Market Clubhouse Morning Memo - September 20th, 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 moving around the critical level of 567.81. For bullish momentum to gain traction, we'd like to see a push higher toward 569.16. A sustained move above this level could signal that buyers are stepping in, with a potential drive towards 569.98. If this level is maintained during the trading session, we could see a further move upward toward 571.06. Should buying momentum persist, the high bull target for the day stands at 572.15.

However, if 567.81 fails to hold as support, we expect bears to target 566.46. If selling intensifies, a deeper move down to 565.38 is possible. Should this level break, we could see the price testing the stronger support at 564.29. In the event of a strong sell-off, the low bear target for SPY could reach 563.23.

Invesco QQQ Trust Series 1

QQQ is trading around the crucial level of 481.73. For bulls to remain in control, we'd like to see the price stay above this support level, with an initial target of 483.95. If buyers are able to hold this level, a further push toward 486.10 may be in play. Continued bullish strength could bring 487.69 into focus, with a high bull target for the day at 490.05.

If 481.73 breaks down as support, sellers may look to push the price lower to 479.03. A failure at this level could lead to a test of 476.85, with bears aiming to break down further toward 474.66. Should selling pressure remain strong, we could see the low bear target of 471.33 being tested during today's session.

Apple Inc.

Apple is trading near the 227.82 level. Bulls will want to see this support hold, targeting an initial move up to 229.03. If this level is reclaimed, we expect continued bullish action to drive the price toward 230.25. A strong bullish run could result in Apple testing higher at the high bull target of 231.76 for the day.

If 227.82 cannot sustain itself as support, bears will likely drive the price down to 226.90. If further selling occurs, Apple may see a drop to 226.08. With sustained downside pressure, the price could fall to 225.31, with a low bear target for the day at 223.87.

Microsoft Corp

Microsoft is auctioning around the key level of 437.10. If bulls manage to defend this level, they may push the price toward 438.72. A successful break and hold above this level could propel the stock toward 441.34. Continued bullish momentum may take the stock higher, with a high bull target for the day at 442.95.

If 437.10 fails to hold, bears could gain control, targeting 435.79. If this level breaks, we may see further downside action to 434.49. With continued selling pressure, bears could push Microsoft to the low bear target of 431.25 for the day.

NVIDIA Corporation

NVIDIA is currently hovering near 116.61. If the bulls can hold this level, we may see a move toward 117.86, with buyers aiming to reclaim this as a solid support. If successful, the price could rise further to 119.44. Strong bullish sentiment could drive the stock toward the high bull target of 121.97.

If 116.61 fails to hold, sellers will likely look to test the next support at 115.83. A break below this level could see NVIDIA drop further to 115.15, with continued downside momentum potentially driving the price to 114.29. If the selling pressure persists, the low bear target for the day stands at 113.68.

Alphabet Inc Class A

Alphabet is currently trading around 161.79. Bulls need to defend this level and push the price towards 163.79. Continued buying pressure could drive the price to 165.41, which is the high bull target for the day.

If 161.79 fails as support, the bears will likely aim to push the price down to 160.36. A breakdown here could see the price drop to 158.54, and in the event of strong selling, we could see a move towards the low bear target of 157.41.

Meta Platforms Inc

Meta is currently auctioning around 559.29. Bulls need to hold this level to initiate a move higher to 565.53. A strong bullish advance could push Meta to 573.25, with continued strength potentially reaching the high bull target of 585.73.

If 559.29 fails to hold as support, bears may step in to target 553.05. If selling pressure intensifies, the price could drop to 548.44. If the downside persists, Meta could reach its low bear target of 541.79 for the day.

Tesla Inc.

Tesla is trading around 242.49. Bulls will want to see the price rise to 243.98, with strong buying activity driving the price toward 246.16. If the broader market supports a bullish move, we could see Tesla testing 248.37, with a high bull target at 250.25.

If 242.49 fails to hold as support, bears may push the price lower to 239.92. If selling pressure continues, Tesla could test 238.50. Should this level break, the low bear target for the day sits at 235.74.

Final Word: Today’s trading session lacks any major U.S. economic data, providing a quiet backdrop for market activity. However, traders should be mindful of potential volatility due to Triple Witching Friday, where stock options, stock index futures, and stock index options expire simultaneously, which can lead to abrupt price movements. Additionally, remarks from Fed's Harker at 1 PM ET could give insight into monetary policy, while the SEMI Billings Report at 6 PM ET may provide an industry-specific outlook for semiconductor sales. Stay vigilant, trade cautiously, and use today as an opportunity to capitalize on the potential volatility while managing risk effectively. Happy Friday, 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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day—hours before it's published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.

For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.