Market Clubhouse Morning Memo - October 22nd, 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 hovering around 580.67, a critical level for bulls. If buyers can sustain momentum and push beyond 581.97, we might see an attempt to move toward 583.18. Should this level hold strong, an upward drive could target 585.37. In a robust bullish scenario, the final objective for the day could be at 587.31, marking the high bull target.

Conversely, if 580.67 fails to hold as support, sellers could begin testing the downside, starting with 579.12. Continued bearish momentum may pressure prices lower to 577.87. Should significant selling persist, a drop to 576.62 is possible, with the ultimate downside target for the day set at 575.67.

Invesco QQQ Trust Series 1

QQQ QQQ is currently auctioning near 491.82, a pivotal support level. A break above this could lead to a rally toward 493.60. If buyers can hold 493.60 as support, a further move higher might bring 495.35 into focus. A solid bull run could ultimately target 496.94, with the high bull goal for the day at 498.37.

However, failure to hold 491.82 during regular trading hours could see the bears stepping in to push prices lower to 490.05. A break below this may lead to a test of 487.69. Should bearish pressure intensify, 486.10 could come into play, with 483.95 acting as the low bear target.

Apple Inc.

Apple AAPL is trading near 234.97, a key level for bulls to maintain control. If buyers can hold above this level, a rally to 235.74 is possible. Further strength could push prices toward 236.69, and in a continuation of bullish activity, we could see Apple reach the high bull target at 237.49.

On the flip side, if 234.97 breaks as support, the bears may drive the price lower to 234.20. A failure to hold here could lead to a deeper drop toward 233.28. With persistent selling, 231.76 may be tested, and the low bear target for the day is 230.25.

Microsoft Corp.

Microsoft MSFT is auctioning around 416.32, a key level for bulls to defend. If this level holds, we might see a move higher toward 417.25, where buyers will need to maintain support. A continued bullish trend could push the price to 419.17, with the high bull target for the session at 420.26.

Should 416.32 give way to selling pressure, the bears could test 414.56 on the downside. A break below this could lead to further declines to 413.14, and if the downward momentum continues, the next level to watch is 411.72. The low bear target for the day sits at 410.64.

NVIDIA Corporation

NVIDIA NVDA is currently hovering around 142.35, a crucial area for bulls. If buyers step in, a move higher toward 144.21 is expected, and a strong rally could see the price reaching 145.61. If the auction remains favorable for bulls, the day’s high target could stretch to 147.06, with a final goal of 148.52.

Should the auction turn bearish and 142.35 breaks, the bears might test lower at 141.21. Failure to hold this level could lead to further selling down to 140.28. In a weak auction, the next area of support would be 139.42, with the low bear target set at 138.55.

Alphabet Inc Class A

Alphabet GOOGL is trading around 163.79, a key level for bulls to hold. If buyers can maintain control, a move higher toward 165.41 is possible. Continued bullish momentum could see prices pushing toward 167.04, the high bull target for the session.

If 163.79 fails as support, sellers could drive the price down to 161.79. A break below this could lead to a test of 160.36. If selling accelerates, the bears may push prices down to the low bear target of 158.54.

Meta Platforms Inc

Meta META is currently auctioning near 573.25, where bulls will look to defend and potentially push higher. If buying pressure sustains, the next target is 580.17. Strong momentum may carry the price to 585.73, with the high bull target for the day at 591.29.

Should the auction turn bearish and 573.25 breaks, sellers could push Meta lower to 565.53. Further downside pressure could bring the price to 559.29, and in a more aggressive selloff, we could see Meta test the low bear target at 553.05.

Tesla Inc.

Tesla TSLA is auctioning near a critical level of 217.78. If bulls can hold above this, we might see a push toward 219.39, with additional buying pressure targeting 220.65. In a broader market rally, Tesla could aim for 222.19, and the high bull target for the day stands at 223.98.

On the other hand, failure to hold 217.78 as support could lead to a test lower at 216.31. Continued selling pressure might bring the price down to 213.88. If this level breaks, the low bear target for Tesla today is 211.53.

Final Word: Today’s session begins with the release of the Philly Fed Non-Manufacturing Activity data for October at 8:30 AM ET, which could give early directional cues. At 10 AM ET, traders will be watching the Richmond Fed Manufacturing Index and Business Conditions data for potential market-moving implications. Additionally, Harker, a non-voting Federal Reserve member, will be speaking at the Philly Fed's Annual Fintech Conference, which could provide some insights into the Fed’s thinking.

While the morning's economic data is relatively low-impact, most traders will likely position ahead of major tech earnings set for Wednesday after the market closes. Tech earnings have the potential to shift market sentiment and lead to increased volatility in the coming sessions. Stay sharp, manage your risk, and good luck trading today!

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.