Market Clubhouse Morning Memo - September 23rd, 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 around our key level of 567.81. For the bulls, we are targeting an initial move higher towards 569.16. If buying strength persists and this level is reclaimed, we expect the next upside target to be 569.98. Should 569.98 hold during the regular session, a further push could take the price to 571.06. Our highest bullish objective for SPY today stands at 572.15.

On the downside, if 567.81 fails to hold as support, bears could challenge the strength of 566.46. A breakdown from this level might see a decline to 565.38. If sellers continue to dominate, we may see further downside pressure toward 564.29. Should today's session intensify with selling, the lowest bear target for SPY is set at 563.23.

Invesco QQQ Trust Series 1

The Q's are hovering near our critical level of 481.73. Bullish momentum would need to push the price above this level for a move higher towards 483.95. If 483.95 is captured as a firm support, buyers could aim for 486.10. Should the market continue to rally, we expect the next level of resistance to come in at 487.69. The ultimate bull target for today is set at 490.05.

If the auction struggles to maintain 481.73 during today's session, we expect the bears to take control and push the price lower to 479.03. If selling continues, look for further tests of support at 476.85. A failure here could bring about a move to 474.66, with the low bear target for the Q's placed at 471.33 if the downtrend persists.

Apple Inc.

Apple is currently auctioning around the level of 227.82. A bullish breakout above this key level could see the price heading toward 229.03. Continued buying pressure could lead to a test of 230.25, with buyers looking to maintain control. If momentum carries through, we expect the price to move toward our high bull target for the day at 231.76.

Should 227.82 break down during regular trading hours, bears may take charge, testing lower support at 226.90. Further downside pressure could result in a drop to 226.08. If sellers maintain control, the next target would be 225.31. If the selloff intensifies, we are looking for the price to hit the low bear target for Apple at 223.87.

Microsoft Corp.

Microsoft is trading near our pivotal level of 432.49. Bulls will need to hold this level to push higher, aiming for 434.49 to act as a support level during the session. If buying pressure builds, we anticipate a move towards 435.79. A continued uptrend could push Microsoft to the high bull target of 437.10.

If the market cannot hold 432.49 as support, we expect bears to take the price lower, first testing 431.25. A break below this level could open the door for further downside to 430.25. Should the selling continue, we may see a test of 429.25, with the lowest bear target set at 428.48.

NVIDIA Corporation

NVIDIA is auctioning near the level of 116.61. Bulls are looking to reclaim 117.86 and establish it as support. If they succeed, this could pave the way for an upward move to 119.44. Strong buying pressure could see the price reaching 120.27, with the high bull target for the day sitting at 121.97.

If 116.61 does not hold as support, we anticipate a bearish test at 115.83. A breakdown from here could lead to further declines toward 115.15. Should sellers maintain control, a test at 114.29 is likely. If the sell-off deepens, NVIDIA may fall to the low bear target of 113.68.

Alphabet Inc Class A

Alphabet is trading around 163.79, and for the bulls to gain control, they need to push the price up to 165.41 and hold it as support. If the auction is strong, we anticipate a move toward 167.04, which is our high bull target for the day.

If 163.79 is lost as support, the bears are likely to push the price lower, targeting 161.79. Should the selloff intensify, the next downside objective is 160.36. If bearish momentum continues, we are looking for a test of the low bear target at 158.54.

Meta Platforms Inc

Meta is currently trading near 565.53. Bulls will need to hold this level and push higher to 573.25 for a potential upside continuation. If buying momentum holds, a rally could bring the price to 580.17. If the bullish momentum persists, we anticipate a move toward the high bull target for the day at 585.73.

If 565.53 is breached during today's session, bears could take the price lower to 559.29. A continuation of the downtrend may see further selling pressure pushing the price to 553.05. If this level breaks, we expect Meta to fall to the low bear target of 548.44.

Tesla Inc.

Tesla is trading near our key level of 242.49. Bulls will need to push the price above this level to see a rally towards 243.98. Continued buying momentum could bring the price up to 246.16. If the broader market supports a bullish rally, Tesla could test higher at 248.37. The high bull target for the day stands at 250.25.

On the downside, if 242.49 fails to hold, we expect a test of lower support at 239.92. A breakdown from this level could result in a drop to 238.50. Should the selloff continue, the bears could push Tesla to the low bear target at 235.74.

Final Word:Today’s trading session is filled with economic indicators that could influence market direction. At 8:30 AM ET, we begin with the Chicago Fed National Activity Index for August, which provides a broad measure of economic activity. At 9:45 AM ET, the focus shifts to the S&P Global Manufacturing PMI, offering insights into September's production and business conditions. These reports may play a crucial role in shaping the market's tone early on.

Fed commentary will also be a key driver of market sentiment, with multiple speeches scheduled throughout the day. Bostic, a voting member, speaks at 8:00 AM ET, followed by Goolsbee at 10:15 AM ET and Kashkari at 1:00 PM ET. Keep an eye on their remarks as any hints on monetary policy or economic outlook could stir volatility. It’s essential to monitor volume and market reactions closely, as these events are likely to generate quick and significant price movements. Stay alert 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.