Market Clubhouse Morning Memo - November 11th, 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 around our reference level of 600.51. For bullish momentum, we’re looking for a move toward 604.45, with buyers defending this level. If the bid holds above 604.45, this opens the door for a rally to 607.55. Should this area show strength, it would provide a base for buyers to target 609.33, with our ultimate bullish target on the day set at 612.68.

However, if 600.51 fails to act as support, sellers may step in and press SPY down to 598.04. Further bearish action could lead to a deeper move to 596.57, with heavy selling bringing potential support at 593.59 into play. A strongly negative session could see SPY pushing toward our low bear target at 592.00.

Invesco QQQ Trust Series 1

QQQ QQQ is currently oscillating near our significant level of 515.00. For buyers to maintain control, we need to see support established at 515.00 and strength moving toward 516.58. Continued bullish momentum could drive prices up to 517.97, with a strong auction potentially challenging 519.87. The high target for bulls today rests at 522.57.

If QQQ struggles to sustain above 515.00, it may indicate a shift in momentum. In this case, sellers will likely test 513.64. Persistent selling pressure could push the market down to 511.53, with further declines eyeing support at 509.87. The day’s low target on weakness sits at 506.68.

Apple Inc.

Apple’s AAPL current level is around 226.08, and we’re looking for buyers to solidify this as a support base. Should this level hold firm, we anticipate a move to 226.90, with sustained strength potentially driving the price up to 227.82. If buyers take control, Apple could test higher levels, with a bullish aim at 229.03 for the day.

If 226.08 falters as support, we’ll monitor a potential slide to 225.31. Continued downward momentum could drive prices lower to 223.87, with sellers potentially eyeing 222.96. A significant sell-off would place our bearish target at 222.24.

Microsoft Corp.

Microsoft MSFT is positioned near our benchmark of 422.84. For bulls to dominate, this level should be upheld, aiming for a climb to 423.81. Should support consolidate here, the auction may drive higher to 425.16. Consistent buying interest could elevate Microsoft toward our high bull target of 426.00.

On the downside, failure to sustain 422.84 may encourage sellers to push the price to 421.62. Should this pressure persist, further tests at 420.26 may unfold, with continued weakness targeting 419.17. The low target for Microsoft in today’s session is 417.25.

NVIDIA Corporation

NVIDIA NVDA trades around 148.52, and bulls would aim for this level to remain solid. If the buying pressure holds, the next focus would be on a rally to 150.32, with further upside potentially bringing 151.99 into play. Should NVIDIA continue to see buying interest, our top target for bulls is 154.64.

In the event that 148.52 does not hold, NVIDIA may see a retreat toward 147.06. If sellers drive the price lower, we could see a test of 145.61, with further declines possibly probing support at 144.21. The bearish target for the day is set at 142.35.

Alphabet Inc Class A

Alphabet GOOGL is hovering near 179.15, and bulls would look to sustain this as a support level. If successful, the stock could advance to 180.46. With continued bullish movement, the price could test our high target of 181.77.

Conversely, if 179.15 fails to hold, we may see sellers press for a move down to 177.28. Further bearish momentum could target 176.23, with heavy selling possibly pushing toward our day’s low target of 175.12.

Meta Platforms Inc

Meta’s META current position around 591.29 offers a base for bulls if they can maintain it. A rally here could aim for 598.17, with continued upward movement potentially leading to 604.50. The upper target for buyers today is set at 609.30. 

Should 591.29 break down, bears may take control, pushing Meta lower toward 585.73. Persistent selling pressure could bring prices down to 580.17, with extended declines targeting our low target at 573.25.

Tesla Inc.

Tesla TSLA is trading close to 340.97, with bulls hoping to see a move up to 346.64 if the price action remains supportive. If strength persists, 350.87 becomes the next upside focus. With sustained buying, Tesla could aim for a high of 356.80, and our bull target for the day stands at 363.84.

If 340.97 doesn’t provide support, a bearish move toward 333.93 is likely. Additional selling may drive Tesla to 327.59, and if downward pressure remains strong, the low target for the day is 322.52.

Final Word: Today's trading session begins with a quiet economic calendar, reflecting the Veteran's Day holiday, which leaves the bond market closed and minimizes the presence of macroeconomic catalysts. Without notable data releases or Federal Reserve speakers, traders should instead focus on tracking price movements, volume changes, and the options market, which may hold sway over intraday direction. With these factors in mind, remaining vigilant for any shifts in sentiment will be crucial in a session shaped more by technical dynamics than by economic news. Stay disciplined, manage risks carefully, and trade with caution. Good luck and trade safe!

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.