Market Clubhouse Morning Memo - February 15th, 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 our reference point of 500.17. For those looking at bullish scenarios, the initial target is a rise to 500.91. Maintaining strength above 496.93 is crucial, as it sets the stage for an upward move towards our support level at 501.74. Should this level prove resilient during the trading day, an upward trajectory towards 502.85 is anticipated. The ultimate bullish goal for SPY today is reaching 503.95.

Conversely, should the SPY fail to sustain above 500.17, the bearish outlook becomes more probable. The first test for bears would be at 498.93, assessing the market's willingness to sell. A further decline to 498.17 would confirm the bearish momentum. A significant breach below this point could lead to our next substantial support at 497.55. In the event of a pronounced sell-off, the bearish target for the day is set at 496.93.

Invesco QQQ Trust Series 1

The QQQ ETF QQQ is navigating around the pivotal level of 434.76. Optimistic investors are eyeing stability above this mark, with an aim to establish 435.88 as a solid foothold. Sustained buying interest could elevate the ETF to 436.58, setting the stage for a potential ascent to 437.47. The highest bullish expectation for today is a surge to 438.89.

Should the ETF struggle to maintain its ground above 434.76, the bears may gain the upper hand, driving the price down to 433.64. A display of weakness at this juncture could see a further descent to 432.84. Persistent selling pressure might challenge the support at 431.82, with a breach potentially leading to the day's bearish extreme of 431.18.

Apple Inc.

Apple's AAPL stock is hovering around the 182.27 mark. Bullish investors are keen on defending this level, aiming for a rally towards 183.38. With continued positive momentum, the next targets are 184.09 and ultimately 184.96, which represents the highest bullish aspiration for today.

On the flip side, if Apple fails to sustain above 182.27, a downward adjustment to 181.25 may ensue. Escalating selling activity could push the stock further down to 180.60 and then to 180.10. Should the bears overpower, the lowest expected level for the day is 179.36.

Microsoft Corp.

Microsoft MSFT is presently trading near 410.64. Bulls are hopeful for the stock to remain robust above this level, with aspirations to climb to 413.14 and secure it as a support. A successful hold could lead to a rally towards 414.56, with the zenith for today's bullish scenario at 417.25.

If Microsoft cannot maintain support at 410.64, a bearish perspective takes shape, with the first target at 409.69. A breach here could lead to further exploration of lower levels at 407.11 and 406.01, culminating in a bearish endpoint for the day at 404.92.

NVIDIA Corporation

NVIDIA NVDA is making moves around the critical level of 737.83. Bulls are aiming to propel the stock towards 742.85 and establish it as a strong support. An upward momentum could further push the price to 749.79, with the day's bullish pinnacle at 752.32.

Conversely, if NVIDIA cannot uphold the support at 737.83, a bearish trajectory might be initiated towards 734.72. A continuation of selling pressure could lead to a test of 732.21 and potentially 729.72. The bearish target for the day is set at 726.35.

Alphabet Inc Class A

Alphabet GOOGL is trading around 143.77. The bullish perspective entails maintaining this as a support base, with an aim to ascend to 144.72. A sustained bullish trend could push the stock towards the day's high target of 145.94.

Should Alphabet fail to hold 143.77, a downward movement to 143.17 is anticipated. Further bearish pressure could lead to tests at 142.53 and, in a significant sell-off, reach the bearish extreme for the day at 141.71.

Meta Platforms Inc

Meta Platforms META is positioned around 473.93. Bulls are looking to keep the stock above this level, with sights set on advancing to 477.50. A strong buying presence could elevate the stock to 480.96, with the day's bullish climax at 483.11.

If Meta cannot secure support at 473.93, a bearish outlook suggests a move to 472.19. Continuous selling could lower the stock to 470.28 and, if the downtrend persists, to the day's bearish low of 468.38.

Tesla Inc.

Tesla's TSLA stock is centered around 191.52. Bulls are pushing for an uptick to 193.81, with further gains potentially leading to 195.91. A robust bullish market today could extend the rally to 200.43, with the ultimate bull target at 204.33.

If Tesla fails to maintain 191.52 as support, a bearish scenario unfolds towards 189.22. Increased selling could drag the stock down to 186.10 and, in a pronounced downturn, to the bearish floor for the day at 182.53.

Final Word: Today's trading session is poised for action, with traders keeping a watchful eye on the premarket employment data set for release at 8:30AM. This data is a crucial indicator for the Fed in gauging inflation trends. Later, at 11:30AM ET, the Treasury's bill auction results will be announced, adding another layer of volatility. With monthly options expiring tomorrow, the market is braced for significant volatility. Participants are advised to trade with caution and discipline. Best of luck in today's trade!

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.