buyers solidify their stance, QQQ could target 513.64 next. An upward move sustained by demand might extend toward 516.58. Our high bull target on the day for QQQ is 519.87.

Conversely, if 506.68 does not hold, the bears might push the price toward 504.44. If selling pressure intensifies, QQQ could see a further drop to 502.65. A breakdown here might lead the price to test 501.07. If bears remain in control, the low target on the day is set at 499.44.

Apple Inc.

Apple AAPL is trading near our level of 222.96. Bulls will aim to defend this area, looking for an initial move up to 223.87. Should buying interest continue, we expect the price to reach 225.31. If Apple maintains strength throughout the session, a further advance could target the high bull level of 226.08.

On the other hand, if 222.96 does not hold as support, sellers could drive the price to test 222.24. A successful test here may lead to a drop toward 221.66. Persistent selling pressure could bring 220.97 into play, with the ultimate downside target for bears at 220.29.

Microsoft Corp.

Microsoft MSFT is currently auctioning around 420.26. For a bullish outlook, we'd like to see this level hold and a push toward 421.62, which should act as strong support if buyers are committed. A breakout above this level may see Microsoft aiming for 422.84. Further positive momentum could bring the price to the high bull target of 423.81.

Should 420.26 fail to act as a firm support, the bears are likely to probe down to 419.17. If selling increases, this could lead to a test of 417.25, with sustained pressure possibly driving the price down to 416.32. A weak session could result in a test of the low bear target at 414.56.

NVIDIA Corporation

NVIDIA NVDA is trading around our pivot level of 145.61. Bulls should aim to lift the price to 147.06, which would act as support if buying strength continues. An advance from here might see the price testing 148.52. Continued buying strength could lead NVIDIA up to 150.32, with a high bull target on the day of 153.23.

If NVIDIA loses 145.61 as support, we anticipate a drop to 144.21. If bears sustain pressure here, a move down toward 142.35 may follow. Persistent selling could push the price to 141.21, and with extended bearish action, NVIDIA could test our low bear target at 140.28.

Alphabet Inc Class A

Alphabet GOOGLis auctioning near 172.28, where bulls would want to establish support. If buyers hold this level, a move to 174.01 could follow. Continued upward action might push the stock toward 175.12, the high bull target for the day.

Should 172.28 fail to hold, we expect a test lower at 171.14. If sellers maintain control, the next support is at 169.34. In a strong sell-off, our low target for Alphabet would be 167.04.

Meta Platforms Inc

Meta META trades around 573.25, where bulls are likely to attempt holding the level for an advance. A steady buying interest could lift the price to 580.17, which should act as a support level if demand is sustained. A further push could test 585.73, with continued strength potentially reaching the high bull target at 598.17.

Conversely, if 573.25 fails, we might see bears exerting pressure to test 565.53. Persistent selling could drive the price lower to 559.29. If bears dominate, the low bear target for Meta today is set at 553.05.

Tesla Inc.

Tesla TSLA is trading around the support area of 286.34. Bulls will want to push the price up to 288.80, establishing this as a new floor. If buying is robust, the price may advance to 290.47, with the potential to test 293.21 on a strong day. Tesla’s high bull target for today stands at 294.60.

If 286.34 fails to hold, sellers might press for a decline to 283.95. Further selling pressure could bring 281.32 into play. Should this level be breached, the bears’ low target of the day would be 279.43.

Final Word: Today’s session could see substantial volatility, influenced by critical data releases and the Federal Reserve’s rate decision. The day starts with the Initial and Continuing Jobless Claims at 8:30 AM ET, setting the tone with labor market insights. Shortly after, the Wholesale Trade Sales data at 10 AM ET will provide further economic context. The FOMC Interest Rate Decision at 2 PM ET is the focal point of the day, with markets keen to see the Fed’s stance, with the majority of analysts expecting a 25 basis point cut. This anticipation will peak with Fed Chair Jerome Powell’s press conference at 2:30 PM ET, where his statements on inflation, growth, and policy outlook will likely impact market sentiment.

Given today’s schedule, expect potential sharp moves in both directions. Volatility will likely intensify around each data release, especially during the FOMC announcements. Traders should prepare for rapid price swings and adapt their strategies to capitalize on momentum shifts. This session is expected to be pivotal, with strong impacts on market sentiment and trading opportunities. Manage risk wisely, and approach the market with patience and discipline for a successful trading 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.