Hey there, Traders! In today’s Market Clubhouse Morning Memo, we will explore the current status of key stocks, namely SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA. Our unique formula, exclusive to Market Clubhouse, determines these crucial price levels by factoring in price, volume, and options flow. These levels are updated daily and shared with all Clubhouse Members prior to the opening of the market. It’s time to roll up your sleeves and dive into our stock analysis:
SPDR S&P 500 ETF Trust
The SPY SPY is currently hovering around our reference point of 500.17. For the bulls, the initial target stands at a rise to 500.91, with the crucial support level at 496.93 shaping the stage for an upward move towards our support level at 501.74. On the other hand, failure to sustain above 500.17 could signal a bearish outlook, with the first test for bears at 498.93. A significant breach below this point could lead to our next substantial support at 497.55. It’s crucial to stay vigilant and be ready to adjust your tactics based on the market’s pulse to optimize your trading gains.
Invesco QQQ Trust Series 1
The QQQ ETF QQQ is currently navigating around the pivotal level of 434.76. Optimistic investors are eyeing stability above this mark, with an aim to establish 435.88 as a solid foothold. Sustained buying interest could elevate the ETF to 436.58, setting the stage for a potential ascent to 437.47. Should the ETF struggle to maintain its ground above 434.76, the bears may gain the upper hand, driving the price down to 433.64. Persistent selling pressure might challenge the support at 431.82, with a breach potentially leading to the day’s bearish extreme of 431.18.
Apple Inc.
Apple’s AAPL stock is currently hovering around the 182.27 mark. Bullish investors are keen on defending this level, aiming for a rally towards 183.38. Conversely, if Apple fails to sustain above 182.27, a downward adjustment to 181.25 may ensue. Escalating selling activity could push the stock further down to 180.60 and then to 180.10. Should the bears overpower, the lowest expected level for the day is 179.36.
Microsoft Corp.
Microsoft MSFT is presently trading near 410.64. Bulls are hopeful for the stock to remain robust above this level, with aspirations to climb to 413.14 and secure it as a support. If Microsoft cannot maintain support at 410.64, a bearish perspective takes shape, with the first target at 409.69. A breach here could lead to further exploration of lower levels at 407.11 and 406.01, culminating in a bearish endpoint for the day at 404.92.
NVIDIA Corporation
NVIDIA NVDA is making moves around the critical level of 737.83. Bulls are aiming to propel the stock towards 742.85 and establish it as a strong support. Conversely, if NVIDIA cannot uphold the support at 737.83, a bearish trajectory might be initiated towards 734.72. A continuation of selling pressure could lead to a test of 732.21 and potentially 729.72. The bearish target for the day is set at 726.35.
Alphabet Inc Class A
Alphabet GOOGL is trading around 143.77. The bullish perspective entails maintaining this as a support base, aiming for an ascent to 144.72. Should Alphabet fail to hold at 143.77, a downward movement to 143.17 is anticipated. Further bearish pressure could lead to tests at 142.53 and, in a significant sell-off, reach the bearish extreme for the day at 141.71.
Meta Platforms Inc
Meta Platforms META is positioned around 473.93. Bulls are looking to keep the stock above this level, aiming to advance to 477.50. If Meta cannot secure support at 473.93, a bearish outlook suggests a move to 472.19. Continuous selling could lower the stock to 470.28 and, if the downtrend persists, to the day’s bearish low of 468.38.
Tesla Inc.
Tesla’s TSLA stock is centered around 191.52. Bulls are pushing for an uptick to 193.81, with further gains potentially leading to 195.91. If Tesla fails to maintain 191.52 as support, a bearish scenario unfolds towards 189.22. Increased selling could drag the stock down to 186.10 and, in a pronounced downturn, to the bearish…
Market News: Volatility Expected as Trading Enters Defining Phase
The stock market opened today with a strong floor at 182.53, setting the stage for a day that promises action and volatility. All eyes are on the premarket employment data, due to release at 8:30 AM, a crucial indicator for the Fed to gauge inflation trends. The subsequent announcement of the Treasury’s bill auction results at 11:30 AM ET adds a further layer of uncertainty. With the monthly options set to expire tomorrow, the market is bracing for significant turbulence. Traders are advised to approach the day with caution and discipline as they navigate these choppy waters. Here’s to a successful day in trading!
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This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
