Market Clubhouse Morning Memo - March 15th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, And TSLA)

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

The SPY SPY is currently trading around our significant level of 514.62. For those looking for upward momentum, the initial target is set at 515.68. Should the SPY manage to sustain above this level, the next objective for buyers is to elevate the price to our intermediate support at 516.58. Maintaining this level during the trading day could pave the way for an ascent towards 517.39. The ultimate goal for bulls today is to reach a peak at 518.04.

On the flip side, if the SPY fails to maintain support at 514.62, we anticipate a bearish movement towards 513.76 to evaluate its strength. A presence of sellers at this juncture would likely push the price further down to 512.91. A breach of this level, accompanied by significant selling pressure, would lead us to a more substantial support at 512.26. In the event of an aggressive sell-off, our lowest bearish target for the day is set at 511.69.

Invesco QQQ Trust Series 1

The Q's QQQ are finding their footing around the pivotal level of 440.00. Bullish investors are aiming to secure a position above 440.78, with hopes of establishing it as a firm support base. If this succeeds, the next target for bulls is 441.56, which, if claimed, could lead to further bullish advancements towards 442.53. Should the market's momentum remain robust, we could witness a push towards 444.09, with our most optimistic bull scenario aiming for 445.09.

Conversely, if the Q's struggle to remain buoyant above 440.00 during today's session, bearish forces might gain the upper hand, driving prices down to 438.89 for a strength test. A continued display of weakness could see the bears aiming for 437.47, with further downward momentum potentially leading to 436.58. Should this support level falter, the bears' target shifts to our bearish extreme for the day at 435.88.

Apple Inc.

Apple's shares are hovering around 173.94. Bulls are eyeing 174.59 as the next support level, hoping to initiate a rally towards 175.09. With sustained bullish momentum, the trajectory could lead to 175.81. For bulls to dominate today's trading, a push beyond this level towards our highest bullish target at 176.29 is essential.

Should Apple fail to sustain support at 173.94, we anticipate a downward test to 173.39. Persistent selling could push the price further down to 172.95, and if bearish momentum continues, 172.45 could come into play. Breaking this level might lead the bears to drive the price towards our lowest bearish target for the day at 171.79.

Microsoft Corp.

Microsoft MSFT is currently positioned around 428.48. Bullish traders are looking for the stock to solidify its position above this mark, aiming for a rally towards 429.25, which should then be established as a reliable support level. If this level holds, we could see a bullish push towards 430.25, with the most optimistic scenario seeing the price reach our top bull target at 431.25.

If Microsoft cannot maintain its stance at 428.48, bearish sentiment could lead to a test of 427.36. A breakdown of this level could see a further descent to 426.00. With continued bearish pressure, the price might be pushed down to 425.16, with our lowest bear target for the day positioned at 423.81.

NVIDIA Corporation

NVIDIA NVDA is trading around the critical level of 882.97. Bulls are looking to propel the price towards 890.55, aiming to establish this as a strong support zone. A successful bullish push could lead to 898.13, with further buying interest potentially driving the price towards 903.25. The highest bull target for today is set at 907.51.

However, if NVIDIA fails to maintain 882.97 as a solid support during today's session, we expect the bears to drive the price down to 877.25. A breach here, underpinned by strong selling, could lead to a further drop to 865.62. If bearish momentum persists, we might see a test at 858.43, with our ultimate bearish goal for the day at 852.61.

Alphabet Inc Class A

Alphabet GOOGL is trading near 143.17. The bullish outlook involves holding 143.77 as a support level, which could lead to an upward movement towards 144.72. Sustained bullish momentum could eventually push the price towards our highest bull target of 145.94.

On the contrary, if Alphabet cannot secure support at 143.17 during the trading day, bearish dynamics might push the price down to 142.53. A further decline could lead to a test of 141.71, with heavy selling potentially driving the price towards our most conservative bear target of 141.12.

Meta Platforms Inc

Meta META is trading around 492.33. The bullish scenario involves maintaining strength above 495.54, which should act as a support level, leading to a potential upward move to 498.03. A robust buy-side presence could elevate the price further to 500.83, with the ultimate bull target set at 504.54.

If Meta's price cannot hold above 492.33, we anticipate a downward move to 488.81. Continued selling pressure could lead to a further decline to 485.96. If bearish forces persist, breaking this level could lead to our lowest bear target for the day at 483.11.

Tesla Inc.

Tesla TSLA is currently positioned around the key level of 164.87. Bullish expectations include a push towards 166.89, with further buying potentially leading to a significant rally towards 169.70. An optimistic market could see Tesla testing higher levels, aiming for 172.61, with the highest bull target for the day set at 176.34.

If Tesla fails to hold 164.87 as a strong level of support today, we expect a bearish move towards 162.32. Continued selling could bring 160.32 into play, with a significant break potentially leading to 158.92. An aggressive bearish push might set our lowest bear target for the day at 157.52.

Final Word: Today's trading session is noteworthy with the release of Empire Manufacturing data for March. Additionally, it's Triple Witching Friday, an event characterized by the simultaneous expiration of stock index futures, stock index options, and stock options. This convergence can result in heightened trading volume and market volatility. Please approach the market with caution, and here's to a successful trading day. Wishing you all the best and a Happy Friday!

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 unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.