Market Clubhouse Morning Memo - April 26th, 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 trading around our level of 506.71. Bulls are aiming for an initial push higher to 507.52. If momentum sustains and the price stays robust above 507.52, the next target for buyers is 508.34. Holding 508.34 during the trading hours would likely lead to a move towards 509.49, with an ultimate high target for the day at 510.95.

On the flip side, if the SPY fails to maintain 506.71 as support, we anticipate bears to test the strength at 506.06. Should selling intensify, the next focus shifts to 505.32. Breaking this level under heavy selling pressure could lead to a stronger support at 503.95. In a notably bearish scenario, our day's low target is 502.85.

Invesco QQQ Trust Series 1

The QQQs QQQ are presently trading around a pivotal level of 428.50. Bulls are encouraged by holding above 429.40, eyeing the next level of 430.16 as a strong support. If this level is sustained, it could lead to claiming 431.82, with potential testing of 433.64 if buying pressure continues. The high target for bulls today is 434.76.

Conversely, if 428.50 does not hold, bears might take charge and drive the price down to 427.32. Continued weakness could see further testing at 425.77 and 424.82. If 424.82 also gives way, bears might drive the price down to today’s low target of 423.27.

Apple Inc.

Apple's AAPL stock is currently at around 169.73. Bulls are focusing on maintaining 170.32 as support, aiming for a rally towards 171.13. With sustained bullish momentum, the next targets are 171.79 and the high for the day at 172.45.

If Apple's price cannot sustain 169.73 as support, bears might push it down to 168.99. A continuation of selling could bring the stock down further to 168.41 and potentially 168.00. If the downtrend intensifies, the lowest bear target for the day is 167.09.

Microsoft Corp.

Microsoft MSFT is currently at 414.56. Bulls are looking to hold above 416.32, with a push towards 417.25 which needs to be sustained as support. A firm hold could lead to a target of 419.17, and if buying momentum continues, the high target for the day is 420.26.

Should Microsoft fail to hold 414.56 as support, bears may target 411.72. Further breakdowns could lead to tests at 409.69 and 407.11. In a strong bearish scenario, the low target is set at 404.92.

NVIDIA Corporation

NVIDIA NVDA is trading around 837.58. Bulls aim to push the price up to 842.42, which they seek to establish as firm support. Continued buying could lift the price further to 846.80 and up to 852.61. The high bull target for today is 858.43.

If NVIDIA cannot sustain 837.58 as a strong support, bears might bring it down to 833.50. With sellers present, a breakdown to 827.98 could follow. In a bearish market, we might see a test at 823.52, with the day’s low target at 816.95.

Alphabet Inc Class A

Alphabet GOOGL is currently positioned around 174.01. Bulls aim to secure 175.12 as support, potentially driving the stock to 176.23. Sustained bullish momentum could lead to a high target of 177.28.

If Alphabet fails to keep 174.01 as support, bears might lower it to 172.28. A break below this level could lead to further selling, targeting 171.14. In extreme selling conditions, the low bear target for the day is 169.34.

Meta Platforms Inc

Meta's META trading level starts today at 446.90. Bulls are looking to maintain strength above this mark, aiming higher at 450.55. If the buying side remains robust, the price could escalate to 453.45 and eventually to the high bull target of 458.59.

If Meta cannot hold 446.90 as support, a bearish move towards 441.35 could ensue. Persistent selling might drive the price further down to 436.87. If the downtrend continues, the lowest bear target for the day is 432.39.

Tesla Inc.

Tesla TSLA starts the day at 172.61. Bulls will try to drive the price up to 176.34. Continued buying could see the price reaching 179.79. A bullish market scenario might lead to a test at 182.53, aiming for a high bull target of 184.10.

If Tesla cannot maintain 172.61 as strong support, bears might target 169.70. Persistent selling could see further lows at 166.89 and 164.87. If the bearish pressure is heavy, the low target for the day is set at 162.32.

Final Word:  Today's trading session is marked by the release of the PCE Deflator and Personal Income and Spending data for March at 8:30 AM ET. Later, the University of Michigan Sentiment and inflation outlook will be released at 10 AM ET. Significant volatility is expected due to the strong earnings reports from Microsoft and Alphabet released yesterday. Good luck, trade safely, 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.