Market Clubhouse Morning Memo - April 29th, 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 509.49. For the bullish scenario, a positive move towards 510.14 is desired. If the market sustains strength above this level, the next target for buyers would be 510.95. A stable trading above 510.95 during the session could then lead to an attempt to breach 511.69, with the ultimate bullish goal being 512.26 for today.

On the downside, if the support at 509.49 cannot be maintained, we expect the bears to drive the price down towards 508.34. Should selling pressure intensify, a further decline to 507.52 could be in sight. Breaking past this could lead to 506.71 being tested, and under significant bearish momentum, the day's lowest bear target could be reached at 505.32.

Invesco QQQ Trust Series 1

The Q's QQQ are currently navigating near 432.84. For the bulls, maintaining this level is crucial, with an aim to escalate to 433.64, which bulls would like to establish as a new support zone. If buyer engagement continues, the price could escalate further to 434.76 and possibly reach 435.88, with the highest bullish target for the day envisioned at 436.58.

Conversely, if the price fails to sustain above 432.84, bearish forces may take the opportunity to push the price downwards to 431.18. Continued weakness might lead to probing the next lower level at 430.16. Persistent selling could stress 429.40, with a potential drop to the day’s bearish target of 428.50 if conditions worsen.

Apple Inc.

Apple's AAPL trading activity is centered around 172.45, a pivotal level that bulls hope to defend. If successful, a progression to 172.95 is likely, followed by an advance to 173.39. If the bullish momentum is sustained throughout the day, the price might aim for a final target of 173.94.

If, however, the 172.45 level fails to act as robust support, a downward adjustment to 171.79 could occur. Persistent selling could push the market further down to 171.13. If bearish pressure intensifies, a test of 170.32 might ensue, leading potentially to a drop to the day’s lowest bear target of 169.73.

Microsoft Corp.

Microsoft MSFT is trading around the key level of 406.01. Bulls are focused on holding this level firmly, targeting an upward move to 407.11. If this can be achieved and sustained as a support, the next goal would be 408.46, with a strong push potentially reaching a high bull target of 409.69 for the day.

Should the support at 406.01 falter, the bears might seek to take control, pushing the price down to 404.92. Further bearish activity could lead to testing 402.74 and possibly extending to 401.39, with the day's lowest bear target at 400.30.

NVIDIA Corporation

NVIDIA's NVDA current market position is around 877.25. Bulls are looking to push the price to 882.97, aiming to consolidate it as a solid support level. If the momentum remains positive, the subsequent targets would be 890.55 and 898.13, with the highest bull target set at 903.25 for today.

If NVIDIA fails to hold 877.25 as a support, bears may initiate a downward move to 865.62. Increased selling might then lead to testing 858.43, and if the bearish trend persists, a further decline to 852.61 could occur, with the ultimate low bear target for the day at 846.80.

Alphabet Inc Class A

Alphabet's GOOGL current trading level is at 169.34. Bulls are aiming to elevate the price to 171.14, seeking to generate strong bullish momentum potentially leading to today's high bull target of 172.28.

If the support at 169.34 is breached, bears might look to reduce the price to 167.04. A continuation of selling could see a further decrease to 163.79, and in the event of significant bearish pressure, a move down to the lowest bear target of the day at 161.79 could be observed.

Meta Platforms Inc

Meta META is currently trading at 436.87. Bulls are striving to uphold this level, aiming to drive the price upwards to 441.35. If buying activity remains robust, further targets could be set at 446.90, with the most optimistic bull target for the day at 450.55.

However, if Meta cannot sustain support at 436.87, a bearish move towards 432.39 might be expected. Continued bearish pressure could then lead to a descent to 429.01, with a breach here potentially resulting in a fall to the day's lowest bear target at 426.00.

Tesla Inc.

Tesla TSLA is presently at 184.10. Bulls are aiming for a rise to 186.10, with further bullish objectives at 189.22 and 191.52, culminating in a potential high bull target of 193.81.

If Tesla fails to maintain 184.10 as a strong level of support, a decrease to 182.53 might be seen. Sustained bearish sentiment could bring the price down to 179.79, with a further breakdown potentially leading to the lowest bear target of 176.34 for the day.

Final Word:  Today represents the least eventful day of the week concerning market-moving data. The release of the Dallas Fed Manufacturing Activity for April at 10:30 AM ET, followed by a 3 and 6 Month Bill Auction at 11:30 AM ET, are today’s key events. The market will also be influenced by positioning strategies related to earnings releases and the FOMC rate decision on Wednesday. Monitoring volume closely will provide essential clues. Ensure safe trading practices and maintain a balanced pace throughout this pivotal week. 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.