How To Trade The SPY: Retail Sales In Focus

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 our key level of 561.90. Bulls need to maintain strength above this level, targeting an initial move toward 563.23. If buying pressure sustains, we expect a further rally to 564.29. Holding this level as support could pave the way for an advance to 565.38, with strong momentum pushing SPY toward our high bull target of 566.46.

Should 561.90 fail to hold as support, we anticipate sellers driving the price lower to 560.83. If weakness persists, a test of 559.75 is likely. Breaking below this level could accelerate downside momentum, bringing 558.32 into play. If the selling intensifies, our low bear target for the session sits at 557.44.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading around 479.03. Bulls want to see price action sustain above this level, allowing a push to 481.73. If buyers maintain control, 483.95 comes into focus as the next key level. Should bullish momentum remain intact, we anticipate a continuation to 486.10, with strong upside potentially bringing QQQ to our high bull target of 487.69.

If QQQ struggles to stay above 479.03, sellers could push the price down to 476.85. Continued weakness may result in a test of 474.66. A further breakdown exposes 471.33, and if bearish pressure remains dominant, the market could reach our low bear target of 469.27.

Apple Inc. (AAPL)

Apple is currently positioned around 212.44. Bulls need to establish this level as firm support to initiate an upward move toward 214.07. Continued strength in buying could push AAPL toward 215.25. If buyers sustain their momentum, we expect a breakout higher, targeting our high bull objective of 216.70.

If 212.44 fails to hold, sellers will likely push AAPL lower to 211.12. Further downside pressure could test 209.81, with a continued decline exposing 208.81. Should the selling intensify, our low bear target for Apple sits at 207.93.

Microsoft Corp. (MSFT)

Microsoft is currently trading near 386.09. Bulls need to defend this level and push the price higher toward 387.60. If this level holds as solid support, we anticipate a continued rally to 388.53. Strong bullish action could carry MSFT to our high bull target of 389.29.

If 386.09 fails as support, bears may drive the price down to 385.42. If selling persists, a move to 384.57 is likely. Should further downside pressure emerge, we anticipate a drop toward 382.69, with aggressive selling potentially driving MSFT to our low bear target of 379.50.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around 123.41. Bulls need to sustain strength above this level, with an initial move targeting 125.21. If buying momentum continues, the next key resistance stands at 126.84. Should the uptrend hold, NVDA could rally toward 128.10, with further strength pushing it to our high bull target of 129.53.

If 123.41 fails to hold as support, sellers will likely push the price down to 121.97. A break below this level could lead to a test of 120.27. If selling pressure accelerates, 119.44 becomes the next major support. A sustained bearish move could drive NVDA to our low bear target of 117.86.

Alphabet Inc Class A (GOOGL)

Alphabet is currently trading near 165.41. Bulls need to hold this level as support to sustain upward momentum. If buyers step in, the first upside target is 167.04. Continued strength in the auction could drive the price toward 169.34, which is our high bull target for the day.

If 165.41 is lost as support, bears will look to take control and push the price lower toward 163.79. A breakdown at this level could lead to further selling pressure, with a potential move down to 161.79. In a more aggressive sell-off, Alphabet may test the low bear target at 160.36.

Meta Platforms Inc (META)

Meta is currently trading near 609.30. Bulls need to keep price action above this level to target an initial move to 615.65. If bullish sentiment strengthens, 622.01 becomes the next upside level. Sustained buying could push META toward our high bull target of 629.88.

If 609.30 fails as support, bears may push the price down to 604.50. If sellers remain aggressive, we anticipate further downside toward 598.17. A breakdown below this level could send META to our low bear target of 591.29.

Tesla Inc. (TSLA)

Tesla is currently trading near 246.16. Bulls need to push the price above this level, setting up an initial target at 248.37. If the buying momentum remains strong, we anticipate a move toward 250.25. Continued bullish sentiment could drive Tesla higher to 252.38, with an extended rally reaching our high bull target of 254.28.

If 246.16 fails as support, sellers may attempt to take control and drive the price down to 243.98. Continued weakness could lead to a test of 242.49. If selling pressure intensifies, Tesla may drop to our low bear target of 239.92.

Final Word:

Today's session kicks off with the release of February’s Advance Retail Sales at 8:30 AM ET, accompanied by the Empire State Manufacturing Index for March. At 10:00 AM ET, the Business Inventories report for January will be published alongside the NAHB Housing Market Index for March. Additionally, at 11:30 AM ET, the U.S. Treasury will conduct a 3 and 6 month Bill Auction. With the FOMC rate decision on Wednesday and contract roll week in full swing, we anticipate heightened volatility. Stay sharp, manage risk effectively, and trade smart!

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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