Market Clubhouse Morning Memo - October 6th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, TSLA, META, And GOOGL)

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

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

The SPY SPY is presently maneuvering around our mark of 424.52. For bullish investors, an initial upward push to 425.75 is desired. Should the price maintain strength above 425.75, the expectation is for buyers to elevate the price to our support threshold of 426.37. If 426.37 remains solid during the standard trading hours, an upward drive beyond 427.08 and 427.71 is anticipated. Our ambitious bull target for SPY today stands at 428.62.

Conversely, if 424.52 fails to stand as support, the bears will likely test the robustness of 423.89. Should sellers dominate, a further test lower at 422.70 is anticipated. A breakdown of that level on robust selling unveils a sturdy support lower at 421.98. Persistent selling could plummet the price further, testing 421.15. A harsh sell-side session today might hit our bear target at 420.69.

Invesco QQQ Trust Series 1

The Q's QQQ are now trading around our pivotal point of 359.39. For the bullish, a buyer stance above 360.08 is favorable. If this level stands firm as support, a strong support claim at 360.79 is next in line. Sustained buying vigour could bring 361.41 into action. With strong buying momentum, a test of 362.13 to the upside is wanted. The high bull target for Q's today is set at 363.23.

If the trading struggles to sustain above 359.39 during today's regular hours, a bear dominance driving the price lower to 358.60 is expected. Should weakness prevail, a further test lower at 357.94 is anticipated. Continual selling could test the lower mark of 356.83. If this mark crumbles as a strong support, a bearish drive down to our daily low bear target of 355.93 is forecasted.

Apple Inc.

Apple AAPL is trading near our mark of 175.09. For bullish tendencies, holding 175.09 as support is crucial. Bulls would appreciate a rally to 175.81. Sustained bullish momentum could propel the price to 176.29. If bulls take the reins today, a push towards our daily high bull target for Apple at 176.84 is desired.

However, if 175.09 doesn’t stand firm as support during standard trading hours, a test lower at 174.05 is expected. If selling continues, bears may drive the price down to 173.24. A breakdown here could see the bears pushing further down to our daily low bear target for Apple at 172.35.

Microsoft Corp.

Microsoft MSFT is trading near our support level of 320.05. For bulls, it's essential for the trading to remain robust above 320.05, with hopes of rallying to 321.51 and maintaining it as support during the day. Should this key support level hold, a rally reclaiming 323.17 to the upside is likely. Continued buying could propel the price towards our daily high bull target for Microsoft at 324.81.

Conversely, if 320.05 doesn’t hold as support, a bearish drive to 318.48 is expected. A breakdown here could lead to further probing lower at 316.04. Under continued downside pressure, a push lower to our daily low bear target for Microsoft at 314.98 is probable.

NVIDIA Corporation

NVIDIA NVDA is trading around our key mark of 447.05. For bulls, a push to 450.04, reclaiming it as a strong support area is desired. Upwards, a bull drive to 454.09 is sought. Continued buying could rally the price to our key and high bull target for the day for NVIDIA at 458.20.

Should 447.05 fail to hold as strong support in today’s session, a bearish test lower at 444.38 is anticipated. If 442.76 breaks down with sellers dominating, a drop to 439.87 is forecasted. If bears take control, a further test lower at 436.56 is expected, possibly visiting our daily low bear target for NVIDIA at 434.01.

Tesla Inc.

Tesla TSLA is maneuvering around our key mark of 254.28. For bulls, a push to 257.56, reclaiming it as a strong support is desired. Upwards, a bull drive to 259.81 is sought. Continued buying could see a bounce to our key and high bull target for the day for Tesla at 262.68.

If 254.28 fails to hold as support in today’s session, a bearish test lower at 252.38 is anticipated. Continued selling could bring 250.25 into play. If 250.25 breaks down with sellers dominating, a drop to our daily low bear target for Tesla at 248.37 is forecasted.

Meta Platforms Inc.

Meta META is trading around our mark of 304.77. For bulls, remaining strong above 304.77, holding it as support, and trading higher to 308.16 is desired. Strong buying could push the price to 309.51. Continued bullish momentum could drive the price to our high bull target of 311.42.

Conversely, if 304.77 fails to hold as support, a bearish drive to 301.71 is expected. Continued selling could see the price at 300.23. If this level breaks down, bears might drive Meta to our daily low bear target of 297.33.

Alphabet Inc Class A

Alphabet GOOGL is trading around our mark of 134.96. For bulls, holding 134.96 as support and trading higher to 136.29 is desired. Continued bullish momentum could drive the price to our high bull target of 137.79.

If 134.96 fails to hold as support, a bearish drive to 133.78 is anticipated. A breakdown here could lead to a further probe at 132.84. Under heavy selling, a drive down to our daily low bear target for Alphabet at 132.22 is probable.

Final Word: Today's trading will largely revolve around the market's reaction to the Non-Farm Payrolls and other employment data released in the premarket. Expect a high level of volatility; it’s crucial to remain vigilant. Trade safely, good luck, and enjoy your Friday!

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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