Market Clubhouse Morning Memo - September 30th, 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 SPY is currently trading near the 569.98 level. For bullish momentum, we’re watching for a move above 571.06. If this level holds, it could set the stage for buyers to target 572.15. A sustained hold above this area during regular trading hours may push the price further to 573.50. If the rally continues, the high bull target for the day is 574.65.

On the downside, if 569.98 fails as support, sellers could test the next key level at 569.16. Should this level break, we expect a move lower to 567.81. If selling intensifies, the bears might push prices to a stronger support area at 566.46. If the selling pressure is heavy, the low bear target for today is 565.38.

Invesco QQQ Trust Series 1

QQQ QQQ is currently hovering around the 486.10 area. For the bulls, we want to see buyers take control above 486.10. If they can establish this as a solid support level, the next target is 487.69. Continued upward movement could push the price higher to test 490.05. In a strong bullish scenario, we’re looking for a test of 491.82, with the high bull target set at 493.60.

If the auction struggles to maintain 486.10, we anticipate the bears stepping in and pushing the price lower to 483.95. Further selling could see prices drop to 481.73. If the bearish momentum continues, the next downside level is 479.03, with the low bear target for the day resting at 476.85.

Apple Inc.

Apple AAPL is currently trading near 229.03. For bullish control, we need to see this level hold as support. If buyers can defend this area, the next target on the upside is 230.25. With sustained buying pressure, the price could rise further to 231.76. Should bulls maintain control, we expect a push towards the high bull target for the day at 233.28.

If 229.03 fails as support, we anticipate a bearish move to test 227.82. Continued weakness in the auction could drive the price lower to 226.90. If sellers persist, the next level to watch is 226.08, with a possible move down to the low bear target at 225.31.

Microsoft Corp.

Microsoft MSFT is currently auctioning around 427.36. For bulls, we need to see the price hold above 427.36, which could lead to a rally toward 428.48. If this area holds as a key level of support, a continued move higher could target 429.25. In a strong bullish scenario, the price could extend toward the high bull target of 430.25.

If 427.36 fails to act as support, bears will likely push the price down to test 426.00. Continued selling pressure could result in a drop to 425.16. If the bears maintain control, we expect the price to decline further to 423.81, with the low bear target for the day at 422.84.

NVIDIA Corporation

NVIDIA NVDA is trading around 119.44. For the bulls, we’re watching for a move up to 120.27 and holding this level as support. If successful, we expect a bullish rally to target 121.97. Should buying momentum persist, the price could reach 123.41, with the high bull target for the day set at 125.21.

If 119.44 is broken as support, we expect bears to test 117.86. If sellers dominate, the price may drop to 116.61. With further downside pressure, a move toward 115.83 is likely, and the low bear target on the day is 115.15.

Alphabet Inc Class A

Alphabet GOOGL is currently trading near 163.79. For the bulls, holding this level as support is crucial for a move higher toward 165.41. Continued buying strength could push the price up to 167.04, which would be the high bull target for the day.

If 163.79 cannot hold, we expect the bears to take control and drive the price down to 161.79. A further breakdown could bring 160.36 into play. If sellers remain active, the price may decline to the low bear target at 158.54.

Meta Platforms Inc

Meta META is currently auctioning around 565.53. For bulls, we want to see this level hold as support and push the price higher to 573.25. If buyers maintain control, continued bullish momentum could bring the price up to 580.17. The high bull target for Meta is set at 585.73.

On the downside, if 565.53 fails as support, the bears may drive the price lower to 559.29. If selling intensifies, the price could fall to 553.05. Should bearish momentum persist, we could see a further drop to the low bear target of 548.44.

Tesla Inc.

Tesla TSLA is trading around 259.81. For bulls, we want to see a push to 262.68, with buyers holding this level to set up a move toward 264.46. If buying pressure continues, we expect a rally to 266.83. In an extended bullish scenario, the high bull target for Tesla is 269.48.

If 259.81 does not hold, sellers will likely push the price down to 257.56. Continued selling pressure could bring 256.34 into focus. If the bears remain in control, we expect the price to fall further to the low bear target of 254.28.

Final Word: Today's trading session has a light calendar in terms of economic data, but a few key events may drive market sentiment. The day kicks off with the release of Chicago PMI data at 9:45 AM ET, followed by the Dallas Fed Manufacturing Activity at 10:30 AM ET. While these reports provide some insights into economic conditions, the main event today will be Federal Reserve Chair Jerome Powell’s speech at 1:00 PM ET. Powell's remarks, delivered during the National Association for Business Economics 66th Annual Meeting, could offer significant clues about the Fed’s outlook on inflation, monetary policy, and potential rate changes.

Given the importance of Powell’s speech, markets could see increased volatility, especially if he signals any shifts in the Fed's stance. With the month ending, traders should also be mindful of potential end-of-month flows, which could impact price action in the afternoon. Stay vigilant and prepared for rapid movements, particularly as Powell takes the stage. Trade safely, and good luck 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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