Market Clubhouse Morning Memo - November 20th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, GOOGL, TSLA, META, And NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, GOOGL, TSLA, META, and NVDA.

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

The SPY SPY is trading around 451.01, a crucial level for investors. For a positive market trend, we are looking for an upward move to 451.61. If the market sustains strength above 451.61, we anticipate buyers driving the price up to our established support level at 452.55. Should this level be maintained during the active trading hours, we foresee a further climb to 453.54. For bulls, the ultimate target for the day is set at 454.56.

Conversely, if 451.01 fails to hold as a supportive base, we expect bearish momentum to test the lower level of 450.23. In the event of a selling trend, the bears are likely to push for a downward test at 449.42. If selling intensifies, leading to a breakdown of this level, our next strong support is identified at 448.64. In a scenario of continued selling, bears might drive the price down to 447.94. If the market experiences a significant sell-off during the day, our lowest bear target is established at 446.31.

Invesco QQQ Trust Series 1

The Q's QQQ are hovering around our key benchmark of 385.55. Bulls in the market are seeking to maintain levels above 385.55. If this level proves to be a strong support, the next target is 386.69, followed by an ascent to 387.67. The highest bullish target for the day is envisioned at 389.46.

In contrast, if the Q's struggle to sustain above 385.55 during regular trading, we anticipate a bearish trend taking over, pushing the prices down to 384.36. If market weakness is observed, a further downward test at 382.93 is likely. Persistent selling pressure might lead to the probing of 381.89. If this level fails to act as a robust support, the bearish trajectory could lead to our day's lowest target of 380.41.

Apple Inc.

Apple's AAPL trading activity is centered around 189.52. Bulls are looking to maintain this as a support level, with aspirations to elevate the auction to 190.33. If bullish momentum continues, the next target is set at 191.25. In an optimistic scenario, if bulls regain control over Apple's trading, we aim to see a surge towards our top bullish target of the day at 191.76.

Should 189.52 fail to serve as a strong support during regular trading, we anticipate a lower test at 189.16. In case of increased selling activity, the bearish targets shift downward to 188.32 and subsequently to 188.05. If these levels are breached under selling pressure, the bearish movement is expected to bring the price down to our day's lowest bear target for Apple at 187.50.

Microsoft Corp.

Microsoft MSFT is showing a spike in the early premarket session, influenced by the news of Sam Altman and Greg Brockman helming a new AI team. The stock is currently fluctuating around our designated level of 376.70. Bulls in the market are focused on ensuring that the stock remains stable above 376.70, and they aim to strengthen it to reach 377.72, which they hope to establish as a new support level during regular trading hours. If this key support level is maintained, the price might rally further, targeting a rise to 380.00. With persistent buying momentum, Microsoft's price could soar to new all-time highs, with our bullish target for the day set at 385.00.

On the flip side, if the stock fails to find support at 376.70 during regular trading hours, we expect the bears to initiate a downward trend by testing the 375.93 level. Should this level be breached, the next bearish target is set at 375.11. With continued downward pressure, the bears might succeed in pushing the price further down, aiming for our day's lowest bear target for Microsoft at 373.48.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 133.78. For a bullish trend, we're looking for the stock to remain above 133.78, using it as a springboard to reach higher levels, first to 134.96. If bullish momentum is sustained, the price might escalate to our top bull target of 136.29.

Conversely, if Alphabet fails to maintain support at 133.78 during regular trading, a bearish trend could take hold, pushing the stock down to 132.84. If this level is not held, the bears might aim for an initial downward probe at 131.58. In the event of heavy selling, we anticipate the stock could be driven down to our day's lowest bear target for Alphabet at 130.41.

Tesla Inc.

Tesla TSLA is currently oscillating around our pivotal level of 235.74. For an upward trajectory, we're looking for the bulls to drive the price up to 238.50. If buying activity remains robust, we could see a further rally up to 239.92. In the event of a bullish rally across the broader market today, it is likely that Tesla will test higher levels, potentially reaching 242.47. Should there be a significant influx of buyers, our high bull target for the day for Tesla is set at 243.98.

If Tesla's stock is unable to hold 235.74 as a strong level of support in today's trading session, we expect a downward test at 233.49, with continued selling pressure possibly bringing the price down to 230.65. If this level of 230.65 is broken under bearish pressure, we foresee a further drop in the stock price, targeting our day's lowest bear target for Tesla at 227.58.

Meta Platforms Inc

Meta META is trading around 335.12. For a bullish scenario, we aim to see the stock stay firm above 335.12, ascending to 337.17. Strong buying could potentially elevate the price further to 338.75. If bullish momentum continues, we might witness the stock reaching our highest bull target of 340.66.

In case 335.12 fails to act as a reliable support during regular trading hours, a bearish trend could lead to a sell-off, bringing the stock down to 332.41. Continuous bearish pressure could further reduce the price to 329.83. If this level is compromised, we expect the bears to push Meta's stock down to our lowest bear target of the day at 328.13.

NVIDIA Corporation

NVIDIA NVDA is currently positioned around 495.79. Bulls in the market are aiming for a push up to 499.62, seeking to establish this level as a clear area of support. On the upside, we're looking for a further rise to 506.40. If the buying trend continues, we could witness a significant rally up to our key level and the day's high bull target for NVIDIA at 509.29.

However, if NVIDIA's stock cannot maintain 495.79 as a strong support level in today's session, we expect the bears to challenge the price at 492.33. Should this level be breached amidst selling, a further decline to 489.04 is likely. With persistent selling activity, the stock might be tested at 483.43. In a scenario of continued selling pressure, the price could drop to our day's lowest bear target for NVIDIA at 478.67.

Final Word: This is a short trading week due to the Thanksgiving holiday and, as a result, has few significant news releases. However, NVIDIA's earnings announcement on Tuesday after the bell is a key event to watch and should provide some decent volatility. Given the recent developments in AI, the focus for this shortened week is expected to revolve around AI and technology companies. Traders are advised to stay alert and prepared for potential market movements. Good luck, and remain vigilant in today's trading environment!

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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