Market Clubhouse Morning Memo - February 5th, 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 ETF SPY is hovering around a crucial price point of 493.24. For market optimists, the immediate goal is a surge towards 494.27. Sustained positive momentum above this level could see the SPY advancing to 494.93, with a further aim to anchor at 495.96. Should this threshold prove resilient during the trading day, an upward movement towards 496.93 is anticipated, setting the stage for reaching the peak target of 497.55.

Conversely, should the SPY fail to maintain support at 493.24, a downward trajectory is expected, with 492.39 as the first significant checkpoint. A continued bearish outlook would see the SPY descending to 491.70, and potentially breaching this level to test the stability at 490.92. In the event of an intensified sell-off, the ultimate bearish target is set at 490.11, marking a critical juncture for investors.

Invesco QQQ Trust Series 1

The QQQ ETF QQQ, representative of the tech-heavy Nasdaq-100 index, is navigating around the pivotal 428.50 mark. Bulls in the market are eyeing a climb above this level, aiming first for 430.16 as a new foundation of support. With the backing of consistent buying, the next level of interest is 431.18, potentially leading to a test of 431.82. A strong bullish day could culminate in reaching the upper target of 432.84.

On the flip side, should the QQQ struggle to uphold the 428.50 level, a bearish scenario could unfold, taking the ETF down to 427.32. A further dip in confidence might push the price to 426.64, with 425.77 awaiting as a crucial support level. Failure to maintain this could see the bears driving the price down to a lower boundary of 424.82, marking a significant challenge for the day.

Apple Inc.

Apple's AAPL stock is currently positioned at a critical level of 186.35, with bulls aiming to solidify this as a base for an upward move to 186.99. Should the positive momentum persist, the next targets are set at 187.50 and ultimately at the day's bullish peak of 188.20, indicating a robust buying interest.

Should Apple's shares falter at 186.35, a bearish perspective might take hold, leading to a retest of 185.86. A continued sell-off could drive the price further down to 184.96, and if the downward pressure doesn't abate, the next level to watch would be 184.09. A breach here could set the stage for reaching the day's bearish extremity at 182.27.

Microsoft Corp.

Microsoft's MSFT trading activity is centered around the 411.72 mark, with bulls seeking to assert dominance and propel the stock towards 413.14. Holding above this level could embolden buyers to target 414.56, with the ultimate bullish goal for the day being 416.32.

Conversely, if Microsoft cannot sustain support at 411.72, bears might take the opportunity to push the price towards 410.64. A break below this level could lead to further bearish tests at 409.69 and 408.46. The day's lowest bear target is set at 407.11, indicating a significant bearish sentiment.

NVIDIA Corporation

NVIDIA NVDA is trading around the significant level of 677.74, with bullish traders looking to elevate the stock to 682.70. Achieving this could pave the way to 687.29, with the ultimate bullish objective being 690.73, showcasing strong buyer engagement.

If NVIDIA fails to maintain the 677.74 support, the price might be driven down to 673.72. Persistent selling could see further declines to 669.71 and then to 666.68. A continued bearish onslaught could push the stock to the day's low target of 663.99, highlighting a decisive bearish stance.

Alphabet Inc Class A

Alphabet's GOOGL shares are trading near 142.53, with a bullish outlook aiming for 143.17 as the next support level. Maintaining this momentum could see the stock reaching 143.77, with the high target for bulls set at 144.72.

If Alphabet fails to hold at 142.53, a bearish trend might emerge, targeting 141.71. A further decline could bring the price to 141.12, with a strong sell-off potentially pushing the stock to a daily low of 140.57.

Meta Platforms Inc

Meta Platforms META, formerly Facebook, is seen around the 472.19 mark. Bulls are looking to keep the price above this level, with sights set on 473.93. Strong buying could elevate the stock to 477.50, with the day's bullish peak at 480.96.

On the other hand, if Meta cannot sustain the 472.19 level, a bearish trajectory might ensue, taking the stock to 470.28. Further pressure could lower the price to 468.38, with the lowest bear target for the day at 465.81.

Tesla Inc.

Tesla's TSLA stock is currently at a key juncture of 186.10. Bulls are aiming for an ascent to 189.22, with continued buying interest potentially leading to 191.52. A strong bullish market could see Tesla testing higher levels, with the day's top target at 195.91.

Should Tesla fail to hold the 186.10 level, a bearish outlook could see the stock retreating to 184.10. Persistent selling could bring the price down to 182.53, with the ultimate bearish goal for the day set at 179.79.

Final Word: Today's session has some important data releases that could potentially inject volatility into the markets. In the morning we see the release of the PMI as well as the ISM data. Later on in the session, we see the Treasury's 3 and 6 Month Bill Auction. Towards the close we have the Quarterly Loan Officer Survey. Keep your head on a swivel today and trade safely. 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.