Market Clubhouse Morning Memo - September 27th, 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 SPY is currently trading near the key level of 572.15. For bulls, the first goal is to push the price higher toward 573.50, which would suggest strong buying momentum. If the price can hold above 573.50, the next target would be a move to 574.65. If buyers continue to dominate, we could see a push toward 575.67, with a high bull target of 576.62 for the session.

Should the price fail to hold 572.15 as support, the bears will likely aim for a test of 571.06. If selling pressure increases, sellers could push the price down to 569.98. A breakdown below this level could lead to further downside with support at 569.16. If the selling intensifies, the low bear target for the day is 567.81.

Invesco QQQ Trust Series 1

QQQ QQQ is currently trading around our critical level of 487.69. Bulls will be looking for price action to remain above this level and build strength toward 490.05. If buyers can maintain momentum, we may see a rally up to 491.82. Further strength could push QQQ to a test of 493.60, with the high bull target for the day set at 495.35.

On the downside, if QQQ struggles to hold above 487.69, bears may take control and look to drive the price lower to 486.10. If weakness continues, 483.95 comes into play as a potential target. A break below 481.73 could trigger more selling, with a low bear target at 479.03.

Apple Inc.

Apple AAPL is currently auctioning near 227.82. For bulls, a key goal is to hold 229.03 as support and drive the price toward 230.25. Should buying pressure continue, we could see a move to 231.76. If buyers maintain control of the session, the price may rally to a high bull target of 233.28.

If 227.82 does not hold, bears will likely seek to test 226.90 on the downside. Continued selling pressure may push Apple lower to 226.08. If this level fails to hold, the price could slide further toward 225.31. In an aggressive sell-off, the low bear target for the day would be 223.87.

Microsoft Corp.

Microsoft MSFT is trading around 430.25, with bulls looking to hold this level as support and push toward 431.25. If buyers can sustain momentum above 431.25, the next target would be 432.49. A strong rally could see the price reach a high bull target of 434.49 for the day.

If 430.25 cannot hold as support, sellers may push Microsoft down to 429.25. Continued downside pressure could lead to a test of 428.48. If selling accelerates, the bears will aim for a low target of 426.00 on the day.

NVIDIA Corporation

NVIDIA NVDA is currently trading around 121.97. Bulls are focused on pushing the price to 123.41, which would serve as a strong support level if held. Continued buying pressure may lead to a test of 125.21, with additional strength pushing the price to 126.84. The high bull target for the session is 128.10.

If 121.97 fails to hold, bears could target 120.27 for a downside move. If sellers increase their pressure, the price may drop to 119.44. A break below this level could lead to further losses, with a low bear target of 116.61.

Alphabet Inc Class A

Alphabet GOOGL is trading around the key level of 163.79, with bulls looking to hold this level as support and drive the price to 165.41. If buying momentum continues, a rally toward the high bull target of 167.04 could be in play for the day.

If Alphabet fails to hold 163.79, bears may push the price down to 161.79. Should sellers maintain control, the price could drop to 160.36, with a further downside move potentially bringing the low bear target of 158.54 into focus.

Meta Platforms Inc

Meta META is currently trading near 565.53. Bulls will aim to keep the price above this level and push toward 573.25. A continuation of buying strength could drive the price to 580.17, with the high bull target for the session at 585.73.

If 565.53 fails as support, bears may target 559.29. Continued selling pressure could see the price drop to 553.05. If the sell-off persists, Meta may hit a low bear target of 548.44.

Tesla Inc.

Tesla TSLA is trading around the key level of 256.34. Bulls will be looking for a move higher to 257.56 and beyond. If buyers continue to push, we could see a rally up to 259.81. If the broader market supports a bullish move, Tesla may test the 262.68 level, with a high bull target at 264.46.

If 256.34 fails to hold as support, bears will likely aim for a test lower at 254.28. Further selling could lead to a drop to 252.38. If the bears maintain control, Tesla could slide to the low bear target of 250.25.

Final Word: Today's session is critical as several key economic reports are released, potentially shaping market sentiment. At 8:30 AM ET, we'll receive the Personal Income, Personal Spending, and August PCE Price Index reports, which are closely watched by the Federal Reserve to assess inflation trends. These releases could influence the market's direction early in the day. At 10 AM ET, the final University of Michigan Sentiment report for September, along with 1-Year and 5-10 Year inflation expectations, will be crucial in gauging consumer confidence. Finally, at 11 AM ET, the Kansas City Fed Services Activity for September will round out the day's economic data. These indicators combined could create heightened volatility, so it's important to stay agile and manage risk effectively. Good luck, trade safe, 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.