Market Clubhouse Morning Memo - November 4th, 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 our level of 542.15. To maintain bullish momentum, we’re watching for an initial lift to 573.50. Holding above 573.50 could indicate sustained buying, with the potential for buyers to aim for 574.65 as support. Should 574.65 hold firm during the trading day, it could encourage a push toward 575.67. For today’s session, the bulls’ high target on SPY sits at 576.62.

However, if 572.15 fails to act as support, bears may gain momentum, leading to a test at 571.06. Persistent selling pressure could drive the price lower to challenge 569.98. If bearish momentum accelerates past this level, we expect support around 569.16. In a more intense sell-off scenario, the day’s low target for SPY could reach down to 567.81.

Invesco QQQ Trust Series 1

The QQQs QQQ are trading close to our level of 487.69. For a bullish scenario, we want to see buyers sustain this level and drive the price above it. Holding above 487.69 could see buyers pushing up to 490.05, where we’ll look for support to strengthen. If this level solidifies, we might see an attempt to reach 491.82. With a strong session, bulls might target 493.60, with a high target at 495.35.

If 487.69 doesn’t hold as support during regular trading, we’ll look for the bears to attempt a move lower, potentially testing 486.10. With ongoing selling, the next key level is 483.95, where bears may try to push lower. If sellers continue to dominate, we could see a further drop to 481.73. Should this support break, the day’s bear target sits at 479.03.

Apple Inc.

Apple AAPL is currently trading around 221.66. For the bulls, we’re watching for strength at 222.24 to establish solid support, creating a foundation for further gains. Should 222.24 hold, a rally toward 222.96 is possible. Continued bullishness might see Apple testing 223.87, with a potential peak target for bulls at 225.31 if momentum holds steady.

On the other hand, a failure to hold 221.66 could lead to a pullback, testing 220.97. If bears control the action here, we may see Apple heading toward 220.29. Sustained selling pressure could bring the price down to 219.19, with the low bear target marked at 218.08 for today’s session.

Microsoft Corp.

Microsoft MSFT is trading near our key level of 410.64. For bullish interest, holding above 410.64 is essential to encourage a move toward 411.72. If this level solidifies as support, continued buying may propel the price to 413.14. Persistent bullish sentiment could allow Microsoft to reach our high target for the day at 414.56.

If 410.64 fails to act as support, sellers may push the price lower, first testing 409.69. A move below this level could lead to a test of 408.46, with further downside action potentially driving the price down to 407.11. Our low bear target for Microsoft today stands at 406.01 if bearish momentum prevails.

NVIDIA Corporation

NVIDIA NVDA is currently hovering around the 138.55 level. For bullish traction, we’ll look for an advance to 139.42 and a consolidation above this level as support. A rally past 139.42 could prompt a push to 140.28, with buyers potentially eyeing 141.21 as an upside target. The day’s high bull target for NVIDIA is set at 142.35.

If 138.55 fails as support, sellers may push NVIDIA lower, initially targeting 137.94. Continued selling could result in a test of 136.98, with further downside likely testing 135.64. Should the sell-side pressure persist, the low bear target for today is anticipated around 134.56.

Alphabet Inc Class A

Alphabet GOOGL is auctioning near 171.14. Bulls will aim to hold this level, targeting an initial move to 172.28. If momentum supports a rally, Alphabet may challenge 173.59 as the next level. Strong buying could see a run toward our high bull target of 174.01 for the day.

If support fails at 171.14, we expect the bears to attempt a move lower to 169.34. Sustained downside action could bring Alphabet to test 167.04. Should this level give way, intense selling could drive the price down to our low bear target at 165.41.

Meta Platforms Inc

Meta META is currently around the 565.53 mark. Bulls will want to defend this support level, eyeing a push up to 573.25. Continued bullish sentiment could drive Meta to 580.17, with the high bull target pegged at 585.73 for today’s trading session.

Conversely, if 565.53 doesn’t hold, we could see the bears taking charge, moving the price down toward 559.29. If the selling pressure intensifies, the next key level is 553.05. A deeper decline may bring Meta to test our low bear target at 548.44.

Tesla Inc.

Tesla TSLA is trading near the 243.98 level. Bulls are eyeing an initial move toward 246.16, with a potential breakout above to test 248.37. If buying momentum is strong today, a rally could push Tesla to test 250.25. The high bull target for Tesla is set at 252.38.

Should 243.98 fail as support, we anticipate a test of 242.49. Persistent selling could lead to a further drop to 239.92. If this level breaks down under pressure, Tesla’s low bear target for the day lies at 238.50.

Final Word: Today’s trading session is relatively light on economic data. Key releases include Factory Orders, Durable Goods Orders, and Capital Goods Orders for September at 10 AM ET. Shortly after, the Treasury will hold a 3-month and 6-month Bill Auction at 11:30 AM ET, followed by a 3-Year Note Auction at 1 PM ET, which could have an impact on market liquidity and investor sentiment. Given the minimal economic data, traders should focus closely on price action and volume dynamics, as they will be instrumental in identifying market direction. Additionally, it’s crucial to monitor any geopolitical or election-related news, especially with the U.S. Presidential election scheduled for tomorrow. Trading vigilance is key, as unexpected news could introduce volatility. Good luck, trade carefully, and keep an eye on evolving market trends!

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.