Market Clubhouse Morning Memo - May 10th, 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

SPY Currently, the SPY is hovering around our key level of 521.85. For those bullish on this asset, an initial move above this level to 522.84 is desired. Continuing strength above 522.84 may lead to buyers pushing the price to a support level of 523.76. Should this level sustain during regular trading hours, the next target could be 525.26, with the ultimate bull target for the day being 526.31.

On the downside, if the SPY cannot maintain 521.85 as a support, we expect the bears to attempt driving the price down to 520.67. Observing seller dominance could prompt further downward tests at 519.71. If selling intensifies, a stronger support at 518.76 may come into play, setting the stage for a potentially steep decline to the day's low bear target of 518.04.

Invesco QQQ Trust Series 1

The QQQ QQQ, also known as the Q's, is trading around a pivotal level of 442.53. For the bullish scenario, maintaining above 442.53 could lead to claiming 444.09 as a new strong support, with subsequent buying potentially driving prices up to 445.09 and possibly testing higher levels at 446.51. The high target for today's bullish scenario is 447.73.

Contrarily, if the Q's struggle to keep above 442.53, it may indicate bearish control, prompting a sell-down towards 441.56. Further weakness might lead bears to challenge the levels at 440.78 and 440.00, with a strong possibility of descending to the day’s low bear target of 438.89.

Apple Inc.

Apple AAPL is currently positioned around the 184.59 level. Bullish traders are looking for this level to act as support, with a potential move upwards to 184.96 and further to 185.86 if momentum continues. The day's high bull target for Apple is set at 186.35 if the bullish trend prevails.

If Apple's price cannot sustain 184.59 as support, bears may drive the price lower to 184.09. Continued seller activity might bring the auction further down to 183.38 and, if the downward pressure persists, to 182.96. A break below this could lead to reaching the low bear target of the day at 182.27.

Microsoft Corp.

Microsoft MSFT is seen around a key level of 413.14. Bulls are aiming to keep the auction above 414.56, hoping to secure 416.32 as a support level during regular trading hours. Maintaining this level might lead to an upside target of 417.25, with a potential move to the day's high bull target of 419.17.

However, if Microsoft cannot hold the 413.14 level, it could face downward pressure from bears testing the 411.72 level. Breaking this level might lead to further tests at 410.64, with continued bearish momentum possibly driving the price down to 409.69. The day’s low bear target is marked at 408.46.

NVIDIA Corporation

NVIDIA NVDA is trading around a significant level of 898.13. Bulls are aiming for a move up to 903.25, hoping to establish this as a firm support. An upward trajectory could lead to a further rise to 907.51 and, with sustained buying, possibly to 913.30. The high bull target for the day is set at 917.98.

Should NVIDIA fail to maintain 898.13 as a robust support, bears may push the price down to 890.55. A break below this could bring further declines to 882.97. If the selling pressure increases, a test of 877.25 may be seen, with a potential fall to the low bear target of the day at 865.62.

Alphabet Inc Class A

Alphabet GOOGL is currently auctioning near 169.34. Bulls are hoping to maintain this level as support, potentially pushing the auction higher to 171.14. Continued bullish momentum may aim for the high target of 172.28.

If support at 169.34 fails, the price might be driven downward to 167.04. A breakdown here could prompt bears to test further at 165.41, potentially leading to a steep decline to the day’s low bear target of 163.79.

Meta Platforms Inc

Meta META is trading around the level of 477.50. Bulls are looking for the auction to stay strong above this point, aiming to move higher to 479.47. Strong buying could further drive the price to 480.96, with the high bull target for the day set at 483.11.

If Meta cannot sustain support at 477.50, bears might drive the price down to 475.19. Persistent selling pressure could lead to further declines to 473.93. If this level is breached, the next target could be the low bear target of the day at 472.19.

Tesla Inc.

Tesla TSLA is observed around the key level of 172.61. Bulls are looking to drive the price up to 176.34, with potential for further advances to 179.79. A bullish market today might see a test at 182.53, aiming for a high bull target of 184.10.

Conversely, if Tesla cannot hold 172.61, the price might be pushed lower to 169.70. Continued bearish pressure could lead to further declines to 166.89. A breakdown of this level may result in reaching the low bear target of the day at 164.87.

Final Word:  Today's market is relatively quiet in terms of U.S. economic data in the premarket hours. However, significant releases are expected at 10 AM ET, including the Preliminary University of Michigan Sentiment, Current Conditions, Expectations, and inflation rates for 1-year and 5-10 years. The Monthly Budget Statement for April will be released at 2 PM ET. Additionally, today features speeches from four Federal Reserve members, including two voting members, which could impact market dynamics. Be vigilant of volume changes and trade carefully. Good luck 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.