Market Clubhouse Morning Memo - December 23rd, 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 589.71. For the bulls, a move above 592.00 is crucial. Holding above this level may lead to a push toward 593.73, with this area acting as a critical support zone during the session. If buyers maintain momentum above 593.73, further upside to 596.57 is possible, with the ultimate bull target for the day set at 598.04.

Should 589.71 fail to hold as support, bears will aim to test 587.31. A breakdown below this level could lead to further selling pressure toward 585.75. If weakness persists, SPY might drop to 584.68, with the low bear target for today positioned at 583.18.

Invesco QQQ Trust Series 1 QQQ

QQQ is hovering around 521.15, a key level for the day. Bulls need to establish support above this point for a move higher. A breakout could bring 522.57 into play as a strong support area. With sustained buying, we could see 523.91 tested, followed by a potential rally toward 525.19. The high bull target for QQQ is set at 527.03.

If 521.15 doesn’t hold, bears could press lower toward 519.87. Continued selling may lead to a test of 517.97, with 516.58 as the next significant support level. Should the selling persist, the bears might push QQQ down to its low target of 515.00.

Apple Inc.

Apple is trading near 255.16, a pivotal level for the session. Bulls will aim to keep this level intact to drive prices toward 256.09. Sustained buying pressure could bring the price up to 257.32, with further strength likely pushing AAPL to its high bull target of 258.56.

If 255.16 is lost as support, sellers may target 253.90. A deeper sell-off could lead to a move down to 252.13, with continued pressure potentially bringing 250.39 into focus. The low bear target for AAPL today stands at 249.04.

Microsoft Corp.

Microsoft is currently trading around 437.10, a critical level for bulls. Holding above this area could trigger a rally to 438.72, which would need to act as solid support. Sustained bullish action may then push prices toward 441.34, with the high bull target for the day set at 442.95.

If 437.10 cannot hold, bears are likely to test 435.79. A break below this level could lead to further selling toward 434.49, with continued downside pressure potentially targeting 432.49. The low bear target for Microsoft is 431.25.

NVIDIA Corporation
NVIDIA is auctioning near 135.64, a key level for today's session. Bulls need to clear 136.98 and turn it into support to see further upward momentum. A strong buy-side push could lead to a test of 137.94, with potential gains extending to 138.55. The high bull target for NVIDIA is 139.42.

If 135.64 is lost as support, bears could drive prices down to 134.56. A break of this level might lead to additional selling, testing 133.31. Continued bearish pressure could bring NVIDIA to 132.19, with the low target set at 131.42.

Alphabet Inc Class A

Alphabet is trading near 193.14, an important level for the bulls to defend. Holding above this area could see prices push higher toward 194.34. Sustained buying may lead to a move up to the high bull target of 195.41.

If 193.14 fails to hold as support, bears could take control and test 192.19. Selling pressure might bring the price lower to 191.42, with heavy selling likely pushing GOOGL to its low target of 190.41.

Meta Platforms Inc

Meta is trading near 585.73, a key pivot for bulls. If this level is maintained as support, we could see a rally toward 591.29. Continued strength might bring 598.17 into play, with the high bull target at 604.50.

If 585.73 fails to hold, bears will likely push the price lower to 580.17. A break of this level may lead to further declines, testing 573.25. Persistent selling could bring Meta to its low bear target of 565.53.

Tesla Inc.

Tesla is currently near 431.50, a critical area for the bulls to reclaim. A strong move above this level could see prices climbing toward 437.95. Continued momentum could push the price higher to 448.48, with an extended rally targeting the high bull level at 462.12.

If 431.50 does not hold, sellers may test 426.23. Weakness below this level could see further declines to 420.70, with persistent selling likely driving Tesla to its low target of 416.62.

Final Word: Today's trading session begins with critical economic releases, including Canada's October GDP and the Chicago Fed National Activity Index for November, both due at 8:30 AM ET. These reports provide insights into economic trends that could shape early market sentiment. At 10:00 AM ET, the Conference Board Consumer Confidence report for December will be released, a key indicator of consumer spending and economic optimism.

Later, the Treasury will hold a 52-week Bill Auction at 11:30 AM ET, followed by a 2-Year Note Auction at 1:00 PM ET. These auctions may influence bond yields and, subsequently, equity markets. As this is a holiday week, trading volumes are expected to be lighter than usual, which can lead to heightened volatility. Be prepared for sudden price swings and remain disciplined in your trading approach. Stay vigilant, manage your risk carefully, and make informed decisions. Good luck and trade safely!

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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