Market Clubhouse Morning Memo - November 15th, 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 pivotal level of 589.71. Bulls will need to establish momentum above 592.00 for a constructive upside move. If this level holds as support, we anticipate buyers pushing the price toward 593.59. A sustained move above 593.59 during regular trading hours could lead to a test of the 596.57 level. In a bullish scenario, the high target for SPY today would be 598.04.

Conversely, if 589.71 fails to act as a support, sellers could exert pressure to bring the price down to 587.31. A break below this level might open the door for further declines toward 585.37. Should bearish momentum persist, the next critical support lies at 583.18. If selling intensifies, SPY could reach the low target of 581.97 by the session's end.

Invesco QQQ Trust Series 1

The QQQ QQQ is trading close to the key level of 504.44. Buyers need to maintain this level as support to confirm upward momentum. If they succeed, the next target is 506.68. A firm breakout above this zone could see the price climbing to 509.87. In an especially strong session, we expect QQQ to test 511.53, with the ultimate bullish objective at 513.64.

Should 504.44 fail to hold, selling pressure may intensify, leading to a test of 502.65. Below that, bears will aim for 501.07. If weakness persists, the next support lies at 499.44. If bearish activity dominates, the QQQ could decline further to the low target for the day at 498.37.

Apple Inc.

Apple AAPL is trading around the significant level of 226.08. Bulls will need to defend this level to initiate a rally. If 226.08 holds, buyers could propel the price to 227.82. Continued strength in the auction might bring 229.03 into play. With sustained upward pressure, Apple could test its high target for the session at 230.25.

If the 226.08 support fails, selling could accelerate, driving the price toward 225.31. Persistent weakness might lead to a test of 223.87. Further declines could see Apple revisit 222.96. Should bearish sentiment dominate, the day’s low target could be 222.24.

Microsoft Corp.

Microsoft MSFT is trading near the critical level of 425.16. Bulls will aim to push the price above this level and establish 426.00 as support. A strong breakout could see buyers targeting 427.36. If momentum persists, Microsoft could challenge its high target at 428.48.

If 425.16 fails to hold, bears may look to probe lower levels, starting with 423.81. A breakdown below this point could test 422.84. Should selling pressure increase, the next significant support is at 421.62. The low target for the day sits at 420.26.

NVIDIA Corporation

NVIDIA NVDA is hovering around the crucial level of 147.06. Bulls need to reclaim 148.52 to confirm upward momentum. If successful, the next objective would be 150.32. Continued buying activity could lead to a test of 151.99, with the session's high target at 153.23.

On the downside, if 147.06 gives way, bears may push the price toward 145.61. A breakdown of this level could expose 144.21. With sustained selling, NVIDIA may test 142.35. A deep selloff could see the price reaching the low target of 141.21.

Alphabet Inc Class A

Alphabet GOOGL is trading around 174.01. Buyers will need to hold this level to push higher toward 175.12. A strong upward move could set the stage for a test of 176.23, which serves as the high target for bullish traders.

If 174.01 fails to hold as support, sellers may gain control, bringing the price down to 172.28. A continued breakdown could lead to a test of 171.14. If selling accelerates, Alphabet may drop further to the low target at 169.34.

Meta Platforms Inc

Meta META is auctioning near 573.25. Bulls need to establish this level as support to target 580.17. If the buying momentum holds, the price could move to 585.73. With strong participation, Meta could reach its high target at 591.29.

Should 573.25 fail to hold, bears may drive the price lower to 565.53. Further selling could test 559.29, with a more pronounced decline potentially targeting 553.05 by day’s end.

Tesla Inc.

Tesla TSLA is trading around the key level of 312.42. Buyers will aim to push the price toward 315.93. If momentum builds, Tesla could challenge 322.52, with the possibility of reaching 327.59. A strong rally may see the price hitting the high target at 333.93.

If 312.42 breaks, sellers may push the price lower to 310.17. Further declines could test 304.24. Should bearish pressure persist, Tesla could drop to the low target of 300.56.

Final Word: Today's trading session is set against a backdrop of significant economic data releases, beginning at 8:30 AM ET with the Advance Retail Sales for October, Import Price Index, and Empire Manufacturing data for November. These reports will offer early insights into consumer spending, inflationary trends, and manufacturing sector health. At 9:15 AM ET, attention shifts to Industrial Production, Capacity Utilization, and Manufacturing Production figures for October, providing a broader view of the economy's performance.

By 10:00 AM ET, the release of Business Inventories for September and the Philly Fed's Q4 Survey of Professional Forecasters will add further depth to the economic outlook. Market participants will also be analyzing Fed Chair Powell's recent comments, which carried a hawkish tone, potentially influencing interest rate expectations. Additionally, today marks MOPEX Friday: Monthly Options Expiration. This a key event in the financial markets where monthly options contracts expire, often leading to increased volatility as traders adjust their positions.

Given the confluence of these factors, heightened market activity is anticipated. Stay alert to rapid moves, manage risk carefully, and trade well. Happy Friday!

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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