Market Clubhouse Morning Memo - October 2nd, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, META, And TSLA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, 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 during our daily Morning Call, 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 initially showed a gap up but retreated to near Friday's closing price, currently navigating around our mark of 427.71. For a bullish scenario, an initial rise to 428.62 is preferred. If price sustains strength above 428.62, we aim for buyers to elevate it to our support tier of 429.28. If 429.28 remains solid during regular trading, our high bull target for the day is 430.05.

Should 427.71 fail as support, we expect bears to test 427.08. If selling prevails, a further test lower at 426.37 is likely. Heavy selling breaking this level will find strong support at 425.75. Continued sell-off could lower the price to 424.52. In case of a severe sell-side session today, our low bear target rests at 423.89.

Invesco QQQ Trust Series 1

The Q's QQQ also gapped up overnight but have reverted to near our pivotal level of 358.60. Bulls would aim to sustain above 359.39. If this level holds firm during regular trading, we anticipate 360.08 being tested first, followed by 360.79 as strong support. A strong auction could reach our high bull target for the day at 361.41.

Struggles to maintain above 358.60 may see bears taking charge, driving the price to 357.94. Continued selling could test the lower level of 356.83. If this level fails to hold, a bearish descent to 355.93 is likely. Should 355.93 also fail, the price may trade down to our low bear target for the day at 355.32.

Apple Inc.

Apple AAPL is navigating around our mark of 171.66. Bulls aim for 171.66 to hold as support, rallying to 172.35. Persistent bullish momentum could rally the price to 173.24. If bulls dominate, a push towards our high bull target for the day at 174.05 is expected.

If 171.66 fails to hold, a test lower at 171.03 is anticipated. Continued selling could drive bears to lower the price to 169.95. If this level breaks down, a bearish descent to our low bear target for the day at 169.02 is likely.

Microsoft Corp.

Microsoft MSFT gapped up overnight, now navigating around our support level of 316.04. Bulls aim to sustain above 316.04, reclaiming 318.48 as support during regular trading. Maintaining above this pivotal level could trigger a rally to 320.05. Continued buying could see the price reaching our high bull target for the day at 321.51.

Should 316.04 fail to hold, a bearish probe to 314.98 is expected. If this level breaks down, a further descent to 313.61 is likely, with persistent downside pressure potentially driving the price to our low bear target for the day at 311.91.

NVIDIA Corporation

NVIDIA NVDA is navigating around our key level of 439.87. Bulls would want to see a push to 442.76, establishing it as solid support. Upwards, bulls aim to drive the price to 444.38. Continued buying could lead to a rally to our high bull target for the day at 447.05.

If 439.87 fails to hold strong as support today, a bearish test to 436.56 is expected. If this level breaks down amidst selling, a price drop to 434.01 is anticipated. If bears dominate, a test lower at 432.36 is likely, with continued selling potentially visiting our low bear target for the day at 429.17.

Meta Platforms Inc

Meta META is navigating above our level of 301.71. For the bulls, sustaining strength above 301.71 and holding it as support is crucial, aiming for a rise to 304.77. Strong buying could further elevate the price to 308.16, with continued bullish momentum potentially reaching our high bull target of 309.51.

Should 301.71 fail to hold, bears might drive the price down to 300.23. Continued selling could see a further descent to 297.33. If this level breaks down, a bearish descent to our low bear target for the day at 295.97 is anticipated.

Tesla Inc.

Tesla TSLA is navigating around our mark of 250.25. Bulls aim for 250.25 to hold as support, driving the price to 252.38. Strong buying today could take the price to 254.28, with continued bullish momentum potentially reaching our high bull target of 257.56.

If 250.25 fails to hold as support, bears might drive the price down to 248.37. If this level breaks down, a bearish probe to 246.16 is anticipated, with heavy selling potentially driving the price to our low bear target for the day at 243.98.

Final Word: Today's session will be centered around limited data releases and a lineup of Fed speakers. Adaptability is crucial as Fed speakers can significantly sway market participants. Remain alert and have a safe and productive trading day. Good luck!

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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