Market Clubhouse Morning Memo - February 8th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, And TSLA)

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

The SPY ETF SPY is hovering around a pivotal point of 497.55. For those with a bullish outlook, an initial ascent to 498.17 is desirable. Should the market sustain its strength above this mark, the aim is to elevate the price to 498.93. Holding firm at 498.93 during market hours would ideally lead to an advance towards 500.17, with an optimistic end-of-day target at 500.91.

Conversely, if the support at 497.55 falters, the focus shifts to the downside with the bears eyeing 496.93 for potential weakness. A confirmation of bearish presence could drive the price to further test 495.96. A breach of this level under intense selling pressure might necessitate a fallback to a more robust support at 494.93, setting 494.27 as the lowest bearish objective for the day.

Invesco QQQ Trust Series 1

The QQQ ETF QQQ is trading near the crucial 431.82 mark. Bullish traders are keen to maintain levels above 432.84, which if successful, sets the stage for 433.64 to become a solid footing. A continuation of buying momentum might push the index towards 434.76, with an ambitious target of reaching 435.88. The day's bullish pinnacle is envisioned at 436.58.

On the other hand, if the index struggles to stay above 431.82, bears might seize the opportunity to press down to 431.18. Persistent weakness could lead to further downslides towards 430.16, and if the selling intensifies, 429.40 might come under siege. A failure to uphold this level could see the bears aiming for a floor at 428.50.

Apple Inc.

Apple's AAPL stock is currently navigating the 189.44 level. Bulls are aiming to secure 190.52 as a base to launch a rally towards 191.57. Sustained bullish enthusiasm could propel the price to 192.27, with an ultimate bullish target for the day set at 192.76.

Should the 189.44 support give way, the market could be tested at 188.56. Persistent selling pressure might drive the price further down to 187.50, and if the downtrend continues, 186.35 could be the next level to watch. In a pronounced bearish scenario, the goal would be to reach 185.86.

Microsoft Corp.

Microsoft MSFT is trading around the 411.72 mark. Bulls are encouraged by the potential to consolidate above this level and push towards 413.14, which should act as a key support. A successful hold could trigger a move towards 414.56, with an optimistic target of 416.32 by day's end.

If the stock cannot maintain its stance above 411.72, bears may test the waters at 410.64. A breach here could lead to a further decline towards 409.69. With continued bearish pressure, the focus might shift to 408.46, with the day's lowest bear target at 407.11.

NVIDIA Corporation

NVIDIA NVDA  is positioned around 694.62. The bullish scenario involves a push towards 699.77, establishing it as a firm support level, followed by a move to 702.04. Persistent buying could then target the key level of 707.35 as the day's high.

If the 694.62 support cannot be maintained, bears might aim for 690.73. A breakdown here, accompanied by significant selling, could lead to a descent towards 687.29. In a weaker market, the price might be tested at 682.70, with a bearish floor set at 677.74.

Alphabet Inc Class A

Alphabet's GOOGL stock is floating around 145.94. Bulls are hopeful for the stock to hold this level and advance towards 146.89. Continuous bullish momentum could potentially elevate the stock to a high target of 147.68.

Should the 145.94 support level be breached, the downside perspective focuses on 144.72. If bearish momentum persists, the stock might be directed towards 143.77, with the day's bearish extremity at 143.17.

Meta Platforms Inc

Meta Platforms META finds itself at 468.38. The bullish outlook involves maintaining above this level and ascending to 470.28. With strong buying activity, the price could climb to 472.19, aiming for a peak of 473.93.

If Meta fails to hold the 468.38 support, the downside trajectory targets 465.81. Further selling could depress the price to 464.57, with a more pronounced bearish target at 462.20.

Tesla Inc.

Tesla's TSLA stock is currently at 189.22. The bulls are eyeing an upward move to 191.52, with continued buying potentially leading to a rally towards 193.81. In a strong bullish market, the price could challenge 195.91, with an ambitious high target of 200.43.

If Tesla cannot sustain the 189.22 support, a downward test to 186.10 is likely. Increased selling might push the price further down to 184.10, with the ultimate bearish objective for the day set at 182.53.

Final Word:  Today's trading session is particularly noteworthy due to the release of employment figures in the pre-market and wholesale data for December post-New York session opening. Additionally, the Treasury's 4 and 8 Week Bill Auction at 11:30 AM ET, coupled with Thomas Barkin's speech, a voting member of the FOMC, is expected to stir market volatility. Please approach the market with patience and discipline today. 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.