Market Clubhouse Morning Memo - April 19th, 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 SPY is currently positioned around our level of 497.55. For the bulls, an initial push above 497.55 is desired, aiming for a move to 498.17. If the price remains strong above this mark, the next target for buyers would be our support level at 498.93. A stable 498.93 during regular trading hours could set the stage for a push to 500.17.

The high target for the bulls today in SPY is set at 501.74. Conversely, if the level of 497.55 fails to hold as support, the focus shifts to the bears aiming to test the strength at 496.93. A presence of sellers could drive the price lower to 495.96. Breaking this down under heavy selling pressure could take us to a firmer support level at 494.93. A particularly rough sell-side session today might see our lowest bear target at 493.24.

Invesco QQQ Trust Series 1

The QQQ QQQ, commonly known as the Q's, is trading around a crucial level of 420.76. For the bulls, maintaining this level as support is essential, with a goal to rise to 422.16, which is hoped to be secured as a strong support. If buyers remain dominant, 423.27 could soon come into play. A robust day of buying could extend the price further to 424.04.

The ultimate bullish target for today for the Q's is 425.77. If the auction struggles to maintain above 420.76, bears may seize control and push the price down to 419.89. A display of market weakness could further depress prices to 419.19. If bearish momentum persists, we might see a drop to 418.49. Should this level not sustain, the bears could drive the price down to our lowest target of the day at 417.49.

Apple Inc.

Apple's AAPL current trading level is at 167.09. For bullish traders, holding this as a base is critical, with an eye on escalating the price to 167.59. If bullish conditions prevail, we might see an increase up to 168.00. With continued control by the bulls, the target is to elevate further to our highest bull target of the day at 168.41.

If Apple cannot maintain 167.09 as a supportive level during the regular trading hours, a downward correction to 166.27 is likely. With ongoing selling pressure, the price might be pushed further down to 165.62. If this trend continues, 164.71 could be tested next. If this level fails under selling strain, bears may drive the price down to the lowest target of the day at 164.15.

Microsoft Corp.

Microsoft MSFT is presently auctioning around our level of 401.39. Bulls will look to sustain this level, with aspirations to ascend to 402.74 and secure it as a strong support within regular trading hours. Maintaining this could potentially lead to a rally toward 404.92. A continuation of this momentum might elevate Microsoft to our high bull target for today at 407.11.

If 401.39 fails to hold as support, bears might initiate a downward push to 400.30. If this level capitulates, further probing might take place at 399.21. With increasing bearish pressure, the next level to test would be 398.38. Our lowest bear target for today for Microsoft stands at 397.65.

NVIDIA Corporation

NVIDIA NVDA is trading around a key level of 837.58. Bulls are encouraged to drive the auction upwards to 842.42, and reclaim this as a strong support zone. An upward trajectory could lead to further bullish activity targeting 846.80. A sustained buying spree could rally the price further to 852.61. The day's high bull target for NVIDIA is 858.43.

If NVIDIA fails to hold 837.58 as a strong support today, bears might look to drive the price lower to 833.50. Breaking this level down with visible seller activity could bring the auction down to 827.98. A weaker session might prompt a test at 823.52. Under persistent selling, our lowest bear target for the day is 816.95.

Alphabet Inc Class A

Alphabet GOOGL is currently positioned around a level of 154.44. Bulls are aiming to maintain this level as support and push the auction higher to 154.95. A continuation of bullish force could escalate the auction towards our high bull target of 155.59.

If 154.44 fails to hold as a base during the regular trading hours, bears may target a lower level at 153.93. If this level is compromised, further probing to 153.54 might occur. Under intense selling pressure, the price might be driven down to our lowest bear target for Alphabet today at 152.94.

Meta Platforms Inc

Meta META is currently positioned around our level of 495.54. Bulls need to ensure that this level remains strong as support, with an upward target set at 498.03. A robust buying session could push the price higher to 500.83. If bullish momentum continues, the high bull target for Meta today is set at 504.54.

If 495.54 cannot hold during regular trading hours, bears might push the price down to 492.33. Increased selling could bring further declines to 488.81. If this level does not hold, the auction could bring Meta down to our lowest bear target of the day at 485.96.

Tesla Inc.

Tesla's TSLA trading action starts today around the key level of 146.46. Bulls aim to propel the price upwards to 148.45. Continued buying interest could rally the stock to 150.98. A positive broader market influence today might see Tesla reaching higher levels at 152.97. If buyer activity is strong, our high bull target for Tesla today is 155.78.

If Tesla fails to maintain 146.46 as a solid support in today's session, bears could lead a downturn to 145.07. Persistent selling might bring the price further down to 143.67. If this critical level succumbs, a price drop to our lowest bear target for the day at 141.94 could occur.

Final Word: Today's trading session is devoid of any major US data releases, which typically influence market dynamics. Attention is, however, directed toward a speech by Fed's Goolsbee, a non-voting member of the Fed, scheduled at 10:30AM ET. Although this may not directly impact market movements, it's an event to watch. Additionally, market participants will be closely monitoring the volatility associated with MOPEX and keeping an eye on developments out of the Middle East. Given the potential for significant market shifts driven by unexpected news from the Middle East, traders are advised to exercise caution. As we conclude the trading week, remain disciplined and prepared for any sudden market movements. Good luck today, let's aim to finish the week strong, and Happy Friday!

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.