Market Clubhouse Morning Memo - September 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 is currently trading near our key level of 546.46. For bullish momentum, we’re watching for a break above 547.56, with sustained strength leading the price to test support at 548.13. If buyers manage to hold 548.13 during the session, a further push toward 549.00 is anticipated. Should the bullish rally gain traction, our top target for SPY on the day is 549.67.

On the downside, if 546.46 fails to hold as support, sellers may target the next level at 545.24. Continued bearish pressure could drive the price lower, aiming for 544.04. If this level is breached, strong support lies at 542.93. In a more aggressive sell-off, SPY could drop to our low target of 541.49 for the session.

Invesco QQQ Trust Series 1

QQQ is trading around a key level of 454.10. Bulls will want to see a clear break above 454.10, followed by strong support holding at 455.29. If this area is successfully defended, a further upside move could push the price to 456.23. If the buying persists throughout the session, the next target for QQQ would be a test of 457.55, with the high bull target set at 458.83.

If the price struggles to maintain support at 454.10, bears may gain control, pushing QQQ down to 452.98. In a continued bearish scenario, sellers could test lower levels at 452.14. Should this weakness persist, the price may drop further to 450.98, with the final bear target for the session at 449.36.

Apple Inc.

Apple is currently trading near the 219.19 level. For bulls, the focus is on holding 219.19 as support, which could pave the way for a move up to 220.29. Should the buying momentum increase, the price may rise further to 220.97. If Apple stays in bullish territory today, a rally toward the high bull target at 221.66 is likely.

If 219.19 does not hold, we expect sellers to push the price lower to test 218.08. Continued selling pressure could bring the auction down to 216.70, with further downside risk targeting 215.25. Should the bearish trend strengthen, the final target for the session is set at 214.07.

Microsoft Corp.

Microsoft is auctioning around the key level of 407.11. A hold above this level could lead to a bullish rally, targeting 408.46, which should act as a strong support during the session. If buyers can maintain control, we could see the price push further to 409.69. If the rally continues, Microsoft could reach the high bull target for the day at 410.64.

If 407.11 fails to hold, bears will likely target a drop to 406.01. Should selling pressure persist, we could see a further decline toward 404.92. In a continued sell-off scenario, the bears may push the price down to 402.74, with a low target for the day at 401.39.

NVIDIA Corporation

NVIDIA is trading near the key level of 106.30. Bulls will look for a move higher to 107.51, which must be reclaimed as support. If this level is defended, we could see a rally toward 109.12. With strong buying momentum, NVIDIA could push to 109.86, with the high bull target for the session at 110.73.

If NVIDIA fails to hold 106.30, the bears could drive the price down to 105.23. Continued selling pressure may lead to a decline toward 103.96. Should the session turn more bearish, we expect a test of 102.55, with the final target for a strong sell-off being 101.02.

Alphabet Inc Class A

Alphabet is auctioning near 148.24. Bulls will aim to defend this level and push the price higher to 148.95. If buyers maintain control, we could see the price approach our high bull target for the session at 149.58.

If 148.24 cannot hold, sellers may step in and push Alphabet down to 147.68. Further bearish action could test the strength of 146.89. Should the selling pressure intensify, the price could fall toward our low bear target of 145.94.

Meta Platforms Inc

Meta is currently trading near 504.54. Bulls are eyeing a move higher, targeting 508.25 if 504.54 can be held as support. If buying pressure builds throughout the session, a further rally toward 512.85 is possible, with the high bull target for Meta set at 515.39.

If Meta breaks below 504.54, sellers could push the price down to 500.83. Continued downside action could test 498.03, with further declines leading to a possible test of 495.54 as the low bear target for the day.

Tesla Inc.

Tesla is currently hovering near 219.39. Bulls will be looking for a push higher, first to 220.65, followed by a rally toward 222.19. With sustained buying pressure, Tesla could reach 223.98, with the high bull target on the day at 226.53.

If 219.39 fails to hold, bears could push the price down to 217.78. Continued selling could drive Tesla lower to 216.31. If sellers maintain control, the final downside target for the session is 213.88.

Final Word: Today’s trading session is expected to remain relatively quiet in terms of significant economic releases. However, the Treasury’s 3-Year Note Auction at 1 PM ET could impact the bond market and provide some movement across equities. Major market participants are likely positioning ahead of tomorrow's Consumer Price Index (CPI) report, a highly anticipated release that can influence Federal Reserve policy expectations. It’s important to stay patient today, as any significant moves may come from traders positioning for tomorrow’s data. Manage your risk carefully, and prepare for heightened volatility heading into the rest of the week. Stay sharp and trade smart!

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.