Market Clubhouse Morning Memo - October 26th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, AMZN, And TSLA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, META, AMZN, 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

Currently, SPY SPY is trading near the mark of 414.46. Bullish traders would favor an initial ascent to 415.08. If the momentum stays robust above 415.08, the expectation is for buyers to drive the price to our support benchmark of 415.71. Should 415.71 remain intact during the standard trading hours, an upward push surpassing 416.54 is anticipated. The high bull target for SPY today is pegged at 417.47.

If the support at 414.46 gives way, bearish traders might challenge the fortitude of 413.59. Presence of sellers could lead bears to test lower at 412.97 and 415.59. Should heavy selling breach that level, two solid support tiers at 412.07 and 411.67 await below. A harsh sell-off session today could see our low bear objective for the day at 411.07.

Invesco QQQ Trust Series 1

The Q's QQQ are trading around the crucial point of 346.80. Bulls aim to see buyers above 347.95. If this mark withstands as support, 349.28 is eyed as strong support. Persistent buying force could make 351.00 a reality. With sturdy buying momentum, bulls might challenge 352.55 upward. Today's high bull target for the Q's stands at 353.50.

Should the trade falter to sustain above 346.80 during today's standard trading hours, bears could seize control, pushing lower to 344.50. Weakness might propel bears to test further down at 342.32. If this level crumbles as a sturdy support, a bearish descent to the day's low bear target of 339.93 is anticipated.

Apple Inc.

Apple's AAPL current trading vicinity is around 169.02. For bullish outlook, 169.02 needs to be maintained as support. Bulls envision a rally to 169.95. Sustained bullish energy could escalate the price to 171.03. If bulls reassert control today, an upward push to the day's high bull target of 171.66 for Apple is desired.

Conversely, if 169.02 is breached as support during standard trading hours, a lower test at 167.74 is anticipated. Prolonged selling could see bears driving the price down to 166.70. If this barrier is shattered, bears might push further down to the day's low bear target for Apple at 165.05.

Microsoft Corp.

Microsoft MSFT hovers around the mark of 337.80. Bulls aspire to keep the trade sturdy above 337.80, rallying to 339.02 and ensuring it holds as support. Should this key support level hold, a bullish rally targeting 340.36 is likely. Continued buying activity could propel the price to the day’s high bull target for Microsoft at 341.41.

If 337.80 falters as support during the standard trading hours, bears might explore 335.96 downwards. A breach here could lead bears to test further at 333.46. With sustained bearish pressure, a descent to the day's low bear target for Microsoft at 331.24 is likely.

Meta Platforms Inc

Post earnings report yesterday, Meta META is trading around 291.18. Bulls aim for the trade to stay robust above 291.18, rallying to 293.91. A strong buying scenario could elevate the price to 295.97. Sustained bullish vigor could drive the price to the day's high bull target of 297.33.

Should 288.87 crumble as support during the standard trading hours, bears might drive the price down to 286.94. Prolonged selling could lower the price to 285.10. A breach here could lead bears to push Meta to the day's low bear target of 284.18.

Amazon.com, Inc.

With the earnings report expected post bell, Amazon AMZN trades around 119.84. Bulls hope for 119.84 to hold as support, rallying to 120.42. Strong buying could challenge 121.32. Sustained bullish activity could push towards the day's high bull target of 122.53.

Conversely, if 119.20 fails as support, bears might drive down to 118.05. Continued selling could challenge 117.15. A breach here could lead bears to the day’s low bear target for Amazon at 115.94.

Tesla Inc.

Tesla TSLA orbits around the key level of 206.09. On the upside, bulls aim to drive to 208.48 and 209.51. Continued buying could rally to 211.53. With a strong buyer turnout, the day’s high bull target for Tesla at 213.16 could be within reach.

If 206.09 cannot stand firm as support, a lower test at 204.03 is likely, with continued selling bringing 202.91 into focus. A breach here, amid seller presence, could see a price dip to the day’s low bear target for Tesla at 200.91.

Final Word: Today's session centers around the jobless claims and PCE data. Traders will also be positioning ahead of Amazon's post-bell earnings report. Exercise discipline today and trade with caution. 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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