Market Clubhouse Morning Memo - October 9th, 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 SPY is currently trading near the 572.15 mark, with bulls aiming to drive the price higher toward 573.50. If buying pressure holds above 573.50, we expect a test of 574.65, which could act as a support level during regular trading hours. Should momentum continue favoring the bulls, the next upside target would be 575.67, with a potential extension to the high bull target for the day at 576.62.

On the downside, if SPY fails to maintain support at 572.15, we anticipate sellers pushing the price lower to test 571.06. A break below this level could see increased bearish momentum, targeting 569.98. If selling accelerates, the next significant support level to watch is 569.16, with a low bear target set at 567.81 for a more pronounced decline.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently around the key level of 487.69, where bulls are looking for a move higher past 490.05. Sustained buying above this point could bring 491.82 into play, setting up 493.60 as the next target if the uptrend holds. A continuation of bullish activity may lead to a test of 495.35, with the high bull target set at 496.94 for the day.

If the price struggles to stay above 487.69, it could signal a shift towards bearish control, with a move down to 486.10 likely. Further selling pressure might result in a test of the 483.95 level, and if sellers remain dominant, 481.73 could be reached. Should this area fail to act as support, the Q's might see a move down to the low bear target at 479.03.

Apple Inc.

Apple AAPL is trading near the 225.31 level, with bulls aiming to establish it as a support zone for a move up to 226.08. A breakout above this level could see prices targeting 226.90, with a rally toward 227.82 possible if buyers remain in control. This high bull target would likely be reached if Apple sees a continuation of the day's bullish sentiment.

Should the 225.31 level fail to hold, sellers may take over, potentially driving the price down to 223.87. If selling pressure increases, the 222.96 mark could come into play, and any breach below this level might push Apple lower to 222.24. A further breakdown could see the price hit the low bear target for the day at 221.66.

Microsoft Corp.

Microsoft MSFT is currently trading near 416.32, with bulls aiming to defend this level as support. If successful, the price could rally to 417.25, setting the stage for a potential run to 419.17. Continued bullish activity might bring 420.26 into focus, which represents the high bull target for today’s session.

Conversely, if 416.32 fails to hold during trading hours, a downward move to 414.56 could be expected. Additional selling could then test 413.14, with 411.72 acting as a critical level for further downside risk. Should bears gain momentum, the low bear target for Microsoft stands at 410.64.

NVIDIA Corporation

NVIDIA NVDA is trading close to 134.56, with the bulls striving to push the price higher to 135.64. If this level is reclaimed as a support, the stock could see an upward move to 136.98. Continued bullish momentum might push the auction up to 137.94, with the high bull target set at 138.55 for today.

If NVIDIA struggles to hold above 134.56, we could see the bears testing the downside at 133.31. Failure to hold this level could open the door for a move to 132.19, and persistent selling pressure may drive the price further down to 131.42. The low bear target for the day is positioned at 129.53 if the downward trend accelerates.

Alphabet Inc Class A

Alphabet GOOGL is currently trading near 163.79, where bulls are focused on holding this level as support for a move up to 165.41. If buying pressure remains strong, the stock may push toward 167.04, marking the high bull target for the day. Continued upside momentum will be necessary to sustain any further gains.

Should the price dip below 163.79, sellers might look to test the 161.79 level. A break lower could see the stock moving to 160.36, where significant support may be required to prevent further declines. If this support fails, the auction could target the low bear mark at 158.54.

Meta Platforms Inc

Meta META is trading around 591.29, with bulls eyeing a breakout above this level to reach 598.17. If this push higher materializes, further buying strength could see the price challenge 604.50, setting the stage for a test of 609.30, which stands as the high bull target.

In the event that Meta cannot sustain support at 591.29, bears may drive the price down to 585.73. Continued selling could then target 580.17, and should this level give way, a move to 573.25, the low bear target, could unfold as sellers tighten their grip.

Tesla Inc.

Tesla TSLA is near the key level of 243.98, where the bulls will aim for a rally up to 246.16. If the price stays supported at this level, 248.37 could be the next target, with a potential extension to 250.25 if bullish momentum continues. The high bull target on the day for Tesla stands at 252.38.

Should 243.98 fail to hold, we could see a move lower to 242.49. If selling pressure persists, the price may test 239.92, and any further weakness could bring Tesla down to the low bear target of 238.50.

Final Word:Today's trading session brings several important events that could influence market activity. At 10:00 AM ET, the Final Wholesale Inventories data for August will be released, offering insights into supply chain dynamics and economic health. The Treasury will hold a 10-year note auction at 1:00 PM ET, potentially affecting bond yields and equity markets. 

The FOMC Meeting Minutes at 2:00 PM ET are highly anticipated, providing details about the Fed's policy discussions in September, which may give clues on future rate moves. Throughout the day, we will hear from several Federal Reserve speakers: Bostic at 8:00 AM ET, Logan at 9:15 AM ET, Goolsbee at 10:30 AM ET, Barkin at 12:15 PM ET, followed by Collins and Daly after the market closes. Expect increased volatility as traders react to the various Fed remarks and the FOMC minutes. Stay alert, manage risk carefully, and trade wisely!

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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day—hours before it's published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.

For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.