Market Clubhouse Morning Memo - September 13th, 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 around the 559.75 level. For bulls, the goal is to push prices higher towards 560.83. If 560.83 can hold during the session, buyers may take the price further to test the 561.90 level. If the 561.90 area holds steady as support, a push up towards 563.23 could be seen. The high bull target for the day sits at 564.29.

If 559.75 fails as a support level, bears may take control, aiming for a test of 558.32. A break below this level could lead to further downside movement towards 557.44. Should selling pressure persist, the next level to watch would be 556.27, with the low bear target of 555.11 being the potential bottom for the session.

Invesco QQQ Trust Series 1

QQQ is currently auctioning near the key level of 474.66. For the bulls to maintain control, they’ll need to defend this level and push higher to test 476.85 as support. If buying strength persists, the price could climb to 479.03. A strong upward move could bring 481.73 into focus, with the high bull target for today being 483.95.

On the downside, if 474.66 is breached, sellers may try to drag the price down to 471.33. Continued weakness could see the price dipping to 469.27. If the selling momentum accelerates, 467.60 may be tested as support, and a break below this level could push the Q's to the low bear target at 465.93.

Apple Inc.

Apple is trading near the key level of 222.96. Bulls will need to hold this level to attempt a move higher toward 223.87. If buyers remain in control, the next target is 225.31. A sustained rally could lead to a test of 226.08, the high bull target for the day.

If 222.96 fails to hold as support, bears could take the price down to 222.24. Continued selling pressure may push the price lower to 221.66. Should this level break down, the next area to watch would be 220.97, with the low bear target for the day set at 220.29.

Microsoft Corp.

Microsoft is hovering around 426.00. Bulls will aim to keep the price above this level and drive it toward 427.36. If the price can hold here, a further move to 428.48 could be in play. Continued bullish momentum may push the price to the high bull target of 429.25.

Should 426.00 fail as support, bears will likely target 425.16 first. If selling persists, the price could drop to 423.81. A break below this level might lead to further downside toward 422.84, with the low bear target for Microsoft at 421.62.

NVIDIA Corporation

NVIDIA is auctioning near 119.44. Bulls will look to push the price up to 120.27 and hold that level as support. Continued bullish momentum could bring 121.97 into play, with further upside potentially driving the price toward the high bull target at 125.21.

On the downside, if 119.44 cannot hold, bears may attempt to push the price down to 117.86. A break of this level could see the price dropping to 116.61. If selling pressure continues, 115.83 will be in focus, with the low bear target for the day set at 115.15.

Alphabet Inc Class A

Alphabet is trading near 155.59. Bulls will need to hold this level and push the price to 156.61. A move higher could bring the auction up to 157.41, which is the high bull target for the day.

If 155.59 breaks, bears may drag the price lower to 154.95. Further selling pressure could lead to a test of 154.44. If this level fails, the low bear target for the day is set at 153.93.

Meta Platforms Inc

Meta is auctioning near 526.29. Bulls need to defend this level and push prices higher to 531.03. If the price can hold steady, we could see a test of 534.33, with the high bull target for the day being 537.68.

If 526.29 does not hold as support, bears could take the price down to 520.27. Persistent selling may drive the price lower to 515.39. If this level fails, the low bear target for the day is at 512.85.

Tesla Inc.

Tesla is trading near 228.45. Bulls will look for a push up to 230.65. If this level is reached and held, Tesla could rally to test 233.49. A strong bull session could see the price testing 235.74, with the high bull target for the day at 238.50.

If 228.45 breaks, the bears will target a test of 226.53. Further selling pressure could bring the price down to 223.98. Should this level break, the low bear target for the day is at 222.19.

Final Word: Today’s session will be relatively quiet in terms of economic releases, with only the University of Michigan's preliminary consumer sentiment report at 10 AM ET. Despite the lack of major news, traders should remain cautious, especially with the FOMC rate decision looming next week. The expiration of weekly options could lead to some volatility, so keeping an eye on large orders hitting the tape could be crucial. With the potential for sudden moves, risk management should be top of mind. Have a great trading day and stay safe. 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.