Market Clubhouse Morning Memo - December 16th, 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

The SPY is currently trading near 605.41. For the bulls, holding above this level is critical to sustain upward momentum. A successful push past 606.34 could signal strength and potentially lead to a test of 607.55 as a new area of support. If buyers maintain control above 607.55, the next target would be a move towards 608.35. The high bull target for the day is positioned at 609.33, representing a strong showing for the bulls.

On the other hand, if SPY fails to hold 605.41 as support, sellers may gain momentum and aim for 604.45 as the next significant level. A break below this could lead to further downside toward 603.38, with heavier selling pressure potentially targeting 602.37. In a more pronounced bearish session, SPY may see a drop to the low bear target at 601.22.

Invesco QQQ Trust Series 1 QQQ

The QQQ is currently hovering around the 532.52 level. For bullish traders, holding this level as support is crucial to enable a rally higher. If buyers step in above 532.52, the next objective would be to secure 533.70 as a support zone. Further bullish momentum could lead to a test of 535.30, with a continued push potentially targeting 536.95. The high bull target for QQQ stands at 539.02, signaling a strong day for the bulls if reached.

If 532.52 does not hold as support during the trading session, bears could take charge, driving the price down to 530.70. Continued weakness might result in a test of 528.44, with sellers aiming for a more significant move down to 527.03. In a sharp selloff scenario, QQQ could reach the low bear target at 525.19.

Apple Inc. AAPL

Apple is trading near 248.12, and bulls will want to see this level hold as support to maintain upward momentum. A rally above this level could bring 249.04 into play as a key resistance turned support. Continued strength in the auction may propel Apple towards 250.39, with a strong bullish session potentially driving the price to the high bull target at 252.13.

If 248.12 fails as support, sellers could push Apple lower to test 246.72. A breach of this level might expose the stock to further downside at 245.58, with a continuation of bearish pressure targeting 244.45. If selling intensifies, the low bear target for the day is set at 243.57.

Microsoft Corp. MSFT

Microsoft is currently trading near 448.18. For the bulls, maintaining support above this level is essential to drive the price higher. A breakout above 450.26 could pave the way for further upside, targeting 453.02. Continued buying momentum might lift MSFT to the high bull target for the day at 455.77.

Conversely, if 448.18 fails to hold as support, the bears may look to test 446.33. A sustained breakdown below this level could lead to further declines, with 444.95 as the next target. Should bearish momentum persist, MSFT could drop to 442.95, with the low bear target sitting at 441.34.

NVIDIA Corporation NVDA
NVIDIA is auctioning near 138.55, a key level for gauging bullish interest. If the price can hold above 138.55, bulls are likely to target 139.42. Sustained buying activity could drive the price higher to 140.28, with additional momentum potentially taking the stock to 141.21. The high bull target for today is set at 142.35.

If NVIDIA struggles to hold 138.55, bears could push the price lower to test 137.94. A breakdown at this level might result in a move toward 136.98. Should selling pressure remain strong, 135.64 is the next key level, with 134.56 marking the low bear target for today's session.

Alphabet Inc Class A GOOGL

Alphabet is currently trading near 191.45. Bulls will want to defend this level to initiate a move higher, with 192.19 being the next key resistance to claim. A sustained bullish push could target 193.14, representing the high bull target for the day.

If 191.45 fails to hold during regular trading hours, bears may take the reins and push the price lower to 190.41. A break below this level could trigger additional selling to 189.57. In an extended bearish session, Alphabet might reach the low bear target at 188.73.

Meta Platforms Inc META

Meta is trading around 622.01, a critical level for bulls to maintain. If this support holds, a push toward 629.88 could be expected. Continued buying pressure might lead to a test of 635.49, with further bullish momentum bringing the high bull target of 642.59 into play.

If 622.01 breaks as support, bears could drive the price down to 615.65. Further selling might target 609.30, with heavy bearish momentum potentially taking Meta to the low bear target at 604.50.

Tesla Inc. TSLA

Tesla is currently trading near 437.95, a key level for bulls to defend. A breakout above this level could lead to a test of 448.48. Continued strength might push the price to 454.90, with a bullish session potentially targeting the high bull level at 462.12. If the rally sustains strong buyer interest, Tesla could aim for the high bull target at 471.48.

Should 437.95 fail as support, the bears might push Tesla lower to test 431.50. A breakdown below this level could result in a move to 426.23, with sustained selling pressure likely driving the price to the low bear target of 420.70.

Final Word:  The economic calendar today offers several key data points that could shape the market narrative. At 8:30 AM ET, the Empire State Manufacturing Index for December will be released, providing insights into regional manufacturing conditions. Later, at 9:45 AM ET, the Preliminary S&P Global Manufacturing and Services PMI will offer a broader view of economic activity. These reports are crucial indicators of business activity and sentiment heading into the end of the year.

Additionally, at 11:30 AM ET, the Treasury will conduct a 3 and 6 month bill auction, which could impact short-term interest rates and liquidity conditions. With the FOMC rate decision looming on Wednesday, traders should remain vigilant for any market moves or sentiment shifts ahead of this pivotal event. Keep an eye on volume and price action as you navigate today’s session. Manage your risk effectively and trade with caution. Good luck!

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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