Market Clubhouse Morning Memo - May 14th, 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 near the level of 521.85. For the bulls, a move above 522.84 is essential. Sustaining this level could drive the price up to 523.76. Holding above 523.76 during the regular session could lead to a further rise to 525.26. The ultimate bull target for SPY today is 526.31.

Conversely, if 521.85 fails to act as support, the bears could push the price down to 520.67. If selling pressure increases, the next target is 519.71. A breakdown below 519.71 with heavy selling pressure could see a drop to 518.76. In an aggressive sell-off, the low bear target for the day is 518.04.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently trading around the key level of 442.53. Bulls need to maintain support above this level. If successful, the price could climb to 444.09. Sustained buying pressure might push the price to 445.09. A strong session could see the price testing 446.51. The high bull target for QQQ today is 447.73.

If the QQQ struggles to stay above 442.53, bears might take control and push the price down to 441.56. Further weakness could drive the price to 440.78. Persistent selling pressure may result in a test of 440.00. If this level fails, the low bear target for the day is 438.89.

Apple Inc.

Apple AAPL is currently trading around 186.99. Bulls need to defend this level and aim for a rally to 187.50. Continued bullish momentum could drive the price to 188.20. If bulls maintain their strength, we could see a push to the high bull target of 188.56.

Should 186.99 fail to hold as support, a test of 186.35 is likely. Continued selling could drive the price down to 185.86. Persistent selling pressure might bring the price to 184.96. A break below this level could see Apple reaching the low bear target of 184.59.

Microsoft Corp.

Microsoft MSFT is currently trading around 413.14. Bulls need to hold this level and rally to 414.56, establishing it as support. If this level holds, the price could rise to 416.32. Sustained buying could push the price to the high bull target of 419.25.

If 413.14 does not hold as support, bears might test 411.72. A break below this level could lead to further downside to 410.64. Continued bearish pressure might push the price to 409.69. The low bear target for Microsoft today is 408.46.

NVIDIA Corporation

NVIDIA NVDA is currently trading around 898.13. Bulls aim to push the price up to 903.25 and establish this as support. Continued buying could drive the price to 917.98. A strong rally could see the price reaching 922.67. The high bull target for NVIDIA today is 928.47.

If 898.13 fails to hold, bears might test 890.55. A break below this level with selling pressure could see the price drop to 882.97. Continued weakness might test 877.25. The low bear target for NVIDIA today is 865.62.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 169.34. Bulls need to maintain support at this level and push higher to 171.14. Continued bullish momentum could drive the price to the high bull target of 172.28.

If 169.34 fails as support, bears might push the price down to 167.04. A break below this level could lead to further downside to 165.41. Heavy selling might drive the price to the low bear target of 163.79.

Meta Platforms Inc

Meta META is trading around 465.81. Bulls need to hold this level as support and aim for a rally to 470.28. A strong buy-side auction could drive the price to 472.19. Continued bullish momentum could push the price to the high bull target of 477.50.

If 465.81 fails as support, bears might push the price down to 464.57. Continued selling pressure could see the price drop to 462.20. A break below this level could see the price fall to the low bear target of 458.59.

Tesla Inc.

Tesla TSLA is trading around 169.70. Bulls need to push the price up to 172.61. Continued buying could drive the price to 176.34. A bullish rally might see Tesla testing higher at 179.79. A strong buy-side session could push the price to the high bull target of 182.53.

If 169.70 fails as support, bears might test lower at 166.89. Continued selling might bring the price down to 164.87. A break below this level could see the price drop to the low bear target of 162.32.

Final Word:  Today's trading session is poised to be significant with the release of the April PPI data at 8:30 AM ET. Additionally, the Treasury will conduct a 52-week Bill Auction at 11:30 AM ET. Market participants should also pay attention to speeches from Federal Reserve officials Lisa Cook at 9:10 AM ET and Jerome Powell at 10 AM ET. These events could cause increased volatility and provide trading opportunities. Given the potential for market-moving news, traders should stay alert to sudden price changes and be prepared to adjust their strategies accordingly. Monitoring volume and market reactions closely will be essential to navigate today's trading environment. Trade safely, stay informed, and 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.