Market Clubhouse Morning Memo - October 4th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, TSLA, And META)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, TSLA, 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

Currently, SPY SPY is trading around the mark of 421.98. For a bullish scenario, an initial push to 422.70 is desired. If the price maintains a strong position above 422.70, the expectation is for buyers to drive the price towards the support level of 423.89. Should 423.89 hold firm during regular trading hours, the high bull target for the day is set at 424.52.

Should the 421.98 level fail to provide support, anticipation will shift towards the bears testing the 421.15 level. If selling activity is observed, further testing lower at 420.69 is expected. A break below this level on strong selling could find support at 420.05. If selling pressure persists, a deeper descent to 419.04 is anticipated, with a violent sell-side session potentially targeting a low of 418.17 for the day.

Invesco QQQ Trust Series 1

The Q's QQQ are trading around a crucial level of 355.32. For a bullish narrative, holding above 355.32 is crucial. If this level sustains as support, the next aim is for 355.93 to be established as strong support. Further buying could bring 356.83 into play, and with strong buying momentum, testing 357.94 to the upside is hoped for, with a high bull target of 358.60 for the day.

Conversely, if 355.32 can't hold during regular trading hours today, the bears might take charge, driving the price down to 354.24. Any sign of weakness could provoke a test lower at 353.50, and continued selling might test 352.55. Failing to hold this level could lead to further descent towards the day's low bear target of 351.00.

Apple Inc.

Apple AAPL is trading around the level of 171.03. For bullish momentum, holding 171.03 as support is key. The aim is for a rally to 171.66, and further bullish momentum could drive the price to 172.35. If bulls regain control, a push towards the day's high bull target of 173.24 is desired.

If support at 171.03 fails, a test lower at 169.95 is anticipated. Continued selling could drive the price down to 169.02, and a breakdown could lead to a further descent towards the day's low bear target of 167.74.

Microsoft Corp.

Microsoft MSFT is trading around the support level of 313.61. For the bulls, holding strong above 313.61 and reclaiming 314.98 as support during regular hours is crucial. A hold above this level could trigger a rally to 316.04, with continued buying potentially reaching the day's high bull target of 318.48.

If support at 313.61 fails, the bears might test 311.91. A breakdown could lead to a further test at 310.76. Continued selling could drive the price to the day's low bear target of 309.38.

NVIDIA Corporation

NVIDIA NVDA is trading around the key level of 434.01. For bullish action, a push to 436.56 and establishing it as support is desired. On the upside, bulls could drive the price to 439.87, and sustained buying might rally the price to the day's high bull target of 442.76.

Failing to hold 434.01 could see bears testing lower at 432.36. A breakdown might drive the price to 429.17, with further selling possibly targeting 426.17 and 424.83. A continued sell-off could hit the day's low bear target of 421.35.

Tesla Inc.

Tesla TSLA is trading around the key level of 246.16. Bullish action seeks a push to 248.37 as support. Upside action could drive the price to 250.25, with continued buying potentially reaching the day's high bull target of 252.38.

If 246.16 fails to hold, a test lower at 243.98 is anticipated, with further selling possibly bringing 242.47 into play. A breakdown here could lead to the day's low bear target of 239.92.

Meta Platforms Inc

Meta META is trading above the level of 300.23. For bullish sentiment, holding above 301.71 and driving the price to 304.77 is anticipated. Strong buying could push the price to 308.16, aiming for the day's high bull target of 309.51.

Failing to hold 300.23 as support could see bears driving the price to 297.33, with continued selling possibly testing 295.97. A breakdown could lead to the day’s low bear target of 293.91.

Final Word: Today’s session will likely revolve around the market absorbing the ADP jobs data from this morning and the Fed speakers throughout the day. Maintain vigilance and discipline in your trading activities today while keeping your head on a swivel. 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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