Market Clubhouse Morning Memo - October 10th, 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 level of 575.67. For bullish momentum, buyers need to push above this point, aiming first for a move toward 576.62. Sustaining price action above 576.62 could open the path to the next level at 577.87. If this level holds during regular market hours, a further push to 579.12 is anticipated, with a high bull target set at 580.67 for the day.

On the downside, failure to maintain support at 575.67 could lead to a test of 574.65. If selling pressure persists, the next key area for bears is around 573.50. Should the decline continue with heavy volume, the focus shifts to a significant support zone near 572.15. In a more intense sell-off, the low bear target could reach 571.06.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently positioned around the level of 491.82. Bulls need to defend this level to establish it as support, targeting an upward move to 493.60. If buyers maintain strength above 493.60, the price could advance further to 495.35. With sustained buying pressure, a test of 496.94 becomes likely, setting the high bull target at 498.37.

If 491.82 fails as support, bears could gain control, pushing the price down to the 490.05 region. Continued bearish action may lead to a retest of 487.69. If selling remains robust, 486.10 comes into focus as a key level to monitor. Further downside could drive QQQ toward the low bear target at 483.95.

Apple Inc.

Apple AAPL is currently trading near 229.03. To encourage further bullish momentum, buyers need to establish support here and push the price toward 230.25. Sustained buying could extend the rally to 231.76. If this area is conquered, a move up to 233.28 would align with the high bull target for today.

If 229.03 is lost as support, bears may look to bring the price down to 227.82. Should selling continue, 226.90 becomes the next key level. Persistent bearish activity could see a drop to 225.31, with a deeper move potentially reaching the low bear target at 223.87.

Microsoft Corp.

Microsoft MSFT is currently trading near 416.32. For bulls, holding above this level is crucial to aim for an initial target of 417.25. If support is confirmed at 417.25, the next upside objective would be 419.17. Should momentum remain strong, Microsoft could rally to its high bull target of 420.26.

Conversely, if 416.32 breaks as support, it may lead to a test of 414.56. If bearish pressure persists, the next focus shifts to 413.14. Should the downtrend intensify, the bears may push the price toward 411.72, with a low target set at 410.64.

NVIDIA Corporation

NVIDIA NVDA is currently hovering around 132.19. Bulls would need to secure this level as support and drive the price higher toward 133.31. A break above 133.31 could set up a move to 134.56. Should the buying momentum continue, NVIDIA might reach the high bull target of 136.98.

If 132.19 fails as support, bears could look to push the price down to 131.42. In the event of sustained selling, the next area of interest would be 129.53. If downward momentum continues, a drop to 128.10 may be on the cards, with 126.84 as the low bear target.

Alphabet Inc Class A

Alphabet GOOGL is trading close to the 161.79 mark. Bulls would need to establish a base here and aim for a rise to 163.79. If the uptrend holds, the price could advance to 165.41, potentially reaching the high bull target.

Should 161.79 be breached as support, sellers may attempt to drag the price down to 160.36. A further push lower could see 158.54 tested, with a more significant drop potentially reaching the low bear target at 157.41.

Meta Platforms Inc

Meta META is currently situated around 591.29. To maintain bullish prospects, the price must stay above this level, aiming for an initial move to 598.17. Continued strength could see Meta testing 604.50. With sufficient buying pressure, a push to the high bull target at 609.30 may unfold.

Failure to hold 591.29 as support could signal a shift in momentum, leading to a test of 585.73. If selling persists, the price may target 580.17, with additional downside potentially extending to 573.25, the day's low bear target.

Tesla Inc.

Tesla TSLA is trading near 243.98. Bulls need to secure this level and aim for an upside move to 246.16. Sustained upward movement could push Tesla toward 248.37, with potential to test higher levels at 250.25. A strong rally may drive the price to the high bull target at 252.38.

If 243.98 is lost as a support level, Tesla could see a downside move to 242.49. Further selling pressure may bring 239.92 into play. If bearish momentum accelerates, the price could approach the low bear target of 238.50.

Final Word: Today's trading session will revolve around key economic data releases, starting with the September CPI report at 8:30 AM ET, accompanied by the Initial and Continuing Jobless Claims. These releases are pivotal for gauging inflation trends and labor market conditions, likely stirring market volatility. Later, at 11 AM ET, Federal Reserve's John Williams will speak, offering potential insights on monetary policy direction. The 1 PM ET 30-Year Bond Auction may also affect interest rate expectations. Given the economic landscape, traders should brace for rapid price changes and prioritize risk management strategies. Good luck, and trade safely!

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.