Market Clubhouse Morning Memo - November 11th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, And TSLA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, 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 during our daily Morning Call, 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

At present, the SPY SPY is hovering around our benchmark of 424.52. For an optimistic outcome, an initial surge to 425.75 is desired. Should the momentum stay robust past 425.75, buyers are expected to drive the price to our support benchmark of 426.37. If 427.08 remains sturdy during the standard trading span, an upward thrust to 427.71 is anticipated. The top hopeful target for SPY today is 428.62.

Should 424.52 fail to sustain as a support, the bears might challenge the resilience of 423.89. If selling activity is observed, a further test down to 422.70 and 421.98 is likely by the bears. A breach of that level with intensified selling unveils robust support lower at 421.15 and 420.69. In case of a severe sell-off today, the low bearish target is set at 419.04.

Invesco QQQ Trust Series 1

Currently, the Q's QQQ are fluctuating around our pivotal point of 360.08. For a bullish scenario, a hold above 360.08 is crucial. If this level proves sturdy, the aspiration is for 360.79 and 361.41 to establish as solid support. An enduring buying vigor may usher the level of 362.13 into action. The day's top bullish aim for the Q's is 363.23.

If the auction falters to maintain above 360.08 during today's standard trading hours, a bearish takeover is expected, potentially driving down the price aggressively to 359.39. Any perceived frailty could prompt a further probe down to 358.60. Prolonged selling may lead to a test of 357.94. Should this level crumble, the anticipation is for a bearish descend to the day's low bear target of 356.83.

Apple Inc.

Apple AAPL is presently fluctuating around our mark of 175.09. On the bullish front, the aim is for 175.09 to remain as support. A rally to 175.81 is the next aspiration, with sustained bullish drive potentially propelling the price to 176.29 and 176.84. If control is regained by bulls today, an upward drive to the day's top bullish aim for Apple at 177.31 is desired.

If support at 175.09 erodes during standard trading hours, a probe down to 174.59 is expected. With continued selling, a bearish drive down to 174.05 is likely, possibly bringing 173.24 into play. A breakdown here could see bears driving the price down to the day's low bear target for Apple at 172.35.

Microsoft Corp.

Microsoft MSFT is currently fluctuating near our mark of 347.85. For a bullish scenario, a firm hold above 347.85 is needed, with hopes of rallying to 349.67 and maintaining it as support during the standard trading span. Sustaining above this critical support may propel the price upward to 352.26. A continuation of buying could push the price to the day's top bullish target for Microsoft at 354.73.

If the 347.85 level erodes as support, a bearish probe to 345.90 is anticipated. A breach here could lead to further testing lower at 343.68. With sustained downward pressure, a bearish push to the day's low bear target for Microsoft at 341.41 is plausible.

NVIDIA Corporation

NVIDIA NVDA is presently hovering around our key benchmark of 432.36. For the bulls, an upward drive to 434.01 is desired, with hopes of reclaiming this level as a clear support area. Bullish momentum could further drive the price to 436.56. If buying remains strong, a rally to 439.87 is plausible, possibly reaching our key level and day’s high bullish target for NVIDIA at 442.76.

Should 432.36 crumble as support today, a bearish test to 429.17 is anticipated. A breakdown here with sellers dominating could drive the price down to 426.17 and 424.83. Continued selling pressure could steer the auction to the day’s low bear target for NVIDIA at 421.35.

Tesla Inc.

Following yesterday’s rally, Tesla TSLA is currently hovering around our key point of 209.51. For a bullish outcome, a push to 211.53 is desired. Sustained buying could fuel a robust rally to our key levels of 213.16 and 213.89. A significant buyer turnout today could propel the price to the day's high bullish target for Tesla at 215.15.

If 209.51 fails to hold, a test lower at 208.48 is likely, with continued selling possibly bringing 206.09 into play. A breakdown here, with sellers in control, could see a price drop to the day's low bear target for Tesla at 204.03.

Final Word: Today’s trading landscape will be shaped by reflections on Jerome Powell’s remarks from the FOMC press briefing yesterday, alongside the employment figures released during the pre-market session this morning. Given the potential for heightened volatility, trading cautiously is advised. Good luck today!

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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