Market Clubhouse Morning Memo - February 14th, 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 SPY is currently trading around the level of 495.96. For those optimistic about the market, the initial goal is to see the SPY reach 496.93. Should the market maintain its strength above this level, the next objective for buyers would be to elevate the price to 497.55. Holding strong at 497.55 during the trading day could lead to an upward movement towards 498.93. The ambitious target for bullish traders today is set at 500.17.

On the flip side, if the SPY fails to maintain support at 495.96, the focus shifts to the bears aiming to lower the price to 494.93. Observing selling pressure at this juncture could lead bears to aim for a further drop to 493.24. A breakdown below this level, especially with significant selling, points to a potential fall to a more substantial support level at 491.70. In a scenario where the market experiences a pronounced downturn, the bearish target for the day is pegged at 490.92.

Invesco QQQ Trust Series 1

The QQQ ETF QQQ, also known as the Q's, is hovering around the pivotal level of 431.18. Bullish investors are eyeing a climb above 431.82, aiming for this level to serve as a stable foundation. Sustaining above this threshold could lead to the establishment of 432.84 as a robust support level. If buying momentum continues, the next target is 433.64. A strong market day could potentially push the Q's to challenge 435.88, with the ultimate bullish objective for the day being 437.47.

Conversely, if the Q's struggle to stay above 431.18, it may signal an opportunity for bearish traders to push the price down to 430.16. Observing weakness at this level could lead to further bearish tests at 428.50. Persistent selling pressure might necessitate a reassessment of support at 427.32. Failing to maintain this level could see the Q's descending towards the bearish end-of-day target of 425.77.

Apple Inc.

Apple's AAPL stock is currently positioned around the mark of 185.86. Bulls are hopeful for the stock to sustain this level, with aspirations to propel the price towards 186.99. Should the bullish trend persist, the next milestone is 187.50. A strong performance by the bulls today could lead to a surge towards the day's high target for Apple at 189.44.

Should Apple's stock fail to find support at 185.86, the market may see a downward adjustment to 184.96. If the selling pressure intensifies, the next level for bears to target is 184.09. A continuation of this bearish trend could bring 183.38 into focus. In the event of a significant sell-off, the bearish aim for the day is set at 182.27.

Microsoft Corp.

Microsoft MSFT is currently trading around the level of 410.64. Bulls are looking for the stock to firmly stay above this level, aiming for a rally to 413.14 and for this level to be recognized as support throughout the trading hours. Successfully maintaining above this crucial support could lead to a further upside push towards 414.56, with the day's bullish peak target being 417.25.

If Microsoft's stock cannot sustain support at 410.64, the bearish scenario comes into play, with a potential move down to 409.69. Breaking through this level could see bears targeting 407.11. Continued downward pressure could lead to a test of the 406.01 level, with the bearish objective for the day being 404.92.

NVIDIA Corporation

NVIDIA's NVDA stock is presently trading around the significant level of 732.21. Bulls are eager to see the stock ascend to 734.72, with an aim to solidify this as a clear support zone. An upward trajectory could see the bulls pushing the price further to 737.83, with an ultimate bullish target for the day at 742.85.

Should NVIDIA fail to maintain 732.21 as a strong support level in today's trading, the bears may look to drive the price down to 729.72. A breach of this level, accompanied by seller dominance, could lead to a decrease to 726.35. A weaker market day might see the stock testing 721.58, with the bearish end-of-day target set at 717.55.

Alphabet Inc Class A

Alphabet's GOOGL stock is currently seen at around 145.94. For bullish traders, maintaining this level as support is crucial, with an eye on moving higher to 146.89. Sustained bullish momentum could see the stock reaching a high target of 147.68.

In contrast, if Alphabet's stock cannot hold 145.94 as support, bears might push the price down to 144.72. If this level is compromised, the next target for bears would be 143.77. In the case of extensive selling, the bearish target for the day is set at 142.53.

Meta Platforms Inc

Meta's META stock is trading around the level of 465.81. Bulls are aiming to keep the stock above this level, with a goal to ascend to 470.28. A strong bullish market could further elevate the price to 472.19, with the day's highest bullish target being 477.50.

If Meta fails to hold 465.81 as a supportive base, the downside focus shifts to 464.57. Continuing sell-off pressure could lower the price to 462.20. If the bearish trend breaks this level, the day's low bear target is set at 458.59.

Tesla Inc.

Tesla TSLA is currently positioned around the key level of 186.10. Bulls are looking to push the stock higher to 189.22, with continued buying possibly leading to a rally up to 191.52. A positive broader market sentiment today could see Tesla challenging higher levels at 193.81, with an ambitious high bull target set at 195.91.

If Tesla cannot maintain 186.10 as a strong base in today's trading, the expectation is for a downward test to 184.10. Persistent selling could lead to further bearish targets at 182.53. If sellers break through this level, the day's low bear target is envisioned at 179.79.

Final Word: Today's trading session will be influenced by the PPI Revisions, scheduled for release at 8:30AM ET in the premarket. The market is also reacting to yesterday's CPI data, which was slightly hotter than anticipated, causing a shift in expectations for the first rate cut from May to potentially June or July. With these factors in play, traders should brace for significant volatility and proceed with caution. Wishing everyone a successful trading day and a Happy Valentine's Day!

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.