How To Trade SPY Ahead Of Triple Witching, As Market Digests Fed Decision

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)

Bulls need the SPY to stay firm above our pivot at 564.29 and quickly push toward resistance at 565.38. Sustained momentum here would likely trigger buying toward the next critical level at 566.46. If the market confidently holds above 566.46, anticipate bullish follow-through targeting 567.81, with today’s ambitious upside objective at 569.16.

If SPY falters below 564.29, expect bearish momentum to intensify, initially probing support at 563.23. Should sellers dominate this area, the downside momentum may accelerate toward 561.90. Heavy selling could test lower support at 560.83, with an aggressive bear target today at 559.75.

Invesco QQQ Trust Series 1 (QQQ)

Bulls want QQQ to maintain strength above the important pivot at 476.85, aiming for buyers to step in aggressively toward resistance at 479.03. Sustained bullish control above this level should pave the way toward 481.73. Strong buying today could potentially drive price action higher to 483.95, setting sights on a bullish extension toward our optimistic target of 486.10.

However, if 476.85 fails to hold, anticipate bears aggressively pressing the auction down to support at 474.66. Continued weakness could lead to further declines toward 471.33, with persistent sellers potentially bringing 469.27 into view. Losing this level decisively could drive QQQ down to today’s bearish target of 467.60.

Apple Inc. (AAPL)

Apple bulls must actively defend the pivot at 214.07 and seek immediate bullish momentum toward initial resistance at 215.25. Successful buyers in this zone may create bullish momentum toward the next important area at 216.70, with today’s upper bullish objective sitting confidently at 218.08.

If selling intensifies and Apple slips below 214.07, bears will likely accelerate downside momentum targeting support at 212.44. Persistent selling pressure would encourage bears to press toward 211.12, then further to 209.81. Breaking below here opens the door to today’s bearish target at 208.81.

Microsoft Corp. (MSFT)

Bulls trading Microsoft will seek a strong reaction off 386.09, quickly targeting resistance at 387.60 and establishing bullish momentum above this crucial support. A successful hold here should propel buyers toward 388.53, with potential follow-through toward today’s bullish target of 389.29.

Should Microsoft slip under the pivot at 386.09, sellers are expected to swiftly test the support level at 385.42. Continued bearish control will push the price further downward toward 384.57. Sustained weakness could encourage bears to explore deeper levels at 382.69, potentially reaching today’s bearish target of 381.64.

NVIDIA Corporation (NVDA)

NVIDIA bulls must aim to strongly maintain price action above the crucial pivot at 116.61, quickly advancing toward resistance at 117.86. Firm control above this level could lead to increased bullish momentum toward 119.44, with further buying possibly extending gains toward 120.27. Today’s high bullish ambition for NVIDIA sits at 121.97.

However, if 116.61 proves weak, bears will aim to swiftly take advantage, driving price toward initial support at 115.83. Continued selling momentum could then push the price lower, targeting 115.15 and subsequently testing 114.29. If downside pressure intensifies, NVIDIA’s auction could decline to today’s bearish target of 113.68.

Alphabet Inc Class A (GOOGL)

Alphabet bulls must strongly defend the pivot at 161.79, immediately targeting resistance higher at 163.79. Sustained bullish activity above this point would likely lead Alphabet toward today’s bullish objective at 165.41.

If Alphabet struggles at 161.79, expect sellers to swiftly drive prices down to initial support at 160.36. Bears gaining further momentum could quickly test lower at 158.54, with intensified selling potentially pushing toward today’s bearish target of 157.41.

Meta Platforms Inc (META)

Meta bulls must confidently hold price action above the key pivot at 585.73 and immediately aim for resistance at 591.29. A robust buying effort today may lead the auction upward toward 598.17, with the day’s optimistic bull target sitting clearly at 604.50.

If selling pressure causes Meta to lose 585.73, bears will quickly push toward initial support at 580.17. Further downside pressure could lead to selling intensifying toward 573.25. Loss of this critical level could open the path toward today’s bearish objective at 565.53.

Tesla Inc. (TSLA)

Tesla bulls will seek immediate strength above 233.49 to push price higher toward resistance at 235.74. Sustained bullish interest here would likely open the door to further gains targeting 238.50. In a strong bullish scenario supported by the broader market, Tesla could easily reach 239.92, with today’s high bullish target set ambitiously at 242.49.

If Tesla is unable to maintain support at 233.49, expect bearish momentum targeting initial support at 230.65. Persistent weakness could drive sellers lower toward 228.45, and should this level fail decisively, anticipate accelerated downside momentum toward today’s bearish target at 226.53.

Final Word:

Today’s trading session begins with significant economic data releases, starting at 8:30 AM ET with Initial and Continuing Jobless Claims. Concurrently, traders will digest the U.S. Q4 Current Account Balance alongside March's Philly Fed Business Outlook data. At 10:00 AM ET, markets receive further insight with February’s Leading Economic Index and Existing Home Sales data, highlighting economic trends impacting investor sentiment. Additionally, at 1:00 PM ET, the Treasury will auction 10-Year TIPS, an event closely watched for inflation expectations and bond market reactions.

Traders will predominantly focus on digesting yesterday’s FOMC aftermath and positioning ahead of tomorrow's crucial Triple Witching options expiration, which often brings elevated volatility and potential market reversals. It’s prudent today to stay disciplined with risk management strategies, remaining agile in anticipation of possible volatility spikes. Good luck trading, and maintain vigilance throughout the session!

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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