How To Trade SPY With Initial Jobless Claims In Focus

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 currently have SPY trading near the critical pivot of 567.81. For a bullish scenario, a decisive move higher through 569.16 is crucial. Sustained buying above 569.98 could provide enough strength to target a rally towards 571.06. If buyers successfully defend this mark, expect continuation to the upside targeting 572.15, with an ambitious upside goal of 573.50. 

If SPY struggles and fails to maintain support at 567.81, bearish momentum would likely emerge, pushing prices down initially toward 566.46. Persistent selling pressure at this level could open the path to lower support zones at 565.38, followed by a critical test at 564.29. A heavy sell-off scenario today may extend prices down to our bearish objective at 563.23.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading near the pivotal 481.73 level. For the bullish narrative to unfold, buyers must clearly establish dominance above this mark, followed by a firm move toward 483.95. Continued positive momentum should support an advance toward 486.10, potentially driving prices higher to test 487.69. If the bullish scenario plays out robustly, the day’s bullish target stands at 490.05. 

However, if buyers cannot maintain strength at 481.73, bears will likely seize control and press downward to test support at 479.03. Increasing bearish sentiment would likely prompt further selling toward 476.85, with subsequent downside continuation to a key support zone at 474.66. Should selling intensity increase, a drop towards our bearish goal at 471.33 becomes probable.

Apple Inc. (AAPL)

Apple is trading near the key reference point of 220.29. For bullish traders, securing support above this mark is essential, potentially driving price action toward 220.97. Persistent upward momentum may fuel further bullish expansion toward 221.66, ultimately challenging the higher resistance area marked at our bullish target of 222.24. 

Conversely, failure to defend the level of 220.29 may activate bearish sentiment, prompting an initial sell-off toward 219.19. If bearish momentum accelerates, anticipate a deeper decline to support around 218.08, and further selling could extend the downside pressure to test 216.70. A sustained bearish environment may ultimately guide the price to our bearish objective at 215.25.

Microsoft Corp. (MSFT)

Microsoft's current price action revolves closely around our benchmark at 389.29. For bullish sentiment to remain intact, bulls must decisively defend this area and push upward toward the next resistance level of 390.98. Holding this level through regular trading hours could stimulate additional upward movement toward 392.49, and continued bullish activity may reach our primary bullish target of 393.47. 

If bulls fail to support price at 389.29, bearish traders could aggressively target initial downside at 388.53. Should this support fail, expect additional bearish momentum driving prices lower towards 387.60, and potentially extending further downward to 386.09. Under persistent selling pressure, the day’s bearish target for Microsoft is set at 385.42.

NVIDIA Corporation NVDA

NVIDIA is actively trading near our significant pivot at 111.70. Bullish participants will need to convincingly push through initial resistance at 112.54, firmly establishing support there to encourage upside continuation toward 113.68. Increased bullish strength may support a rally up to 114.29, with a bullish scenario setting sights on the primary bullish objective of 115.15. 

On the flip side, a breakdown below the key support level of 111.70 would open the possibility of bearish acceleration toward 110.73. A continuation of selling pressure could drive prices down further, testing 109.86. Additional weakness may prompt bears to push the auction even lower towards 109.12, with today’s bearish target resting at 107.51.

Alphabet Inc Class A (GOOGL)

Alphabet is trading closely near our significant pivot of 165.41. Bulls must defend this area effectively, enabling upward momentum toward initial resistance at 167.04. Continued bullish sentiment could propel prices further upwards, aiming at our primary bullish target today set at 169.34. 

Alternatively, a failure to hold support at 165.41 could initiate bearish activity pushing prices down towards the next key support level at 163.79. If bearish pressure remains intense, expect further decline toward 161.79. Sustained downside momentum could ultimately guide price toward our bearish objective today at 160.36.

Meta Platforms Inc (META)

Meta is currently trading near the pivotal level of 604.50. Bulls will look to sustain support above this critical area, setting the stage for an initial bullish test at 609.30. Continued buying could further energize the auction towards 615.65, with a robust bullish environment potentially reaching our high bullish target today of 622.01. 

Should support at 604.50 fail during today’s session, bearish traders will likely drive prices downward toward the next key area at 598.17. If bearish sentiment intensifies, look for additional declines reaching 591.29. A deeper breakdown could eventually lead Meta's price action toward the bearish target today at 585.73.

Tesla Inc. (TSLA)

Tesla is presently trading close to our essential reference point at 275.07. Bulls will aim for decisive upward momentum targeting initial resistance at 278.11. Sustained bullish sentiment could carry prices higher toward our next key level at 279.43, potentially advancing further toward 281.32. If buyer interest is particularly robust today, the ultimate bullish objective is established at 283.95. 

Conversely, should the 275.07 support level fail, anticipate immediate bearish pressure toward 272.42. Continued selling intensity could further pressure prices downwards, testing lower at 269.48. If bearish momentum deepens significantly, a further decline toward today's bearish target of 266.83 is likely.

Final Word:

Today’s trading environment is heavily influenced by key economic data, beginning with Initial and Continuing Jobless Claims at 8:30 AM ET, released concurrently with Advance Goods Trade Balance and Retail Inventories for February, along with the significant Q4 GDP Annualized Price Index (Third Reading). Later at 10 AM ET, Pending Home Sales data for February arrives, providing additional market-moving potential. Additionally, watch for the Kansas City Fed Manufacturing Activity Index for March at 11:00 AM ET, followed by a crucial 7-Year Treasury Note Auction at 1 PM ET. 

Given the breadth and significance of today's economic releases, heightened volatility is anticipated across markets. Traders should approach today’s session prepared, emphasizing risk management and strategic patience, as data-driven price action could lead to considerable swings. Stay disciplined, and trade safe!

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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