Market Clubhouse Morning Memo - November 21st, 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 the 592.00 level, a critical area for today's session. If bulls maintain control above this mark, the first target on the upside is 593.73, which would indicate strengthening buy momentum. If this level holds during regular trading hours, buyers are likely to push the price toward 596.57. Sustained bullish activity above 596.57 could bring the high-interest zone of 598.04 into focus, with the ultimate target on the day at 599.24 if the broader market sentiment aligns.

On the flip side, failure to hold 592.00 as a support level could embolden the bears. A test of 589.71 would be the next likely scenario. If sellers remain active below this point, deeper downside exploration toward 587.31 could occur. Breaking this level might lead to a move lower to 585.75, with a potential daily bear target at 584.68 if selling pressure intensifies.

Invesco QQQ Trust Series 1

QQQ QQQ is hovering around the key 504.44 level, a pivotal area for bulls to defend. Holding this support could set the stage for a rally toward 506.68, with sustained buying potentially extending gains to 509.87. A bullish momentum breakout above 509.87 could lead to a push toward 511.53, with 513.64 standing as the high bull target for the day.

Conversely, a failure to maintain 504.44 as support could shift control to the bears. An initial move down to 502.65 would be on the table, with further selling likely driving prices to 501.07. Continued downside momentum could open the door to 499.44, and the low bear target at 498.37 may come into play if selling accelerates during the session.

Apple Inc.

Apple AAPL is trading near 229.03, a key level that bulls need to defend to maintain upward momentum. If buyers succeed, a move toward 230.25 is expected, with potential continuation to 231.76 on strong buying interest. A decisive break above this level could target 233.28, the high bull target for the day, especially if broader market conditions remain supportive.

Should 229.03 fail to hold as support, the bears could take control and test 227.82. Breaking this level might prompt further declines to 226.90, with a potential move lower to 226.08. If bearish momentum persists, the price could test the low bear target of 225.31.

Microsoft Corp.

Microsoft MSFT is currently near 416.32, a crucial level to watch. A hold above this point could spur bullish momentum, leading to a test of 417.25. Sustained strength above this area might drive prices higher to 419.17, with the high bull target for the session set at 420.26 if buyers dominate.

Failure to maintain 416.32 as a support level could lead to bearish activity, testing 414.56. If selling pressure continues, the next target is 413.14. A breakdown below this area could see the price move toward 411.72, with the low bear target of 410.64 within reach on heavy downside pressure.

NVIDIA Corporation

NVIDIA NVDA is positioned near 144.21, a key level for today's session. Bulls need to drive the price toward 145.61 to establish solid support. From there, continued buying could lift the stock to 147.06, with additional momentum targeting 148.52. The high bull target stands at 150.32, achievable if bullish sentiment dominates the session.

Should 144.21 fail to act as support, bears will likely push the price toward 142.35. A break below this level could bring 141.21 into play, with further declines potentially targeting 140.28. If selling intensifies, the low bear target of 139.42 may be tested.

Alphabet Inc Class A

Alphabet GOOGL is trading near 175.12, a significant level for bulls to defend. If they succeed, an upward move to 176.23 is likely, with continued strength targeting 177.28 as the high bull target. Positive sentiment in the broader market could further support this bullish trajectory.

If 175.12 fails as support, bears may drive the price to 174.01. Additional selling could lead to a test of 172.28, with 171.14 as the low bear target for the day if bearish momentum accelerates.

Meta Platforms Inc

Meta META is trading around 565.53, a key pivot level for today's session. Bulls need to maintain this level to aim for a move toward 573.25. Sustained buying above 573.25 could drive prices to 580.17, with the high bull target for the day at 585.73 if strong momentum persists.

If 565.53 is lost as support, bears will likely test 559.29. A breakdown below this point could lead to further selling pressure toward 553.05, with the low bear target at 548.44 in play if sellers maintain control.

Tesla Inc.

Tesla TSLA is trading around 340.97, a key level to watch closely. Bulls will aim to push the price toward 346.64 as a first target. If bullish momentum continues, 350.87 could come into play, with a strong rally potentially leading to a test of 356.80. The high bull target for the day is 363.84 if buyers maintain control throughout the session.

On the other hand, losing 340.97 as support could pave the way for bears to test 333.93. A break below this level might prompt further declines to 327.59, with 322.52 as the low bear target if sellers dominate the session.

Final Word:  The trading day starts with a flurry of critical economic data. Initial and Continuing Jobless Claims are due at 8:30 AM ET, alongside the Philly Fed Business Outlook for November. These reports will provide insights into labor market trends and regional manufacturing conditions. At 8:45 AM ET, Fed voting member Beth Hammack will deliver remarks, potentially offering clues about future monetary policy.

At 10:00 AM ET, the Leading Index and Existing Home Sales data for October will be released, shedding light on economic momentum and housing market health. Midday action includes the Kansas City Fed Manufacturing Activity at 11:00 AM ET, followed by speeches from non-voting Fed member Austan Goolsbee and Beth Hammack at 12:25 PM ET and 12:30 PM ET, respectively. The 10-Year TIPS Auction at 1:00 PM ET adds another layer of complexity to the session. Additionally, markets are digesting NVIDIA's earnings surprise, which could fuel volatility. Traders should remain vigilant, adjust strategies to the day's developments, and prioritize risk management in a potentially turbulent environment. 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.