Market Clubhouse Morning Memo - May 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 trading near the level of 532.56. For bullish traders, we want to see a move higher towards 534.17. If the price holds above 534.17, buyers might push it to the support level of 535.43. Sustaining 535.43 during regular trading hours could lead to a further rise above 536.31. Our optimistic target for SPY today is 537.20.

However, if 532.56 fails to act as support, we expect bearish traders to test the level at 531.57. If sellers dominate, the next level to watch is 530.77. Should there be intense selling pressure, the strong support at 530.09 might come into play. In a highly bearish scenario, our low target for the day is 528.66.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently around our key level of 458.83. For a bullish scenario, we need to see buyers maintain the price above 458.83. If this level holds, the next target is 460.55 as strong support. Persistent buying might drive the price to 462.14. If the auction remains strong, testing 463.56 is possible. The high target for bulls today is 465.93.

If the auction struggles to stay above 458.83, bearish traders might push the price down to 457.55. Further weakness could lead to testing 456.23. If selling pressure continues, 455.29 could be tested. A failure to hold this level might see the price drop to our low target of 454.10.

Apple Inc.

Apple AAPL is currently trading around the level of 190.52. Bulls will look for 190.52 to hold as support and aim for a rally to 191.57. If buying momentum persists, the next target is 192.27. Should bulls gain control, a push towards the high target of 192.76 is anticipated.

On the flip side, if 190.52 fails to hold, bears might drive the price down to 189.44. Continued selling could see the price test 188.56. Persistent bearish activity may bring 188.20 into focus. Breaking this level might lead to our low target of 187.50.

Microsoft Corp.

Microsoft MSFT is currently around the level of 432.49. For a bullish outlook, the price needs to stay above 432.49 and rally to 434.49, holding it as support. If it sustains this level, the next target is 435.79. Continued buying momentum could push the price to the high target of 437.10.

If 432.49 does not hold, bears might test 431.25. Breaking this level could see the price move down to 430.25. Persistent selling pressure might push the price to 429.25. Our low target for bears today is 428.48.

NVIDIA Corporation

NVIDIA NVDA is trading around the key level of 1,010.21. Bulls need to push the price up to 1,025.53 and hold it as support. If buying continues, the next target is 1,039.67. Further bullish activity could drive the price to 1,052.31. The high target for NVIDIA today is 1,063.07.

Should 1,010.21 fail as support, bears might test the level at 998.75. If this level breaks, the price could drop to 991.66. Continued weakness might see a test of 980.21. The low target for a bearish session is 972.06.

Alphabet Inc Class A

Alphabet GOOGL is trading around the level of 176.23. For a bullish outlook, 176.23 needs to hold as support and the price should move up to 177.28. Continued bullish momentum could push the price to the high target of 179.15.

If 176.23 does not hold, we expect a move down to 175.12. Further selling pressure may bring the price to 174.01. In a strong sell-off, the lowest target for Alphabet today is 172.28.

Meta Platforms Inc

Meta META is currently around 472.19. Bulls will aim for support at this level and look for a rise to 473.93. Continued bullish activity might drive the price to 475.19. The high target for Meta today is 477.50.

If 472.19 fails to hold, bears might push the price down to 470.28. Persistent selling could see the price drop to 468.36. If this level breaks, the low target for bears is 465.81.

Tesla Inc.

Tesla TSLA is trading around 182.53. Bulls need to push the price to 186.10. Continued buying might drive the price to 189.22. A bullish rally could see the price test 191.22. The high target for Tesla today is 193.81.

If 182.53 fails as support, bears might test 179.79. Continued selling could see the price drop to 176.34. If this level breaks, the low target for bears is 172.61.

Final Word: Today's trading session is packed with critical economic releases and events that could significantly impact the markets. At 8:30 AM ET, we will see the release of the Continuing and Initial Jobless Claims, which will provide insights into the health of the labor market. Alongside these reports, the Chicago Fed National Activity Index for April will be announced, offering a broader perspective on economic activity.

As we move closer to the New York open, attention will shift to the Preliminary Manufacturing, Global Services, and Global Composite PMI for May, scheduled for 9:45 AM ET. These PMI reports are crucial as they gauge the overall economic activity and sentiment in both the manufacturing and services sectors, giving traders an early indication of economic trends.

In the late morning, at 11:30 AM ET, the Treasury will conduct a 4- and 8-Week Bill Auction, which could influence short-term interest rates and liquidity conditions. Later in the afternoon, at 1:00 PM ET, there will be a 10-Year TIPS Auction, providing insights into investor sentiment regarding inflation expectations and long-term interest rates.

Adding to the mix, Fed member Raphael Bostic, who is a voting member of the Federal Open Market Committee (FOMC), is scheduled to speak at 3:00 PM ET. His remarks could provide additional clues on the Federal Reserve's monetary policy outlook, especially in light of recent economic data and market conditions.

Furthermore, the market is still digesting NVIDIA's robust earnings report, which has set a bullish tone for the tech sector. This, combined with the day's economic data and events, suggests that we could experience heightened volatility and dynamic market movements.

Given this backdrop, it's essential to stay alert and adaptable. Analyze the data as it comes in, keep an eye on key levels, and be prepared for potential swings in market sentiment. Remember, trading on days with high volatility can be both an opportunity and a risk. Trade wisely, manage your positions carefully, 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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day—hours before it's published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.

For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.