Market Clubhouse Morning Memo - February 22nd, 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 SPY The SPY is currently being traded around the level of 502.85. For those optimistic about the market, the initial goal is to surpass the 503.95 mark. A sustained move above this level could attract more buyers, aiming to reach 505.32. Holding above 505.32 during the trading day could lead to a further climb towards 506.06. The ambitious target for bullish traders today is set at 506.71 for the SPY.

On the flip side, if the SPY fails to maintain the 502.85 level as support, a downward movement is anticipated. The first checkpoint for the bears is 501.74, followed by a potential dip to 500.91 if selling intensifies. A significant breach below this level could see the SPY reaching a more substantial support at 500.17. In the event of an extensive sell-off, the bearish goal for the day is pegged at 498.93.

Invesco QQQ Trust Series 1 QQQ The Q's are trading around a pivotal point at 433.64. Bulls in the market are eyeing a move above 434.76, hoping to establish it as a firm support level. If they succeed, the next target would be 435.88, with the potential to extend gains to 436.58. A robust trading session could propel the Q's to test the 437.47 level, with the ultimate bullish aim for today being 438.89.

Should the Q's struggle to stay above 433.64, bears might take the reins, pushing the price down to 432.84. A continuation of this bearish momentum could lead to tests of 431.82 and 431.18. If these supports falter, the bearish objective for the day is set at a lower target of 430.16.

Apple Inc. AAPL Apple's stock is hovering around the 182.96 mark. Bullish traders are looking for this level to act as a solid foundation, setting the stage for a push towards 183.38. If the momentum remains positive, we could see a move towards 184.09. The highest target for Apple's bulls today is aiming for a peak at 184.59.

Conversely, if Apple fails to hold 182.96 as a support level, the price might be pushed down to 182.27. Further selling pressure could lead to a descent towards 181.25, and if the selling doesn't abate, 180.60 could be the next stop. The bearish scenario envisions a potential drop to the day's low target at 180.10.

Microsoft Corp. MSFT Microsoft is currently trading near 408.46. Bulls are hopeful that the stock will sustain above this level, aiming for a rally to 409.69, which they hope to establish as a key support. If this level is maintained, the next bullish target is 410.64, with an ultimate high for the day at 411.72.

If Microsoft cannot maintain 408.46 as a support level, bears might look to push the price down to 407.11. A break below this could lead to further declines towards 406.01. Persistent bearish pressure could see the stock moving down to 404.92, with the lowest bear target set at 402.74.

NVIDIA Corporation NVDA NVIDIA is currently trading around 765.63. Bulls are aiming for an upward push to 768.67, seeking to establish it as a solid support level. The next bullish milestone is 771.72, with a potential rally extending to 775.50. The most optimistic target for NVIDIA's bulls today is 778.91.

If NVIDIA fails to keep 765.63 as a reliable support, bears might look to drive the price down to 761.29. A breakdown below this level could lead to a further decline to 755.75. If bearish momentum continues, a test at 752.32 could be on the horizon, with the ultimate bearish target for the day being 749.56.

Alphabet Inc Class A GOOGL Alphabet is trading around the 144.72 level. Bulls are looking to hold this as a support base, aiming for an upward move to 145.94. With sustained bullish pressure, the price could climb to the day's high target of 146.89.

Should Alphabet's stock fail to maintain 144.72 as a support, bears might push it down to 143.77. A further decline could lead to a test of 143.17, with heavy selling potentially dragging the price down to the day's lowest target of 142.53.

Meta Platforms Inc META Meta is being traded around 479.47. The bulls are hopeful for the stock to remain strong above this level, with an initial target set at 480.96. A successful bullish push could lead to further gains, with a high target for the day set at 485.96.

If Meta cannot sustain 479.47 as a support level, a downward trend might be initiated, with the first lower target at 477.50. Continued bearish pressure could drive the price down to 475.19, with the lowest bear target for the day being 473.93.

Tesla Inc. TSLA Tesla's current trading point is at 195.91. Bulls are looking to drive the price upwards to 197.50, with further gains potentially leading to 200.43. In a strong market rally, Tesla might test even higher levels, with an optimistic target for the day set at 206.71.

If Tesla cannot hold 195.91 as a firm support, bears may target a lower level at 193.81, with continued selling potentially bringing the price down to 191.52. In a scenario of intensified selling, the bearish aim for the day would be set at 189.22.

Final Word: Today's trading session is poised to revolve around the release of employment data at 8:30AM ET, followed by PMI data at 9:45AM ET. Additional market volatility is expected around 1PM due to the Treasury's 30 Year TIPS Auction. Market participants will also be closely analyzing NVIDIA's earnings, which exceeded expectations, potentially influencing market dynamics. Please stay alert and trade cautiously in what promises to be an eventful day. 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.