Market To Navigate Nvidia Post-Earnings Analysis, Key Economic Events

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 our key level of 598.04. For bullish momentum, we want to see buyers push the price above 599.24 and hold that level as support. If this occurs, we’re looking for an advance toward 600.51. Strength above 600.51 during regular trading hours would increase the odds of a continuation higher to 601.22. If buyers maintain control, our upside objective for today sits at 602.37.

If 598.04 fails to hold as a support level, we anticipate sellers will step in and drive the price toward 596.57. Should this level break, downside pressure could push SPY lower to 595.14. A more aggressive sell-off could take the price to 593.73, where we expect to see some buyers step in. If bearish momentum is particularly strong, our downside target for the day is 592.00.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading near our key level of 517.97. For bulls to remain in control, we need to see buyers defend 518.65 as support. If this happens, the next upside target is 519.87. A solid breakout above that level would open the door for a potential move toward 521.15. If the market remains strong today, we could see a further advance to 522.57, with our high bull target for the day at 523.91.

If QQQ struggles to hold above 517.97, we expect sellers to apply pressure, driving the price lower to 516.58. A loss of this level could see further weakness down to 515.00. Continued selling could push the auction toward 513.64, and if that level does not hold, our low bear target for the day stands at 511.53.

Apple Inc. (AAPL)

Apple is currently auctioning around 239.43. For the bulls to maintain control, we want to see this level defended as support, leading to a move higher toward 240.23. If buying momentum continues, we anticipate a test of 241.23. Further strength in the market could push Apple to challenge 242.21, which marks our high bull target for the session.

If 239.43 does not hold during regular trading hours, sellers may take control and push Apple lower to 238.63. A breakdown at this level would put 237.49 in play, with increased selling pressure possibly bringing the stock to 236.69. Should Apple see extended downside, our bear target for the day is 235.74.

Microsoft Corp. (MSFT)

Microsoft is currently trading around 400.30. For bullish continuation, we want to see this level hold as support, which could lead to a push toward 401.39. If buyers maintain control above this level, we look for a move up to 402.74. Should momentum persist, our high bull target for the day stands at 404.92.

If 400.30 fails to hold as a support level, we anticipate a move lower to 399.21. Breaking this level would likely bring 398.38 into play. If downside pressure continues, the bears could drive Microsoft toward 397.65, with the ultimate downside target sitting at 395.68.

NVIDIA Corporation (NVDA)
NVIDIA is currently auctioning around 134.56. For the bulls, we need to see a push higher toward 135.64 and for that level to be secured as support. A breakout above could set the stage for a move toward 136.98. If buyers continue to step in, NVIDIA has the potential to rally to 137.94, with our high bull target at 138.55.

If 134.56 is lost as support, we expect sellers to target 133.31. Should selling intensify, we could see a move down to 132.19. If the market exhibits broader weakness, NVIDIA may test 131.42, with the lowest bear target for the session at 129.53.

Alphabet Inc Class A (GOOGL)

Alphabet is currently trading near 174.01. Bulls need to hold this level as support to maintain upward momentum, with an initial target at 175.12. Continued strength in the tape could drive the price toward 176.23, which serves as our high bull target for the session.

If 174.01 is lost during regular trading hours, bears will likely push the price down to 172.28. If this level does not hold, we anticipate further downside pressure toward 171.14. Should selling accelerate, the auction could reach our low bear target at 169.34.

Meta Platforms Inc (META)

Meta is currently trading around 683.97. For bulls to maintain control, this level must hold as support, potentially leading to a move up to 689.09. If buying strength persists, we expect to see 692.10 tested. Should bullish momentum remain intact, Meta could rally to our high bull target at 695.62.

If 683.97 fails to hold as support, we anticipate sellers driving the price lower to 679.79. A breakdown below this level could lead to further downside toward 676.46. If selling remains aggressive, Meta may trade down to our low bear target at 671.80.

Tesla Inc. (TSLA)

Tesla is currently auctioning around 298.28. Bulls need to push the price above 300.56 to set the stage for higher prices. If this level holds as support, we expect Tesla to challenge 304.24. Should buyers maintain control, we anticipate a move toward 310.17, with our high bull target at 312.42.

If 298.28 cannot hold as support, we expect a pullback to 296.44. Continued selling could drive Tesla lower to 294.60. If downward momentum persists, we may see a test of 293.21, which serves as our low bear target for the session.

Final Word:

The market is set to react to multiple key economic events today, beginning with the Initial and Continuing Jobless Claims at 8:30 AM ET. At 10:00 AM ET, traders will be watching the Pending Home Sales data for January, which could provide insight into the housing market’s health. At 11:00 AM ET, the Kansas City Fed Manufacturing Activity report for February will be released. Additionally, several Federal Reserve officials are scheduled to speak throughout the day, including Barkin, Barr, Schmid, Bowman, Hammack, and Harker, with Barr, Schmid, and Bowman being voting members. On the earnings front, NVIDIA’s strong report from yesterday remains a focal point, as traders gauge the market's response to their better-than-expected results. Be prepared for increased volatility and approach the session with a disciplined trading plan. Trade smart and stay focused!

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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