Market Clubhouse Morning Memo - September 9th, 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 is currently trading near our key level of 544.04. For the bullish case, we want to see a push higher toward 545.24. Should the price hold above 545.24, buyers are expected to target 546.46. A sustained move above 546.46 during regular trading hours could drive the price to 547.56, with our high bull target set at 548.13.

On the downside, if 544.04 fails to hold as support, bears may attempt to push the price lower to 542.93. If selling pressure intensifies, we anticipate a test of 541.49. A breakdown of this level could lead the price to 540.07, with the low bear target set at 539.18 if the session turns heavily bearish.

Invesco QQQ Trust Series 1

The QQQ is currently auctioning around the key level of 452.98. For the bulls, holding this level could lead to a push higher to 454.10. If buyers maintain control, the next target would be 455.29. A bullish continuation may see the price reach 456.23, with the high bull target set at 457.55.

If the QQQ struggles to hold above 452.98, we could see a bearish move lower, with the initial downside target at 452.14. Further selling could lead to a test of 450.98. If sellers continue to dominate, a breakdown of 449.36 could drive the price to the low bear target at 447.73.

Apple Inc.

Apple is currently trading near our level of 222.24. For the bulls, holding this level is crucial to set up a move toward 222.96. If buyers maintain strength, they could push the price higher to 223.87. Should bullish momentum persist, we expect a test of the high bull target at 225.31.

If 222.24 fails to hold as support, bears may drive the price lower to 221.66. Continued selling could bring 220.97 into play. If selling pressure remains strong, a break below 220.29 could lead to a test of the low bear target at 219.19.

Microsoft Corp.

Microsoft is currently auctioning around 406.01. For a bullish scenario, holding above this level could lead to a push toward 407.11. If buyers can maintain control, a rally to 408.46 is possible. With continued upward momentum, the high bull target for the day is 409.69.

On the bearish side, if 406.01 does not hold, the price could drop to 404.92. A failure at this level could push Microsoft down to 402.74. If selling persists, the bears could target the low bear target at 400.30.

NVIDIA Corporation

NVIDIA is currently trading near 103.96. For the bulls, holding above this level could spark a rally toward 105.23. Continued buying strength may push the price up to 106.30. If bullish sentiment remains strong, the high bull target is set at 107.51, with a potential test of 109.12 if the session turns highly bullish.

If 103.96 fails to hold as support, a move lower to 102.55 could be on the cards. If sellers take control, a break below 101.02 could push the price further down to 99.87. The low bear target is set at 99.16 if the market experiences heavy selling.

Alphabet Inc Class A

Alphabet is currently trading near 152.27. For the bulls, a hold above this level could lead to a test of 152.94. Continued buying may push the price to 153.54. If the bulls remain in control, we could see further upside, with a high bull target at 154.88.

If 152.27 does not hold as support, the bears may push the price lower to 151.24. A breakdown of this level could lead to a test of 150.41. If selling pressure intensifies, we expect the price to reach the low bear target at 149.58.

Meta Platforms Inc

Meta is currently auctioning around 504.54. For the bulls, holding above this level could spark a rally toward 508.25. Continued buying pressure could drive the price higher to 512.85. If momentum stays strong, the high bull target on the day is 515.39.

If 504.54 fails to hold as support, the bears may look to push the price down to 500.83. Continued sell-side action could bring the price to 498.03. A breakdown of this level could lead to a move toward the low bear target at 495.54.

Tesla Inc.

Tesla is currently trading near 213.88. For the bulls, a move higher could see a test of 216.31. Continued buying could lead to a rally toward 217.78. If the market supports a bullish breakout, Tesla may test the high bull target at 220.65.

If 213.88 fails to hold, a bearish move lower could target 211.53. If selling pressure increases, we expect a move to 209.51. A breakdown of this level could lead to a test of the low bear target at 206.71.

Final Word: Today's session has limited economic data releases, with the only notable ones being the Final Wholesale Inventories for July at 10 AM ET and the Consumer Credit read for July at 3 PM ET. However, the most significant event to focus on this week is the CPI report coming out on Wednesday, which will likely set the tone for market sentiment. Be prepared for positioning ahead of this release, as volatility may rise. Today may present quieter conditions, but keeping an eye on pre-CPI movements could help in capturing key opportunities. Good luck and trade safely!

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.