Market Clubhouse Morning Memo - January 2nd, 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 pivotal level of 592.00. For bullish scenarios, buyers will aim for an initial move to 593.73. Sustained price action above 593.73 could lead to a push toward 596.57. If this level is maintained as support during regular trading hours, further upside potential exists, targeting 598.04. Our ambitious bull target for SPY today is set at 599.24.

On the downside, failure to maintain 592.00 as support could see sellers testing 589.71. If downward momentum intensifies, 587.31 becomes a critical level to watch. A breakdown below this support opens the door to 585.75. In an aggressive sell-off, we anticipate SPY could reach our low bear target of 584.68.

Invesco QQQ Trust Series 1

The QQQ is hovering around the critical 517.97 level. Bulls need to assert dominance here, pushing the price higher to reclaim 519.87 as a solid support. If buyers remain consistent, a move toward 521.15 is expected. Continued strength in the auction could result in a test of 522.57, with our high bull target for the day at 523.91.

Conversely, inability to hold 517.97 during the session could shift control to the bears, leading to a retest of 516.58. Should selling pressure intensify, 515.00 and eventually 513.64 could come into play. Persistent bearish activity may drive the QQQ down to the low bear target of 511.53.

Apple Inc.

Apple is currently trading near 250.39, a key level for today's session. Bulls need to maintain this level as support to pave the way for a rally to 252.13. If momentum builds, we could see further upside action toward 253.90. A sustained rally may ultimately lead to Apple reaching our high bull target of 255.16.

Failure to hold 250.39 as support could signal bearish intentions, driving the price lower to 249.04. Continued selling pressure might result in a move down to 248.12. If this level fails, 246.72 becomes the next target, with a deeper bearish session pushing Apple to the low bear target of 245.58.

Microsoft Corp.

Microsoft is trading near the 427.36 level. Bulls need to maintain this as a support area to encourage a rally to 428.48. Holding above this level could fuel further upward movement toward 429.25. Should buying momentum persist, we expect Microsoft to test the high bull target of 430.25.

On the flip side, a failure at 427.36 might invite selling, leading to a drop to 426.00. Continued bearish momentum could press the price down to 425.16. If this weakness continues, we foresee a test at 423.81, with the low bear target for the day at 422.84.

NVIDIA Corporation
NVIDIA is trading near its pivotal level of 136.98. Bulls must reclaim 137.94 as a firm support level to set the stage for a rally to 138.55. If the buying trend holds, further advances to 139.42 are possible, with our high bull target on the day at 140.28.

Failure to sustain 136.98 could bring bears into play, testing 135.64. If selling continues, the price could fall to 134.56. Persistent downside action might see NVIDIA probing 133.31, with the low bear target for the day at 132.19.

Alphabet Inc Class A

Alphabet is trading near the key level of 191.45. Bulls should aim to hold this level as support and push toward 192.19. A strong bullish presence could propel the price higher to 193.14, the high bull target for today.

If 191.45 fails to act as support, bears may test the downside at 190.41. A breakdown at this level could lead to 189.57. Heavy selling might result in Alphabet testing its low bear target at 188.73.

Meta Platforms Inc

Meta is trading around 591.29, a critical level for today’s auction. Bulls need to hold this level and drive the price higher to 598.17. Sustained bullish momentum could lead to further advances toward 604.50, with the high bull target set at 609.30.

Should 591.29 fail to hold as support, bears may seize control, pushing the price down to 585.73. Continued sell-side activity could test 580.17. If this level breaks, Meta could reach the low bear target of 573.25.

Tesla Inc.

Tesla is trading near 407.97, an important level to watch. Bulls will aim for an initial move to 413.10. If buying interest continues, the price could rally further to 416.62. A strong session might see Tesla testing 420.70, with the high bull target set at 426.23.

If 407.97 cannot hold, bears may target 403.43. Continued selling could drive Tesla lower to 399.03. If bearish pressure persists, Tesla might reach the low bear target of 390.23.

Final Word: As the first trading session of 2025 begins, today is marked by several key events. At 8:30 AM ET, the market will digest the Initial and Continuing Jobless Claims, providing early insights into the labor market. Shortly after, at 9:45 AM ET, the release of the Final S&P Global Manufacturing PMI for December will offer a snapshot of economic health.

Midday, at 11:30 AM ET, the Treasury’s 4 and 8 week Bill Auction could impact short-term yields. With many institutional desks still on holiday, trading may lack liquidity, leading to potential spikes in volatility. Traders are advised to exercise caution, manage risk effectively, and stay prepared for rapid market movements. Have a productive session, trade wisely, and cheers to a prosperous 2025!

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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