Market Clubhouse Morning Memo - May 6th, 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 hovering around the level of 513.76. For those supporting a bullish scenario, the next goal is to see a rise to 514.62. If sustained strength above this level is observed, the target shifts to 515.68. Should this level remain intact during the trading day, the expectation would be a further rise to 516.58, with the highest bullish target set at 517.39 for today.

Conversely, if the support at 513.76 fails to hold, the focus will move to the bears testing the resilience at 512.91. A display of bearish force would see the level lower to 512.26. Should there be a significant downturn, the next major support pegged is 511.69. In the event of a sharp decline in the session, the lowest bear target is projected at 510.95.

Invesco QQQ Trust Series 1

The Q's QQQ are trading near the pivotal level of 436.58. Bulls will look to maintain prices above this level. Should this support persist, the next target is 437.47, with a potential push towards 438.89. An optimistic trading day might propel prices to test 440.00, setting the peak bull target at 440.78.

If, however, the level of 436.58 cannot be sustained, the bears may drive the price down to 435.88. A continuation of this bearish trend could lower the stakes to 434.76. If the downward pressure persists, further testing could reduce levels to 433.64, and potentially down to the lowest bear target of 432.84.

Apple Inc.

Apple’s AAPL trading activity is centered around 182.27. Bulls are aiming to uphold this as a base support, hoping to escalate to 182.96. With continued positive momentum, the next level to watch is 183.38, with the ultimate bullish target for today being 184.59.

Should the support at 182.27 prove weak, bears may force a downturn to 181.25. If bearish trends persist, the subsequent target is 180.60. A further sell-off could push prices down to 180.10, and if this level is breached, the lowest bear target is set at 179.36.

Microsoft Corp.

Microsoft MSFT is presently trading at 408.46. Bulls are looking to solidify this level, with an aspiration to climb to 409.69, which would need to be maintained as a strong support. An upward trajectory from here might lead to a target of 410.64, with the highest bullish objective for today at 411.72.

If the price fails to maintain 408.46 as support, bearish forces could drive the price down to 407.11. Further pressure might push it to 406.01. If the decline continues, the next level to watch is 404.92, with the lowest bear target for today at 402.74.

NVIDIA Corporation

NVIDIA NVDA is currently positioned around 890.55. Bulls will attempt to propel the price towards 898.13, establishing it as a firm support point. If buying continues, the next level anticipated is 903.25. Robust purchasing could further push the price to 907.51, with the ultimate bullish target at 913.30.

On the downside, if 890.55 does not hold, bears might target 882.97. A break below this could see a further decline to 877.25. Weakness could bring the price down to 865.62, and in a significant sell-off, the lowest bear target is set at 858.43.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 167.04. Bulls are looking to keep this level as support, aiming for an increase to 169.34. Sustained bullish behavior could lead to a target of 171.14.

Should 167.04 not maintain as support, bears might push the price down to 165.41. A break below this level could see a further decline to 163.79. In a pronounced bearish scenario, the lowest target for today is 161.79.

Meta Platforms Inc

Meta META is currently trading at 453.45. Bulls aim to hold this level firmly, with an upward target of 455.87. If buying momentum is strong, the next level to watch is 458.59, with the highest bull target for today set at 462.20.

If 453.45 fails to act as support, the bears might lower the price to 450.55. Continued selling could push it down to 446.90. If bearish pressure intensifies, the lowest bear target for the day is 441.35.

Tesla Inc.

Tesla's TSLA current level is 182.53. Bulls are looking to drive the price up to 184.10. Strong buying could potentially boost it to 186.10. An overall bullish market today might see Tesla reaching higher levels up to 189.22, with the highest bull target set at 191.52.

If the support at 182.53 does not hold, a downturn to 179.79 may occur. Continued bearish trends might bring the price down further to 176.34. If this level is compromised, the lowest bear target for today would be 172.61.

Final Word:   As we head into a new trading week, today's economic calendar is notably light, presenting minimal immediate data to impact market directions significantly. Noteworthy events scheduled for today include the Treasury's auction of 3 and 6 Month Bills at 11:30 AM ET. This auction often provides insights into investor sentiment and short-term market liquidity, which can be critical for short-term trading strategies.

Additionally, the release of the Quarterly Loan Officer Survey is on the docket. This survey can give valuable insights into banking conditions, which indirectly affects consumer and business spending decisions. Such data can be pivotal for sectors sensitive to credit conditions.

From the Federal Reserve, we anticipate remarks from two voting members which could influence market sentiment. Fed's Barkin is slated to speak at 12:50 PM ET, followed by John Williams at 1 PM ET. Their comments are closely watched as they can provide hints about future monetary policy directions, particularly in this uncertain economic climate.

Given the quiet nature of the day with respect to direct economic data releases, market participants are advised to keep a vigilant eye on these speeches and survey results, as well as monitor overall trading volumes. Subtle shifts in market dynamics could provide trading opportunities. As always, maintaining caution and vigilance in your trading approach is recommended to navigate potential volatility and exploit opportunities wisely. 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.

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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.