SPY: How High or Low Could It Potentially Go Today?

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)

The SPY is currently auctioning around our level of 611.39. For the bulls, we want to see an initial push higher to 612.68. If price action holds strong above 612.68, we’re looking for buyers to bring the price to our support level of 613.46. If 613.46 remains firm during regular trading hours, we anticipate a move toward 614.75. Our high bull target for SPY today is 615.74.

If 611.39 is unable to hold as support, we expect the bears to test 610.63. If sellers gain momentum, the next downside level to watch is 609.33. A break below this level on increased selling could bring a test of 608.35. If the session turns aggressively bearish, our low bear target for the day is 607.55.

Invesco QQQ Trust Series 1 (QQQ)

The QQQ is currently auctioning around our key level of 539.02. For the bulls, we need to see price hold above 539.02. If this level remains intact as support, we anticipate a move toward 540.60. Continued buying could bring 542.31 into play, and if momentum stays strong, a push higher to 543.58 is likely. Our high bull target for the QQQ today is 545.14.

If 539.02 fails to hold as support, we expect sellers to step in and drive the auction down to 538.06. If bearish pressure continues, the next test will be 536.95. Further selling could bring a retest of 535.30, and if weakness persists, our low bear target on the day is 534.60.

Apple Inc. (AAPL)

Apple is currently auctioning around our level of 245.58. For the bulls, we want to see 245.58 held as support for an upside move to 246.72. If buyers maintain control, the next upside level to watch is 248.12. Continued strength in the auction could bring Apple toward our high bull target for the day at 249.04.

If 245.58 fails to hold as support, we expect a test of 244.45. If selling pressure increases, the next downside level is 243.57. Continued weakness could bring 242.83 into play, and if the auction extends lower, our low bear target for Apple is 242.21.

Microsoft Corp. MSFT

Microsoft is currently auctioning around our level of 417.25. For the bulls, we need to see 417.25 hold as support and a rally to 419.17. If buyers sustain momentum, the next upside level is 420.26. A strong bullish auction could bring Microsoft toward our high bull target of 421.62.

If 417.25 cannot hold as support, we expect a move lower to 416.32. Further selling pressure could push the price down to 414.56. If weakness persists, the next level to watch is 413.14, and if bearish momentum accelerates, our low bear target for Microsoft today is 411.72.

NVIDIA Corporation (NVDA)
NVIDIA is currently auctioning around our key level of 140.28. For the bulls, we want to see buyers push the price higher to 141.21 and hold that level as support. If strength continues, we expect a test of 142.35. Continued bullish momentum could lead to an upside move toward 144.21. The high bull target for NVIDIA today is 145.61.

If 140.28 fails to act as support, we anticipate a move lower to 139.42. If sellers gain control, the next downside test is 138.55. Continued selling could bring a retest of 137.94, and if weakness persists, the low bear target for NVIDIA today is 136.98.

Alphabet Inc Class A (GOOGL)

Alphabet is currently auctioning around our level of 184.52. For the bulls, we need to see 184.52 hold as support, leading to an upside move toward 186.02. If momentum remains strong, buyers could push the price higher to 186.68, which is our high bull target for the day.

If 184.52 fails to hold as support, we expect sellers to test 183.40. If selling continues, the next downside level to watch is 181.77. Should weakness persist, the auction could move toward our low bear target for Alphabet at 180.46.

Meta Platforms Inc (META)

Meta is currently auctioning around our level of 699.93. For the bulls, we want to see 699.93 hold as support and push the price higher to 704.07. If buyers remain in control, we anticipate a move toward 708.06. Continued upside momentum could bring the auction to our high bull target of 712.14.

If 699.93 fails as support, we expect sellers to take control and push the price lower to 695.62. A break below this level could bring a retest of 692.10. If selling pressure persists, we expect the auction to move toward our low bear target for Meta at 689.09.

Tesla Inc. (TSLA)

Tesla is currently auctioning around our key level of 356.80. For the bulls, we need to see price push higher to 363.84. If buying continues, the next level of interest is 370.22. If the market supports a bullish rally, Tesla could test 378.79. If strong buy-side momentum emerges, our high bull target for Tesla today is 384.07.

If 356.80 fails to hold as support, we anticipate a move lower to 350.87. Continued selling pressure could bring 346.64 into play. If this level fails to hold, sellers may drive Tesla down to our low bear target at 340.97.

Final Word: The market finishes the week with key economic reports, including the Preliminary S&P Global Manufacturing PMI, Services PMI, and Composite PMI for February at 9:45 AM ET. Shortly after, at 10:00 AM ET, we receive the Final University of Michigan Sentiment Report, covering Current Conditions and Inflation Expectations for both the 1-Year and 5-10 Year periods. Additionally, Bank of Canada Governor Tiff Macklem is scheduled to speak at 12:30 PM ET. Today is also MOPEX Friday, and we are exactly one month from triple witching, which could introduce increased volatility. Manage risk accordingly, trade smart, and have a strong finish to the week!

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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