Market Clubhouse Morning Memo - December 31st, 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 near our critical level of 589.71. For bullish momentum, buyers need to hold this level and push towards 592.00. A sustained move above 592.00 would set the stage for a climb to 593.73, which we expect to act as a solid support level during the session. If this level holds firmly, we anticipate further bullish activity, targeting 596.57. A strong push beyond 596.57 could see SPY reaching its high bull target of 598.04.

On the flip side, if SPY fails to maintain 589.71 as support, we'll look for a bearish move toward 587.31. A break below this level could lead to a test of 585.75. Should the selling intensify, the next major support is at 584.68. If a strong sell-off unfolds, the bears could aim for the low bear target of 583.18.

Invesco QQQ Trust Series 1

The QQQ is currently trading around 517.97, a key pivot level for today. Bulls will aim to hold this level and drive the price toward 519.87. If this upward momentum continues, we anticipate a move toward 521.15, which could act as a pivotal support level for further upside. A sustained rally may push QQQ higher to test 522.57, with 523.91 set as the high bull target for the session.

However, if 517.97 fails to hold during regular trading hours, sellers may gain control, driving the price toward 516.58. Persistent selling pressure could lead to a test of 515.00, with further weakness likely bringing the price down to 513.64. If the bears dominate, the low bear target for the day sits at 511.53.

Apple Inc.

Apple is currently trading near our critical level of 252.13. Bulls will look to hold this level and push higher toward 253.90. If the buying momentum persists, we expect a climb to 255.16, which could act as a strong support level for continued bullish action. A breakout above this level could bring Apple to its high bull target of 256.09.

Should 252.13 fail to act as support, bears are likely to challenge the downside at 250.39. A break below this level could see further selling to 249.04. Continued bearish momentum may target 248.12, with the low bear target for the session sitting at 246.72.

Microsoft Corp.

Microsoft is currently hovering near 427.36, a crucial level for today. Bulls need to establish a stronghold above this level to drive the price toward 428.48. If this area becomes a solid support, we anticipate a push to 429.25, signaling potential for further bullish momentum. The high bull target for Microsoft today is set at 430.25.

On the downside, failure to maintain 427.36 could lead to selling pressure toward 426.00. A break below this level may push the price lower to 425.16, with further downside momentum likely testing 423.81. The low bear target for Microsoft is positioned at 422.84.

NVIDIA Corporation
NVIDIA is trading near its key level of 138.55. For bulls, reclaiming 139.42 and holding it as support is essential to fuel upward momentum. If successful, the next target is 140.28, followed by 141.21 on sustained buying pressure. A strong rally could lead NVIDIA to its high bull target of 142.35.

Conversely, if 138.55 fails as support, the bears may drive the price lower to 137.94. A breach of this level could bring 136.98 into play, with further downside targeting 135.64. Persistent selling may see NVIDIA reaching its low bear target of 134.56.

Alphabet Inc Class A

Alphabet is currently near 192.19, a pivotal level for today. Bulls will aim to hold this level and push the price to 193.14. If upward momentum continues, we could see a test of 194.34, the high bull target for the day.

Should 192.19 fail as support, bears are likely to drive the price lower to 191.45. Continued selling pressure may test 190.41, with heavy bearish activity potentially targeting the low bear level of 189.57.

Meta Platforms Inc

Meta is trading near its key level of 591.29. Bulls will look to maintain strength above this level and target 598.17 as the next upside marker. Sustained bullish activity could lead to a move toward 604.50, with the high bull target for Meta set at 609.30.

If 591.29 is lost as support, the bears may take control, driving the price lower to 585.73. Further downside pressure could bring the price to 580.17, with continued selling potentially pushing Meta to the low bear target of 573.25.

Tesla Inc.

Tesla is currently trading near 426.23, a crucial level to watch. For the bulls, holding this level and pushing toward 431.50 is key. If momentum builds, we could see a test of 437.95, with a bullish rally targeting 448.48. The high bull target for Tesla today is 454.90.

On the downside, failure to hold 426.23 as support could lead to selling pressure toward 420.70. Continued bearish momentum might drive the price to 416.62, with heavy selling targeting the low bear level of 413.10.

Final Word: As we wrap up the final trading session of 2024, market participants should anticipate lighter-than-usual volumes due to the holiday season. At 9:00 AM ET, the FHFA House Price Index for October will provide insights into housing market trends, while the Dallas Fed Services Activity report at 10:30 AM ET may offer a glimpse into regional economic health. However, these releases are unlikely to spark significant market moves.

The real focus today will be on end-of-year flows, with attention on volume spikes and options activity as institutions finalize their books. This unique environment may lead to unusual price behavior, so traders should remain alert to potential volatility. With that in mind, trade with caution, manage your risk effectively, and take a moment to reflect on your accomplishments this year. Good luck, and wishing you a prosperous New Year ahead!

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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