Market Clubhouse Morning Memo - April 23rd, 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 a price of 500.91. For those favoring upward movement, the first target is 501.74. Should the price remain robust above this mark, the next objective is to reach 502.85. Should this support endure throughout the regular trading hours, an advance beyond to 503.95 might occur. The ambitious target for bulls on SPY today stands at 505.32.

Conversely, if 500.91 fails to serve as a sturdy floor, a downward test towards 500.17 by the bears is anticipated. Presence of sellers could further pressure the price to a lower target of 498.93. If this threshold is breached amid strong selling activity, the next substantial support is 497.55. A tumultuous selling session might culminate in reaching a bearish extreme at 496.93 today.

Invesco QQQ Trust Series 1

The Q's QQQ are trading near 420.76. Bullish traders aim to secure this level, setting sights on 422.16 as a substantial support if maintained. Following this, 423.27 might come into play if buying strength persists, with an ultimate test at 424.04. The highest bullish aim for today is set at 424.82.

Should the level of 420.76 not withstand selling pressures today, bears might dominate, pushing the price to 419.89. A subsequent weakness could prompt further tests at 418.49. If selling intensifies, 417.49 could be at risk. Failure to hold this could lead bears to drive the price down to today’s bearish goal of 416.23.

Apple Inc.

Apple AAPL is currently at 165.62, where bulls hope to establish support. A rally towards 166.27 is desired, with potential further uplift to 167.09 if bullish momentum continues. If bulls dominate today, the ultimate aim is to reach a high of 167.59.

If Apple's price can't sustain 165.62 as support, a decline to 164.71 might ensue. With continued selling, a further descent to 164.15 is likely. If selling persists, the price could fall to 163.24 and if this level breaks, the final bearish target for the day is set at 162.69.

Microsoft Corp.

Microsoft's MSFT current level is 402.74, with bulls looking to maintain and extend the price to 404.92 as a firm support. Success here could lead to a push towards 406.01, and with continued buying, a peak bull target of 407.11 might be in sight today.

However, if 402.74 does not hold, bears could drive the price down to 401.39. If this level is breached, further declines to 400.30 and then 399.21 could occur, with a final bearish objective for today at 397.65.

NVIDIA Corporation

NVIDIA NVDA stands at 804.61, with bulls aiming for an initial rise to 810.13, securing it as a key support zone. A sustained buying push could elevate the price to 816.95, and potentially up to 823.52. The highest bull target today is envisioned at 827.98.

If 804.61 does not hold up, bears are expected to challenge the price down to 799.10. A breakdown here, with seller activity, could lead to 794.94. If weakness continues, further tests at 791.44 might occur, with a bearish floor target of 785.35 for the day.

Alphabet Inc Class A

Alphabet GOOGL is hovering around 156.61, with bulls hoping to secure this as a base for advancing to 157.41. With continued upward momentum, the next level to watch is 158.54.

If 156.61 cannot sustain support, a bearish push to 155.59 is likely. A break below this level might lead bears to 154.95, with a severe sell-off potentially bottoming out at 154.44 today.

Meta Platforms Inc

Meta META is currently positioned at 488.81. Bulls aim to keep the level supported for a rise to 492.33, followed by a potential increase to 495.54. If buying remains strong, the highest bull target for today is 498.03.

Conversely, if 488.81 fails as support, a downward move to 485.96 is expected. Persistent selling could further drive the price to 483.11. If this level is compromised, the lowest bear target for Meta today stands at 479.47.

Tesla Inc.

Tesla TSLA starts the day at 141.94. Bulls are targeting an increase to 143.67 and, with sustained buying, further up to 145.07. Strong market conditions could see Tesla reaching a higher test at 146.46, with a peak bull target of 148.45.

If 141.94 does not maintain as a robust support, bears may test down to 139.15. Continued selling pressure could bring the price further down to 136.35, and if this level fails, the ultimate bear target for the day is 134.62.

Final Word: Today's session begins light on data in the premarket with the Philly Fed Non-Manufacturing Activity due out at 8:30AM ET, followed by the Redbook Retail Sales at 8:55AM ET. More significant data will follow with the Global Manufacturing, Services, and Composite PMI for April, scheduled for release at 9:45AM ET. Shortly after, at 10AM ET, the Richmond Fed Manufacturing Index and Business Conditions, alongside New Home Sales for March, will be available. At 1PM, a 2-Year Note Auction is set, which could introduce some volatility into the markets. As the Federal Reserve remains in a blackout period ahead of next Wednesday's FOMC rate decision, most large institutional traders will be focusing on earnings reports after today's closing bell from major companies like Tesla and Visa. Good luck and trade safely!

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.