How To Trade SPY As Market Awaits JOLTS Data

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 see SPY trading around the pivotal 556.27 zone, with initial strength anticipated at 557.44. If momentum remains positive and buyers defend this area, anticipate upward continuation to test 558.32. Should this crucial level hold firmly during the market session, it sets the stage for further bullish progression toward 559.75, with our ultimate bullish objective for today’s session marked at 560.83.

Bears, conversely, are eyeing a failure to sustain above 556.27, targeting an initial downside challenge at 555.11. If sellers manage to establish control here, look for additional bearish momentum towards 553.66. A decisive breach under strong selling conditions could expose further downside risk at 552.50, with our bearish scenario extending as low as 551.33 if selling becomes particularly aggressive today.

Invesco QQQ Trust Series 1 (QQQ)

The Q's are engaging buyers near the significant area at 465.93. A bullish confirmation above this point suggests a move toward solidifying 467.60 as new intraday support. Persistent buying interest could accelerate the price upward toward 469.27, with further bullish activity likely extending into tests at 471.33. Our primary upside objective for today’s QQQ session is identified at 474.66.

On the bearish front, a lack of sustained buying above 465.93 would signal weakness, prompting aggressive selling pressure toward 463.56. Continued bearish control at these lower levels could rapidly shift attention toward 462.14, and subsequently challenge 460.55. Should bearish momentum intensify further, look for today’s session to potentially reach down to our low bear target of 458.83.

Apple Inc. (AAPL)

Bulls currently trading Apple near our pivotal 219.19 mark aim to stabilize above this zone, targeting an initial bullish advance to 220.29. Consistent buying power could further propel the stock toward 220.97, potentially paving the way to a robust upside test at our upper bullish boundary, marked clearly at 221.66.

However, if Apple struggles to defend 219.19 today, look for bearish pressure to intensify, initially targeting 218.08. Sellers maintaining dominance would likely aim to push the auction lower towards 216.70. Sustained downside activity opens further bearish exposure towards 215.25, and if weakness persists, our bearish low boundary today sits distinctly at 214.07.

Microsoft Corp. (MSFT)

Microsoft’s buyers aim to stabilize today’s auction near the critical 372.03 mark, initially pushing upward to establish 373.48 as a stable level of intraday support. If bullish sentiment holds firm here, anticipate further upside toward 375.11. Continued bullish resolve throughout today’s session could facilitate Microsoft's price rising to our designated bullish target of 375.93.

On the other hand, bearish traders will seize upon any weakness below 372.03, initially aiming to test lower support near 370.10. A decisive break here would likely see further bearish selling towards 368.79. Continued downside pressure would extend the bearish scenario down to 366.98, with today’s ultimate bear scenario targeting 365.35.

NVIDIA Corporation (NVDA)

NVIDIA bulls currently aim to establish control above the crucial area of 109.12, initially driving upward to secure 109.86 as a significant support. A sustained upward push from there would likely drive bullish momentum toward 110.73. If buying remains robust throughout today’s session, we anticipate a further rally extending into the upper boundaries at 111.70, with today’s maximum bullish target for NVIDIA positioned at 112.54.

Conversely, failure to defend 109.12 may invite aggressive selling towards 107.51. If bearish activity intensifies at this level, NVIDIA is likely to see further downward tests around 106.30. Persistent selling would likely challenge 105.23, and a deeper bearish scenario could unfold with prices potentially sliding toward today's low bearish target of 103.96.

Alphabet Inc Class A (GOOGL)

Alphabet’s bulls are seeking to secure strong intraday support at our critical mark of 154.44. Positive buying above this level should propel the stock higher, initially toward 154.95. If bullish activity remains firm throughout today, anticipate a continuation upward, ultimately reaching our primary bullish target clearly defined at 155.59.

For the bears, a failure at 154.44 signals potential downside moves initially targeting 153.93. Increased selling pressure below this level would prompt a bearish push toward the 153.54 zone. If selling is notably heavy, Alphabet could decline further, reaching today’s identified lower bearish boundary of 152.94.

Meta Platforms Inc (META)

Meta bulls aim to maintain bullish momentum near our pivotal 573.25 area, with initial bullish intentions focused on rallying to 580.17. Should this rally materialize, continued strong buyer interest is anticipated, pushing the price upwards toward 585.73. Robust bullish action today could ultimately propel Meta shares toward our bullish boundary defined at 591.29.

Alternatively, bearish traders look for price weakness at 573.25, targeting initial downside objectives at 565.53. Strong selling continuation below this level could accelerate price deterioration toward 559.29. If bearish intensity strengthens even further, today’s bearish price activity could eventually reach down to our designated bearish target of 553.05.

Tesla Inc. (TSLA)

Tesla bulls are focused on reinforcing strength around the crucial 262.68 mark, initially aiming for an upward push toward 264.46. Sustained bullish participation may then facilitate further upward momentum toward 266.83. If the broader market sentiment is strongly bullish, Tesla could rise significantly higher, aiming to test 269.48, with today's upper bullish scenario culminating at 272.42.

Conversely, if Tesla fails to defend 262.68, expect bearish momentum to quickly target 259.81, with intensified selling likely bringing into view the 257.56 support zone. A decisive breakdown of this level could prompt bearish traders to drive prices lower, potentially testing today’s bearish low boundary clearly identified at 256.34.

Final Word: 

Today's economic calendar is exceptionally crowded, starting at 9:45 AM ET with the release of March's final S&P Global Manufacturing PMI. Shortly afterward, at 10 AM ET, investors will closely analyze February's Construction Spending figures. However, the key market-moving data will be the February JOLTS report, covering Job Openings, Quits Levels, Quits Rate, and Layoffs Rate, alongside the crucial March ISM Manufacturing figures, including Prices Paid, New Orders, and Employment metrics. Additionally, at 10:30 AM ET, the Dallas Fed Services Activity report for March could also influence market sentiment. 

Given the sheer volume of pivotal economic data scheduled for today, markets are expected to see heightened volatility, especially considering investors' nervous anticipation ahead of tomorrow’s crucial tariff announcement scheduled for April 2nd. Caution is advised for today’s session. Manage risk proactively and trade responsibly. Good luck!

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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day—hours before it’s published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.

For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.