Market Clubhouse Morning Memo - November 12th, 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 598.04 level, which is crucial for the bulls to hold. If buyers can establish momentum above 600.51, we anticipate further upside with a move toward 604.45 as the next key level. Sustained strength around 604.45 could set the stage for an advance toward 607.55, with our upper bull target for the day at 609.33.

Should 598.04 fail to hold as support, we’ll likely see sellers test the waters at 596.57. Any significant bearish momentum below this point could lead to a drop toward 593.59. Continued selling pressure might drive SPY down to the stronger support level at 592.00. A particularly bearish session could see prices test our lower bear target at 589.71.

Invesco QQQ Trust Series 1

QQQ QQQ is trading close to our 511.53 level, a key point for the bulls. For upward momentum, we’d like to see buying pressure maintain support above 511.53, allowing for a potential move toward 513.64. Should buyers remain in control, we expect a push toward 515.00, with bullish enthusiasm potentially reaching 516.58. Our high bull target for QQQ today stands at 517.97.

If 513.64 does not hold, sellers might look to pressure QQQ lower toward 511.53. A break below this level could open the door for a decline to 509.87. Continued selling pressure may test 506.68, and if bears dominate the session, we could see QQQ trade down to the low bear target at 504.44.

Apple Inc.

Apple AAPL is currently near our level of 223.87, which buyers need to defend for potential gains. If 223.87 holds as support, the next target for bulls would be 225.31. Sustained upward movement could propel Apple to test 226.08, with the high bull target set at 226.90 if bullish momentum prevails.

If 223.87 fails to act as support, we could see sellers drive Apple toward 222.96. Increased selling pressure might then push the price further down to 222.24, with bears potentially eyeing 221.66. Should the session turn highly bearish, Apple could reach our low bear target of 220.97.

Microsoft Corp.

Microsoft MSFT is trading around 417.25, a key level for potential bullish action. Bulls will want to see price hold above 417.25, which could set the stage for a rally to 419.17. Sustained buying momentum above this level could drive prices up to 420.26, with an ultimate high bull target at 421.62.

If Microsoft loses support at 417.25, sellers may push prices lower, first testing 416.32. Continued weakness could see prices fall to 414.56, with the bears eyeing 413.14. If the session is particularly bearish, we could see the price hit our low bear target of 411.72.

NVIDIA Corporation

NVIDIA NVDA is trading near our crucial level of 144.21. To maintain bullish momentum, buyers need to push above 145.61, transforming it into solid support. A sustained bid above this level may lead to further upside with targets at 147.06 and 148.52. The high bull target for NVIDIA today stands at 150.32.

Should 144.21 fail as support, sellers could test 142.35. If bears gain control, we might see a decline toward 141.21, with further downside pressure possibly testing 140.28. If the sell-off intensifies, our low bear target at 139.42 may come into play.

Alphabet Inc Class A

Alphabet GOOGL is trading around 179.15, a critical level for the bulls. Should buyers hold 179.15, the path could open for a move toward 180.46. Sustained bullish sentiment may then lift prices toward our high bull target of 181.77 if strong support is established.

If 179.15 fails, bears may push the price down to 177.28. Persistent selling could see a test of 176.23, with heavy downside pressure potentially driving the price to our low bear target of 175.12.

Meta Platforms Inc

Meta META is hovering around the 580.17 level, and a strong hold here is key for bulls looking to capitalize on potential upside. If buyers can maintain control, we anticipate a move toward 585.73, with further strength potentially lifting Meta to 591.29. The high bull target stands at 598.17 if momentum continues.

Should 580.17 break down as support, bears may take control, aiming to bring the price to 573.25. Additional selling pressure might see a drop to 565.53, with Meta possibly reaching our low bear target of 559.29 if the session turns highly bearish.

Tesla Inc.

Tesla TSLA is positioned near the key level of 346.64, which could serve as a strong foundation for bulls. If this level holds, a move toward 350.87 is possible, with continued buying potentially lifting prices to our next target at 356.80. If Tesla rallies today, we might see a test at 363.84, with a high bull target of 370.22.

A failure at 346.64 could see sellers driving Tesla lower toward 340.97. Should bearish momentum persist, 333.93 may be tested, with further downside possibly reaching our low bear target of 327.59.

Final Word: Today's trading environment is shaped heavily by multiple Fed speakers, with economic data releases adding to the potential volatility. The session starts with the Redbook Retail Sales at 8:55 AM ET, followed by the TIPP Economic Optimism index for November at 10:00 AM ET. The Treasury's Buyback Announcement, paired with the New York Fed Survey of Consumer Expectations for October, will be released at 11:00 AM ET, offering additional insights into consumer outlooks and inflation expectations. Fed Governor Chris Waller will address a banking conference at 10:00 AM ET, while voting member Barkin provides remarks from Baltimore at 10:15 AM ET. Later, Neel Kashkari, a non-voting member, speaks at 2:00 PM ET, followed by Harker at 5:00 PM ET and another statement from Barkin at 5:30 PM ET. These events create a landscape where sentiment can shift rapidly. Staying adaptive and vigilant while keeping your head on a swivel today will be essential. Best of luck, and keep risk management top of mind as you navigate this volatile day.

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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