Market Clubhouse Morning Memo - September 12th, 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 near our critical level of 555.11. For the bullish case, we need to see a move above 556.27, which would signal buyers taking control. If the strength continues, a push toward 557.44 would be ideal. Sustained buying pressure above this level could propel the price to 558.32, with 559.75 being the high bull target for the session.

On the downside, if 555.11 fails to hold, the bears will likely target 553.66. A break below this level could lead to a test of 552.50. Should the sell-off continue, 551.33 becomes the next major support. In an extreme sell-off scenario, we would anticipate the price testing the low bear target of 550.45.

Invesco QQQ Trust Series 1

The QQQ is currently hovering around the key level of 469.27. For bulls, holding above this point is crucial, with a breakout above 471.33 signaling the potential for further upside. A continued rally could take the price to 474.66, with buyers likely aiming for a test at 476.85. If momentum remains strong, 479.03 would be the high bull target for the day.

However, if 469.27 breaks to the downside, the bears will be looking to drive the price lower toward 467.60. Should selling pressure persist, the next stop would be 465.93. A further breakdown could see a test of 463.56, with a possible plunge to the low bear target of 462.14 if the sellers maintain control.

Apple Inc.

Apple is trading near 222.24, and for bulls, it's essential to defend this level. If the price holds, we could see a move toward 222.96. A successful rally from here could take the price to 223.87, with continued strength leading toward the high bull target of 225.31.

On the flip side, if 222.24 fails to provide support, the bears will likely push the price down to 221.66. A break below that would open the door for a drop to 220.97. Persistent selling pressure could lead the auction to test 220.29, with the low bear target for the day sitting at 219.19.

Microsoft Corp.

Microsoft is currently trading around 423.81. For bulls, holding above this level is key, with an upside move to 425.16 signaling further strength. Continued buying pressure could push the price toward 426.00, and if momentum continues, 427.36 is the high bull target for the session.

If 423.81 fails to hold, the bears will likely test 422.84. A breakdown below this level could lead to a move down to 421.62. Should the sell-off intensify, 420.26 becomes the next major support level, with the low bear target set at 419.17.

NVIDIA Corporation

NVIDIA is currently auctioning near 117.86. Bulls will want to see a push up to 119.44 and for this level to hold as support. If buying pressure continues, we could see a move to 120.27. A strong rally could lead to the high bull target for the day at 123.41.

If 117.86 does not hold as support, the bears will be eyeing 116.61. A break below this level could trigger further selling, taking the price to 115.83. If sellers maintain control, 115.15 will come into play, with the low bear target being 114.29.

Alphabet Inc Class A

Alphabet is currently trading around 152.94. Bulls are looking to see a hold above this level, with a push to 153.54 signaling bullish control. Continued momentum could take the price to the high bull target of 153.93.

If 152.94 cannot hold, the bears will aim to push the price down to 152.27. A break below this level could lead to a test of 151.24. Further selling could bring the price down to the low bear target for the day at 150.41.

Meta Platforms Inc

Meta is auctioning near 512.85, and for bulls, holding above this level is key to seeing a rally to 515.39. If buying momentum strengthens, a test of 520.27 is likely. A strong rally could push the price to the high bull target of 526.29 for the session.

On the downside, if 512.85 breaks, the bears will look to drive the price down to 508.25. Continued selling pressure could lead to a move to 504.54, with the low bear target for the day set at 500.83.

Tesla Inc.

Tesla is trading around the key level of 226.53. Bulls will want to see a push toward 228.45, with a rally to 230.65 signaling strength. If buying momentum continues, a test of 233.49 is likely, and a surge to the high bull target of 235.74 could be on the cards.

Should 226.53 fail to hold, the bears will likely test 223.98. If selling persists, the next level to watch is 222.19. A break below this level could see the price drop to the low bear target of 220.65.

Final Word:  Today's trading session offers multiple opportunities for volatility, starting with the release of the PPI Final Demand for August at 8:30 AM ET. At the same time, traders will be watching Initial and Continuing Jobless Claims data, as these reports provide insights into labor market health. Later, at 1:00 PM ET, the Treasury's 30-Year Bond Auction could impact interest rate expectations, making it another key event. 

Given the close proximity of these economic data releases to next week's FOMC rate decision, traders should be prepared for significant price fluctuations. Today’s session may serve as a precursor to market reactions in anticipation of the Fed's next move. Stay cautious, manage risk carefully, and remain adaptable in this dynamic environment. 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 unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.