Market Clubhouse Morning Memo - September 18th, 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 564.29. For the bulls, the next target is a push toward 565.38. If buying momentum sustains above this level, we anticipate a further rally to 566.46. Holding this area as support during regular trading hours could signal strength, pushing the price up toward 567.81. The highest target for bullish traders today stands at 569.98.

Should 564.29 fail to hold as support, the bears may take control, driving the price down to test 563.23. A breakdown here could lead to a move toward 561.90. If selling intensifies, a further decline to 560.83 is likely, with a potential low bear target at 559.75 for the day.

Invesco QQQ Trust Series 1

QQQ is auctioning close to the key level of 474.66. Bulls will be looking for strength above this point, aiming to lift the price toward 476.85. If buyers maintain control, the next level to watch is 479.03. With sustained buying pressure, we could see a higher test at 481.73. The high bull target for the day is set at 483.95.

If QQQ struggles to hold 474.66, bearish momentum may emerge, leading to a test of 471.33. Further weakness could bring the price down to 469.27, and if the selloff continues, bears might push the market to 467.60. The final bear target on the day could see a dip to 465.93.

Apple Inc.

Apple is trading near 216.70, a critical level for today’s auction. Bulls need to defend this area and push the price higher to 218.08. If buying pressure persists, the next target is 219.19, followed by a potential rally to 220.29. Strong bull momentum could drive the price to this high target if Apple holds support.

If 216.70 fails to act as support, we could see a pullback to 215.25. Continued selling pressure would likely bring Apple down to 214.07. If sellers remain active, 212.44 could come into play, with the low bear target resting at 211.12.

Microsoft Corp.

Microsoft is currently trading around 437.10. Bulls are looking to defend this level and push the price up to 438.72. A sustained hold above this area would likely lead to a rally toward 441.34. Continued buying momentum could drive the price higher, with a top bull target for the day at 442.95.

If 437.10 cannot hold, bears may take over, initially testing 435.79. Further selling could lead to a move down to 434.49, with increased downside pressure potentially driving the price toward 432.49. A low bear target for the day sits at 431.25.

NVIDIA Corporation

NVIDIA is trading around a critical level at 115.83. Bulls need to defend this zone and aim for a rally to 116.61. Should this level be held as support, the next target will be 117.86. Continued bullish pressure could lift the price to the high bull target of 120.27.

If 115.83 breaks to the downside, we expect bears to test lower levels at 115.15. A breakdown at this level could push the price toward 114.29. Should selling intensify, 113.68 becomes the next key area, with a potential test of the low bear target at 112.54.

Alphabet Inc Class A

Alphabet is currently trading near 160.36, and bulls are aiming to hold this level as support. A rally to 161.79 is likely if buying momentum persists. Continued strength could drive the price to the high bull target of 163.79.

If the price fails to maintain 160.36 as support, the bears could drive it down to 158.54. Further weakness could lead to a test of 157.41, and on heavy selling, the low bear target at 156.61 might be reached.

Meta Platforms Inc

Meta is trading close to 537.68, with bulls needing to hold this level as support to drive the price higher. A potential rally could push the stock up to 541.79. If buyers maintain control, we could see a move toward 548.44, with the high bull target for the day at 553.05.

Should 537.68 fail as support, bears could initiate a selloff to 534.33. Further downside pressure might push Meta toward 531.03. If sellers persist, the low bear target could be reached at 526.29.

Tesla Inc.

Tesla is currently near 228.45, and bulls will aim to push the price to 230.65. A strong rally could bring the price to 233.49, with continued buying potentially leading to a test of 235.74. The high bull target for Tesla today stands at 238.50.

If Tesla fails to hold 228.45 as support, bears may push the price lower to 226.53. A breakdown here could lead to 223.98, and if sellers remain in control, the final bear target for Tesla sits at 222.19.

Final Word: Today’s trading session brings important catalysts starting with the August Housing Starts and Building Permits data at 8:30 AM ET. However, the main focus will be the FOMC Interest Rate Decision at 1:00 PM ET, where the market anticipates a 50 basis point rate cut. More crucially, traders will pay close attention to the updated Summary of Economic Projections (SEP) dot plot. Fed Chair Powell’s press conference at 1:30 PM ET will likely provide essential guidance on the future path of interest rates and monetary policy. Expect heightened volatility throughout the session, with significant price swings possible as the market digests these key events. Stay prepared, manage your risks, and trade cautiously today.

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.