Market Clubhouse Morning Memo - April 5th, 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 trading around our reference point of 514.62. For upward momentum, a move towards 515.68 is desirable. Should the market sustain levels above this, we anticipate an advance towards 516.58, which could act as a new base for buyers. Once 516.58 is firmly held, the aim would be to exceed 517.39, setting the stage for reaching our highest bull target for the day at 518.04. This would signal strong bullish control.

On the flip side, if the SPY fails to maintain support at 514.62, we would expect the bears to challenge the 513.76 level. A breach here would likely lead to a test of 512.91. Should the selling intensify, pushing past 512.91, we foresee a descent to 512.26. A particularly bearish session could extend losses to our day's low target of 511.69, indicating significant bearish momentum.

Invesco QQQ Trust Series 1 QQQ The QQQ finds itself navigating around 436.58. Bulls are keen on pushing beyond 437.47 to secure a foothold. Holding above this level could open the path towards 438.89, marking a bullish progression. Should the buying pressure continue, we would look for the market to approach 440.00, potentially stretching to 440.78. The highest bull target envisioned for the day is 441.56, representing a significant bullish outcome.

Conversely, should the QQQ struggle to hold above 436.58, bears might target 442.53 for a downturn. A confirmed weakness could lead to a further slide to 441.56. Continued bearish pressure might see the QQQ testing 440.78. If this support gives way, we could see a move down to our bearish endpoint for the day at 440.00, highlighting a bear-dominant session.

Apple Inc. AAPL Apple's stock is currently positioned around 169.73. Bulls are looking to consolidate at 170.32, eyeing a climb towards 171.13. Sustaining this bullish momentum could see the stock approach 171.79. If the bulls maintain their grip, the next target would be 172.45. Reaching this level would signify strong bullish conviction for Apple's stock.

On the other hand, if Apple fails to hold at 169.73, a downward adjustment to 168.99 might be observed. Continued selling could exacerbate the decline towards 168.41. Should the sell-off persist, breaking through 168.00 could lead to a drop to our bearish floor for the day at 167.59, marking a notable bearish trend.

Microsoft Corp. MSFT Microsoft is trading at around 419.17. The bullish scenario involves holding above this level, with an eye on ascending to 420.26. A successful hold here could signal a further uptick towards 421.62. With continued buying interest, Microsoft might aim for our daily high bull target of 422.84, underscoring a strong upward momentum.

However, if Microsoft cannot sustain support at 419.17, it might retract to 417.25. Failing to hold this level could invite further bearish tests, potentially towards 416.32. A continued downtrend might press Microsoft towards 414.56, with our lowest bear target set at 413.14, indicating a clear bearish control.

NVIDIA Corporation NVDA NVIDIA is currently at 865.62. The bulls aim to propel the stock towards 877.25, establishing it as a solid support. A subsequent push towards 882.97 would further affirm bullish sentiment. If the upward trajectory continues, NVIDIA might target 890.55, with an ultimate bull target for the day at 898.13, showcasing a robust bullish rally.

Conversely, if NVIDIA cannot maintain 865.62 as support, a move down to 858.43 might be in the cards. A break below this level could signal a deeper pullback to 852.61.Continuing the bearish theme, a slide to 846.80, and potentially to our bear day-end target of 842.42, would reflect significant selling pressure.

Alphabet Inc Class A GOOGL Alphabet's current level is 149.58. Bulls are aiming to push above this point, targeting 150.41. A successful breach here could lead to a test of 151.24, marking a bullish advance. Holding gains and pushing further could see Alphabet reaching our bull target of the day at 151.24, demonstrating strong bullish dynamics.

If, however, Alphabet fails to hold at 149.58, a move towards 148.95 could be seen. Penetrating this level could lead to further downside, with 148.24 in sight. A continued bearish push might bring Alphabet down to our day's bear target of 147.68, highlighting a significant downtrend.

Meta Platforms Inc META Meta Platforms is trading at 512.85. Bulls are focused on maintaining this level as support, with aspirations to climb to 515.39. A strong buying presence could further propel the stock towards 520.27. Continuing this trend, Meta could aim for our high bull target of 526.29, signaling a substantial bullish outcome.

Conversely, if Meta cannot sustain 512.85, a downward adjustment to 508.25 may occur. A further decline could lead to a test of 504.54. Persisting selling pressure breaking through this level could see Meta moving towards our bearish end-of-day target of 500.83, indicating a strong bearish trend.

Tesla Inc. TSLA Tesla's stock is orbiting around 169.70. An initial bullish goal would be to reach 172.61. Sustaining this level could pave the way for a rally towards 176.34. If the broader market sentiment remains bullish, Tesla might test higher levels, possibly reaching 179.79. An influx of buyers could push the stock towards our highest bull target for the day at 182.53.

Should Tesla fail to hold at 169.70, a retest of 166.89 might ensue. Further selling could bring the stock down to 164.87. If the downward momentum intensifies, breaking past 164.87, Tesla could face a decline to our day's lowest bear target of 162.32, marking a pronounced bearish shift.

Final Word: Today's trading session is poised for heightened volatility with the release of the eagerly awaited Non-Farm Payroll (NFP) numbers at 8:30 AM EST. In tandem, the Unemployment Rate and Average Hourly Earnings data will also be disclosed, potentially influencing market dynamics. Additionally, remarks from four Federal Reserve speakers, including two voting members, are on the agenda during regular trading hours. Given these significant economic indicators and potential policy insights, traders are advised to approach the markets with discipline. Stay attuned to these developments, as they could catalyze notable market movements. Good luck, and here's to a successful and disciplined trading day. Happy 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.