Market Clubhouse Morning Memo - October 3rd, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, And META)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, and META.

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 during our daily Morning Call, 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 witnessed a sell-off during Tuesday's premarket session, currently hovering around the 425.75 mark. Bulls would favor an initial rise to 426.37. Should the price maintain strength above 426.37, the aim is for buyers to push it towards our support level at 427.08. If 427.08 holds during standard trading hours, the optimistic bull target for the day stands at 427.71.

Should 425.75 fail to sustain as support, the stage is set for bears to challenge the 424.52 level. The presence of sellers could prompt bears to further test the waters at 423.89. In case of a sharp sell-side session today, the bear target lies at 422.70.

Invesco QQQ Trust Series 1

Similarly, the Q's QQQ faced a premarket sell-off and are now around our pivotal level of 359.39. Bulls would hope to see buyers uphold 359.39. If this level remains unbroken during regular hours, the aim is to first touch 360.08, then secure 360.79 as robust support. A forceful auction could propel the price to today’s high bull target for the Q's at 361.41.

If holding above 359.39 proves tough during regular hours, bears might seize control, pushing lower to 358.60. Any perceived weakness could lead to a further dip to 357.94. Prolonged selling could challenge the 356.83 level. If this fails as a strong support, bears may explore 355.93. Should 355.93 crumble, the price might drift down to today's bear target of 355.32.

Apple Inc.

Apple AAPL is circling around our 172.35 mark. For bullish outcomes, 172.35 should stand as support, with hopes of rallying to 173.24. Persistent bullish drive could elevate the price to 174.05. If bulls dominate today, the aim is to reach the high bull target for Apple at 175.09.

Failing to uphold 172.35 during regular hours may trigger a descent to 171.66. Continued selling could see a further dip to 171.03. If this level is surpassed, bears might pull the price down to today’s bear target for Apple at 169.95.

Microsoft Corp.

Microsoft MSFT is around our support level of 320.05. Bulls would aim for a robust hold above 320.05, with eyes on reclaiming 321.51 and maintaining it as support. A hold here could incite a rally towards 323.17. Persistent buying could hit today’s bull target for Microsoft at 324.81.

If 320.05 crumbles as support, the scenario favors bears testing 318.48. Breaking this level could further test 316.04. Continued bearish momentum could drag the price to today’s bear target for Microsoft at 314.98.

Meta Platforms Inc

Meta META is trending above our 304.77 level. Bulls would like to see the price holding strong above 304.77, aiming for 308.16. A vigorous buy-side auction could propel Meta to 309.51, and further bullish momentum could hit our high bull target of 311.42.

If 304.77 falters as support, bears might aim to drive the price down to 301.71. Further selling could challenge 300.23. If this level is breached, the bearish goal for Meta today rests at 297.33.

Final Word: The focal point of today's session lies on the employment data unveilings and interpreting Fed remarks. Maintain vigilance, trade wisely, and best of 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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