Market Clubhouse Morning Memo - September 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

SPY is currently trading around the 546.46 level. For a bullish scenario, we want to see the price push up towards 547.56. If the bulls manage to maintain this level, we anticipate buyers stepping in to target the next resistance at 548.13. Should this level hold steady during regular trading hours, a continued move toward 549.00 could occur. The ultimate bullish target for SPY today stands at 549.67.

On the downside, if SPY fails to hold 546.46 as support, bears will likely attempt to test 545.24. Should selling pressure persist at that point, the next level of support is expected at 544.04. If this level is breached, 542.93 becomes a key area to watch for further downside moves. In the event of significant selling momentum, the low target for the day is set at 541.49.

Invesco QQQ Trust Series 1

QQQ is trading near the key level of 456.23. Bulls will want to see price action maintain support at this level, with the next target being 457.55. If momentum continues to build, a push toward 458.83 could be expected. Should the buyers remain in control, 460.55 comes into focus as a potential test, with the high bullish target for the day at 462.14.

If the 456.23 level fails to hold, the bears could take control, leading to a test of 455.29. Sustained selling pressure would likely push the price down to 454.10. If sellers manage to breach that support, the next significant level is at 452.98, with a low bear target for the day set at 452.14.

Apple Inc.

Apple is trading around 220.97, which is a key level to watch. For the bulls, it's crucial that this support holds, with the next objective being a move toward 221.66. Should this rally continue, 222.24 could be tested next. If bullish momentum strengthens, the high target for Apple today is 222.96.

However, if 220.97 is unable to act as solid support, bears could push the price lower to 220.29. Continued selling could see a move down to 219.19, with further pressure bringing 218.08 into play. Should the sell-off intensify, Apple may trade down to the low bear target of 216.70.

Microsoft Corp.

Microsoft is currently trading near 404.92. Bulls will want to see price action hold above this level, aiming for a rally to 406.01. If support holds at that point, continued buying strength could drive the price toward 407.11. A breakout above these levels could result in Microsoft testing the high bull target at 408.46.

If the price fails to maintain support at 404.92, the bears are likely to test the downside at 402.74. A failure there could result in further selling toward 401.39. If bearish momentum builds, a drop toward 400.30 is expected, with a low bear target for the day at 399.21.

NVIDIA Corporation

NVIDIA is currently trading near the key level of 106.30. Bulls need to push the price up toward 107.51 and secure it as support to continue their run. If this level is reclaimed, a move toward 109.12 could be on the horizon. Should buying strength persist, NVIDIA may push higher toward the high bull target of 110.73.

If 106.30 doesn't hold, bears may take control and test the next support at 105.23. A breach of this level could see selling intensify toward 103.96. If sellers maintain pressure, a test at 102.55 is likely, with the low bear target for the day at 101.02.

Alphabet Inc Class A

Alphabet is trading around 156.61, with bulls looking to establish support here. If buyers step in, the price could move higher toward 157.41. Continued buying pressure could push the price up to 158.54, which serves as the high bullish target for the day.

On the flip side, if 156.61 breaks, bears will look to push the price lower to 155.59. Failure to hold that level could lead to a further drop to 154.95. If the selling pressure is heavy, the low bear target for Alphabet today is set at 154.44.

Meta Platforms Inc

Meta is currently auctioning around 512.85. Bulls are aiming to defend this level, with a target of 515.39 as the next upside test. Continued buying could push Meta to 520.27, with strong momentum possibly leading the price to the high bull target at 526.29.

If 512.85 doesn't hold, bears will likely push the price lower to 508.25. Sustained selling pressure may lead to a further decline to 504.54. If this support is broken, the bears' final objective for the day could be the low bear target at 500.83.

Tesla Inc.

Tesla is currently trading near the key level of 228.45. Bulls are looking to push the price higher, with 230.65 being the first target. If buying strength continues, Tesla may rally toward 233.49. A strong broader market could see the price testing 235.74, with the high bull target for the day at 238.50.

If 228.45 doesn't hold as support, bears will look to test the downside at 226.53. Continued selling pressure could bring 223.98 into play. Should this level fail, the low bear target for Tesla today is set at 222.19.

Final Word: Today's trading session will be influenced by significant economic data, with the first notable release being the Unemployment Rate for August at 8:30 AM ET. This report will be released alongside Non-Farm Payrolls and Average Hourly Earnings, making 8:30 AM a critical moment for market participants. Both payroll data and wage growth are key indicators of economic health, often impacting market sentiment and Federal Reserve policy outlook.

Shortly after, at 8:45 AM ET, we'll hear from John Williams, a voting member of the Federal Reserve, whose comments may offer insights into the Fed's perspective on inflation and the labor market. His remarks could add volatility to the session, especially if they suggest any shift in monetary policy. As the day progresses, traders should stay vigilant, ready to act on sudden market moves. With these major catalysts on the horizon, expect volatility to spike and prepare accordingly for a challenging trading day. Trade safely, and 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.