Market Clubhouse Morning Memo - December 17th, 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

The SPY is currently trading around our critical level of 605.41. Bulls will want to see a steady push above 606.34 and hold this level as firm support. If buyers maintain control, we expect momentum to carry the price toward 607.55. A successful hold at 607.55 could encourage further bullish activity, pushing SPY up to 608.35. If buying strength persists, the high bull target for the session is set at 609.33.

Should 605.41 fail to hold as support, bears will aim to drive the auction lower to 604.45. Increased selling pressure could lead to a test of 603.38. If sellers maintain dominance and break through 603.38, we have strong support at 602.37. In the event of an aggressive selloff, our low bear target for SPY on the day is 601.22.

Invesco QQQ Trust Series 1 QQQ

The QQQ is auctioning around the key level of 536.95. Bulls will look for this level to hold firm as support, allowing buyers to target 539.02 as the next upside level. A decisive break above 539.02 may bring 540.60 into play. Continued upward momentum and strength could test higher at 542.31. If the auction remains bullish, the high bull target for the session is 543.58.

If 536.95 fails to hold during regular trading hours, bears will take the opportunity to push the price lower to 535.30. Continued weakness could lead to a test of 533.70. If sellers are persistent and break through this level, we anticipate a move toward 532.52. Failure at 532.52 may open the door for bears to push QQQ down to the low bear target of 530.70.

Apple Inc. AAPL

Apple is currently auctioning near our support level of 250.39. Bulls need to hold this level and push higher to test 252.13 as the next area of interest. A strong move above 252.13 could lead to further upside momentum, targeting 253.90. If buyers remain in control, we expect a rally toward our high bull target of 256.09 for the session.

If 250.39 fails as support during the session, sellers will aim to drive the price lower toward 249.04. Continued bearish pressure may bring 248.12 into focus. If this level breaks under heavy selling, the bears will look to push Apple further down to 246.72. In a more aggressive selloff scenario, the low bear target for the day is 245.58.

Microsoft Corp. MSFT

Microsoft is auctioning near the key support level of 450.26. Bulls will aim to defend this level and push higher to test 453.02 as the next upside objective. If buyers succeed in holding above 453.02, we anticipate a rally toward 455.77. Sustained bullish momentum could see the auction push up to the high bull target for the session at 457.25.

On the downside, if 450.26 fails to hold as support, sellers will look to test the strength of 448.18. Continued bearish control could lead to a breakdown to 446.33. Should sellers intensify their push lower, the price may move to 444.95. A particularly weak session could see Microsoft reach the low bear target of 442.95.

NVIDIA Corporation NVDA
NVIDIA is currently auctioning around the key level of 129.53. Bulls need to push higher and reclaim 131.42 as a solid level of support. If buying strength continues, the next level to watch is 132.19. A sustained rally could lead to a push toward 133.31. If bulls remain in control, our high bull target for the day is set at 134.56.

If 129.53 fails to hold as support, bears will look to test lower at 128.10. Continued selling could bring 126.84 into play as the next downside target. If weakness persists and sellers dominate the session, we anticipate a test of 125.21. In a more aggressive sell-side scenario, the low bear target for NVIDIA is 123.41.

Alphabet Inc Class A GOOGL

Alphabet is auctioning around the critical level of 196.25. Bulls will look to defend this level and push the price toward 196.97 as the next upside objective. Continued strength could lead to a test of 197.79, which serves as our high bull target for the session.

Should 196.25 fail as support, sellers will aim to push Alphabet lower to 195.41. If this level breaks, bears will likely test 194.34. In the case of further downside momentum, we expect the auction to move toward our low bear target for the day at 193.14.

Meta Platforms Inc META

Meta is trading around 622.01, a critical level for bulls to maintain. If this support holds, a push toward 629.88 could be expected. Continued buying pressure might lead to a test of 635.49, with further bullish momentum bringing the high bull target of 642.59 into play.

If 622.01 breaks as support, bears could drive the price down to 615.65. Further selling might target 609.30, with heavy bearish momentum potentially taking Meta to the low bear target at 604.50.

Tesla Inc. TSLA

Tesla is currently auctioning around our key level of 471.48. Bulls need to push higher and reclaim 480.83 as a firm level of support. Continued strength in the broader market could see Tesla rally toward 492.46. If buying accelerates, the next upside target to watch is 502.25. The high bull target for Tesla today is 511.58.

On the downside, if 471.48 is lost, bears will aim for a move lower to 462.12. Further selling could bring 454.90 into play. Should this level fail to hold, sellers may target Tesla down to the low bear level of 448.48 during the session.

Final Word:  Today's trading session features several key economic reports that could influence market sentiment. At 8:30 AM ET, we'll see the release of November's Advance Retail Sales alongside the New York Fed Services Business Activity report for December. Canadian CPI data for November will also be released at the same time, which could impact broader markets.

Later, at 9:15 AM ET, we'll get updates on Industrial Production, Capacity Utilization, and Manufacturing Production, providing insights into the health of the manufacturing sector. At 10:00 AM ET, Business Inventories for October and the NAHB Housing Market Index for December will be released. These data points will give a clearer picture of economic momentum heading into year-end.

A notable event to watch this afternoon is the 20-Year Bond Auction at 1:00 PM ET, which could lead to shifts in the bond market and potentially impact equities. Today's session is expected to bring heightened volatility as traders position ahead of tomorrow's FOMC rate decision. Be ready for swift market movements, manage risk carefully, and stay prepared to act on key economic updates. Good luck, and trade with discipline!

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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