Market Clubhouse Morning Memo - December 21st, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, TSLA, NVDA, GOOGL, And META)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, NVDA, GOOGL, and META.

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

The SPY SPY index is oscillating around the pivotal point of 470.63. For market optimists, the immediate goal is to elevate the index to 471.40. Should the momentum persist beyond 471.40, the next aim is to solidify the support at 472.68. If the index manages to stay robust during the standard trading window and maintains its position above 472.68, we anticipate an upward trajectory reaching 473.40. The ambitious target for bullish traders on SPY for the day is set at 474.04.

On the flip side, should the support level of 470.63 not withstand the market pressure, the outlook turns bearish. In this scenario, the market pessimists will likely test the resilience of the index at 469.17. A visible presence of sellers could further depress the index, aiming for a lower benchmark at 468.16. If this level succumbs to the selling pressure, a critical support level awaits at 466.80. In the event of an aggressive selling spree, the lowest bear target for SPY is foreseen at 464.92.

Invesco QQQ Trust Series 1

The QQQ QQQ index is currently navigating around the crucial mark of 405.66. Bulls in the market are eyeing a move above 406.58. If they manage to sustain this level as a robust support, the focus shifts to claiming 407.64 as a significant support. A sustained buying pressure might propel the index towards 408.80. If the market dynamics remain favorable throughout the day, a further push towards 409.44 is likely. The highest bullish expectation for QQQ today is pegged at 410.34.

Conversely, if the index struggles to maintain its stance above 405.66 during the regular trading hours, the bears might seize the opportunity to exert downward pressure, initially targeting 404.76. A display of market weakness could lead to a further descent to 403.59. If the selling intensity escalates, the index might test the waters at 402.31. Failing to hold this level as a stronghold, the bears might drive the index down to the day's lowest bear target at 400.95.

Apple Inc.

Apple's AAPL stock is currently hovering around the 196.01 mark. Bullish traders are keen on keeping this level as a firm support base. They aspire to propel the stock towards 196.61, with an eye on extending the rally to 197.00. If the bulls exert considerable influence over Apple's trading today, we might witness an ambitious push towards the day's highest bullish target set at 197.69.

However, if the stock fails to maintain its ground at 196.01 during the regular trading session, the bearish sentiment might gain momentum. This could lead to an initial test at 195.67. Persistent selling pressure may further push the stock down to 195.25. If the bears continue to dominate, the next level to watch would be 194.40. A breach below this point could lead to a decline towards the day's lowest bear target for Apple at 193.95.

Microsoft Corp.

Microsoft MSFT is currently trading in the vicinity of 372.03. The bullish scenario involves the stock maintaining a strong position above this level and finding the impetus to rally towards 373.48, which is expected to act as a key support during regular trading hours. If this support level is successfully upheld, the price action might witness an upward surge targeting 375.11. A continuation of this buying momentum could potentially elevate the stock to the day's highest bullish goal for Microsoft at 376.70.

In contrast, should Microsoft's stock fail to consolidate its position at 372.03 during regular trading hours, the bears might attempt to exert control. The first target in their sights would be 370.10. A breach of this level could see further bearish probing at 368.79. Continued downward pressure might compel the stock to descend towards 366.98. The day's lowest bear target for Microsoft is anticipated at 365.35.

Tesla Inc.

Tesla's TSLA stock is currently positioned around a key level of 250.25. The bulls are aiming to drive the price upwards to 252.38. A sustained buying trend could see a robust rally pushing the stock to an important level at 254.28. Should there be a bullish rally in the broader market today, Tesla's stock might undergo testing at higher levels, potentially reaching 257.56. A significant influx of buyers today could result in the stock reaching the day's highest bull target at 259.81.

If Tesla fails to maintain the 250.25 level as a strong support in today's session, the bears might emerge to challenge this position, initially targeting a lower level at 248.37. A continued selling trend could bring the stock down to 246.16. Should this level be compromised under selling pressure, a further decline in the stock price is expected, with the day's lowest bear target for Tesla set at 243.98.

NVIDIA Corporation

NVIDIA's NVDA stock is currently fluctuating around the pivotal point of 485.93. Bullish traders are poised to push the stock towards 489.04, aiming to establish this as a clear support level. An upward trend could see the bulls driving the price further up to 492.33. A sustained buying trend might lead to a healthy rally, setting the day's highest bull target for NVIDIA at 495.79.

On the other hand, if NVIDIA's stock fails to sustain the 485.93 level as a strong support in today's session, the bears might test its resilience by pushing it down to 483.43. If this level is breached under selling pressure, the stock might witness a decline to 481.27. A weaker trading sentiment today could lead to a test at 478.67. If the selling pressure persists, the stock could be driven down to the day's lowest bear target at 476.94.

Alphabet Inc Class A

Alphabet's GOOGL stock is currently being traded around the level of 139.46. Bulls in the market are looking to maintain this as a support level and push the trading value higher to 140.29. If the bullish momentum continues, it could potentially elevate the stock to the day's high bull target of 141.12.

In contrast, if Alphabet's stock is unable to sustain the 139.46 level as a strong support during the standard trading hours, the bears might initiate a downward trajectory, targeting a lower level at 138.39. If this level is compromised, the bearish trend could further probe down to 137.79. In the event of intensified selling activity, the stock might see a downturn to the day's lowest bear target for Alphabet at 136.94.

Meta Platforms Inc

Meta's META stock is presently oscillating around the 350.18 mark. Bullish traders are focused on maintaining this level as a strong base of support, with an ambition to propel the stock higher to 351.97. A robust buying trend could see the stock reaching 353.60. A sustained bullish momentum could potentially push the stock to the day's high bull target of 354.93.

However, if Meta's stock is unable to hold the 350.18 level as a support during the regular trading hours, the bears might seize the opportunity to drive the stock lower, targeting an initial level at 347.67. A continued selling trend might further depress the stock to 345.04. If this level fails to hold, the bears might press down Meta's stock to the day's lowest bear target at 342.89.

Final Word: The trading session today will be significantly influenced by the release of the weekly unemployment data, including the initial jobless claims. This release is particularly noteworthy as it coincides with the Bureau of Labor Statistics' survey window for the November jobs report. Additionally, the final Gross Domestic Product (GDP) statistics for the third quarter are also scheduled for release in the premarket. This precedes the highly anticipated release of November's Personal Consumption Expenditures (PCE) inflation data. Keep your head on a swivel today, especially paying attention to specific areas where volume is transacted. It's crucial to adhere to disciplined trading practices to navigate through today's market dynamics successfully. Good luck 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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This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.