Market Clubhouse Morning Memo - September 17th, 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 around our key level of 564.29. For bullish momentum, we want to see buyers push the price above 565.38. If this level holds, the next target is 566.46, which would signal continued strength in the auction. A successful hold above 566.46 could set the stage for a move higher to 567.81. If buyers remain in control, the ultimate target for bulls is 569.98.

If 564.29 fails to hold as support, we will likely see bears take control. The first downside test would be at 563.23, followed by a push lower to 561.90 if sellers persist. A break below this level could lead to further downside pressure, with 560.83 as a potential support area. Should the selling intensify, the low bear target for the session is set at 559.75.

Invesco QQQ Trust Series 1

QQQ is currently hovering around the 474.66 mark. For bullish action to continue, we need to see buyers maintain control above this level, with a possible run-up to 476.85 as the first key test. Sustained buying could bring the price up to 479.03, which would indicate strong upward momentum. If the buyers remain dominant, we could see a push toward 481.73, with a high bull target of 483.95.

On the bearish side, if 474.66 cannot hold, we’ll look for the bears to push the price lower to 471.33. A breach of this level could trigger further selling, targeting 469.27 initially. If the selling pressure continues, we could see a move down to 467.60. If sellers remain aggressive, the low bear target for the session stands at 465.93.

Apple Inc.

Apple is currently positioned around the 216.70 level. For bullish momentum to continue, buyers need to defend this level, pushing the price higher toward 218.08. If this level is held during regular trading hours, it may lead to further upside action targeting 219.19. Should the bulls maintain control, a push toward the high bull target of 220.29 is possible.

On the downside, if 216.70 fails to hold as support, sellers are likely to challenge 215.25. A break below this could bring the auction lower to 214.07. Continued selling pressure could push Apple further down to 212.44, and if bearish strength persists, the low bear target for the day is set at 211.12.

Microsoft Corp.

Microsoft is currently hovering around the 438.72 mark. For bullish strength, buyers must hold this level, with an initial upside target of 441.34. If the bulls manage to secure this area as support, the next level to watch is 442.95, signaling sustained bullish activity. Should the rally continue, the high bull target for Microsoft is 444.95.

If 438.72 breaks as support, bears will likely target 437.10 for the first downside move. A breach of this level could push the price lower to 435.79. If the sell-off persists, the next key area to watch is 434.49, with the low bear target for the session sitting at 432.49.

NVIDIA Corporation

NVIDIA is currently trading near our key level of 116.61. For bullish movement to take place, buyers need to push the price up toward 117.86 and secure this level as support. If successful, NVIDIA could see a run toward 119.44. Continued buying momentum might bring the stock up to 120.27, with a high bull target for the day at 121.97.

If 116.61 fails to hold as a support level, sellers will likely push the price lower to 115.83. A breakdown of this level could lead to a move down to 115.15. Should bearish momentum persist, the next support to watch is 114.29. If the selling intensifies, the low bear target for the day is set at 113.68.

Alphabet Inc Class A

Alphabet is currently trading around the 158.54 level. Bulls need to hold this level and push the price higher to 160.36. If this key area holds strong, we could see a move toward 161.79, the high bull target for the day. Continued buying momentum will signal strong interest in pushing the stock higher.

If the 158.54 level is broken, bears will look to drive the price lower, testing the 157.41 level. A break below this could push the auction down to 156.61. Should heavy selling take over, the next level to watch is 155.59, the low bear target for Alphabet today.

Meta Platforms Inc

Meta is currently hovering around the 534.33 mark. For bullish action to take place, buyers need to hold this level and drive the price higher toward 537.68. If bullish momentum picks up, we could see a move toward 541.79. A continued rally could push Meta toward its high bull target of 548.44.

If 534.33 fails as support, we’ll likely see a downside test at 531.03. Continued selling could bring the auction lower to 526.29. If the bears remain in control, the next target to the downside is 520.27, the low bear target for the day.

Tesla Inc.

Tesla is currently positioned around 228.45. Bulls will want to push the price higher to 230.65, a key level to maintain buying pressure. If the rally continues, Tesla could test 233.49. With strong bullish participation, we could see the stock reach 235.74, with a high bull target at 238.50.

On the downside, if 228.45 breaks, bears will likely target 226.53. A break below this could bring the price down to 223.98. If sellers are aggressive, Tesla may see a drop to 222.19, the low bear target for the day.

Final Word: Today's trading day kicks off with key data at 8:30 AM ET when the Advance Retail Sales for August will be released, providing insights into consumer spending. Following closely, at 9:15 AM ET, we will see the Industrial Production and Capacity Utilization data for August, offering a snapshot of manufacturing health. At 10:00 AM ET, the Business Inventories for July will be reported alongside the NAHB Housing Market Index for September, shedding light on the housing market’s condition.

The most significant event today is the 20-Year Bond Auction by the Treasury at 1:00 PM ET. Traders will be closely watching this for signals on market sentiment ahead of tomorrow's highly anticipated FOMC decision. With large positions likely being established today in anticipation, it's crucial to stay alert and adapt to rapidly changing conditions. The potential for high volatility is present, so plan your trades wisely and stay risk-conscious. Trade 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.

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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.