Market Clubhouse Morning Memo - September 16th, 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 is currently trading near 561.90, a key level to watch. For the bulls, a push above 563.23 could set the stage for further upside. If buyers manage to maintain momentum beyond this point, we expect a move to the next target at 564.29. Holding 564.29 as support during regular hours may pave the way for a rally to 565.38. If buying pressure persists, we could see a bullish target of 566.46 by the session's close.

On the downside, if SPY struggles to maintain 561.90 as support, we could see selling pressure take over. Bears may test 560.83, and if the selling intensifies, they could drive the price lower to 559.75. A break below this could bring a stronger test at 558.32. If the market experiences aggressive selling, our low bear target for SPY today would be 557.44.

Invesco QQQ Trust Series 1

The QQQ is currently trading around 474.66, an important level for bulls to hold. If buyers can maintain control above this level, we could see a test of 476.85. A sustained move beyond this could lead to a challenge of 479.03, with further bullish activity potentially pushing the price to 481.73. In a strong upward scenario, the high bull target for today would be 483.95.

If QQQ fails to hold 474.66, bears may step in and target 471.33. A break lower could bring a move to 469.27, with persistent selling pressure likely testing 467.60. If this level does not hold, the bears may drive the price down to our low bear target for the day at 465.93.

Apple Inc.

Apple is currently auctioning around the 218.08 level. For the bulls to stay in control, we need to see 218.08 hold as support. A rally could take the price to 219.19, with continued buying pressure driving it further up to 220.29. If Apple shows strength, a bullish move may lead to a test of the high bull target for the day at 220.97.

Should 218.08 fail to hold, bears will likely aim for a test of 216.70. Further selling could bring the price down to 215.25, with persistent downward momentum possibly driving Apple lower to 214.07. If the selloff intensifies, our low bear target for the day would be 212.44.

Microsoft Corp.

Microsoft is trading around the key level of 430.25. Bulls will look to hold above this level, targeting a move to 431.25. If buyers can maintain strength above this point, we may see a rally to 432.49. A continued push to the upside could bring Microsoft to the high bull target of 434.49 by the end of the session.

If 430.25 cannot hold as support, bears may take control and drive the price down to 429.25. A break below this level could lead to a test of 428.48. Should selling pressure persist, Microsoft may see further downside to 427.36, with the low bear target set at 426.00.

NVIDIA Corporation

NVIDIA is trading near 116.61, a critical level for bulls to defend. A move higher could target 117.86, with further bullish momentum driving the price to 119.44. If buying pressure remains strong, we may see a rally up to 120.27, with the high bull target for NVIDIA at 121.97.

If 116.61 breaks to the downside, we could see bears push the price lower to 115.83. A break below this level could lead to a test of 115.15, with continued selling likely bringing the price down to 114.29. Should the selloff deepen, the low bear target for NVIDIA today would be 113.68.

Alphabet Inc Class A

Alphabet is currently trading near 157.41, a key support level for bulls. A hold above this level could trigger a move to 158.54. If buyers maintain momentum, we could see a test of the high bull target at 160.36. A strong bull-side auction may drive prices higher throughout the session.

If 157.41 cannot hold as support, sellers may take over, pushing Alphabet down to 156.61. If selling continues, we could see a test of 155.59, with further downside momentum potentially targeting the low bear level of 154.95.

Meta Platforms Inc

Meta is trading near 526.29, which is a critical level for bulls to maintain. A sustained push above this level could lead to a move to 531.03. If the auction remains strong, bulls could target 534.33. A solid breakout from this point might result in Meta reaching the high bull target at 537.68.

If 526.29 breaks to the downside, bears could push Meta down to 520.27. Continued selling pressure may lead to a test of 515.39. If sellers dominate the session, we could see Meta drop to the low bear target for the day at 512.85.

Tesla Inc.

Tesla is trading near 230.65, with bulls looking to push the price higher. A breakout above 233.49 could signal further strength, with the next target at 235.74. If buying pressure continues, Tesla could test 238.50, with a strong bull session possibly taking it to the high bull target at 239.92.

If 230.65 fails to hold, bears may push Tesla lower to 228.45. Continued selling could bring the price down to 226.53. If the selling pressure persists, Tesla may drop further, with the low bear target set at 223.98 for today’s session.

Final Word: Today's trading session begins relatively quietly, with traders watching for key events later in the week such as the FOMC rate decision on Wednesday and Triple Witching on Friday. Traders should keep an eye on the Empire Manufacturing data for September, due at 8:30 AM ET today, as it could offer early market direction. Later in the day, at 11:30 AM ET, the Treasury will conduct a 3-month and 6-month Bill Auction, which could impact short-term rates.

With no major economic releases today, we may see more positional trading as market participants prepare for the larger catalysts later in the week. The quiet start provides an opportunity for traders to fine-tune their strategies and focus on technical levels. Use today to assess market sentiment ahead of Wednesday’s FOMC meeting and Friday’s Triple Witching, both of which are expected to bring heightened volatility. Stay vigilant, manage your risk, and trade safely!

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.