Market Clubhouse Morning Memo - October 9th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, GOOGL, And NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, GOOGL, and NVDA.

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 during our daily Morning Call, 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

Currently, SPY SPY is trading around the 426.37 mark. Bullish investors would ideally want an initial rise to 427.08. If the momentum stays robust past 427.08, the objective is to reach the support threshold of 427.71. Holding steady at 427.71 during the regular trading period could further propel the price beyond 428.62. The day's ambitious target for bullish SPY investors is 429.28.

On the flip side, if 426.37 doesn’t sustain as a support, bears will likely challenge 425.75. Should sellers emerge, a descent to 424.52 is anticipated. A breach of this level under intense selling could find a solid support floor at 423.89. A turbulent selling session today might drive the price down to the day's bearish target of 422.70.

Invesco QQQ Trust Series 1

The Q's QQQ are trading near the pivotal 361.41 point. For a bullish scenario, sustaining above 361.41 is crucial. If achieved, 362.13 is eyed as a strong support. Persistent buying vigor could usher in 363.23. With a bullish fervor, a test of 364.65 is expected, aiming for the day’s bullish peak at 365.59.

Conversely, if 361.41 fumbles during today's regular trading, bearish action could pull the price down to 360.79. With weakening, a further dip to 360.08 is plausible. Continuous selling could challenge 359.39, and if this floor caves, the bearish journey might continue down to the day’s low bear target of 358.60.

Apple Inc.

Apple AAPL is maneuvering around 175.81. Bulls hope for this level to remain as support, aspiring for a climb to 176.29. Sustained bullish zest could escalate the price to 176.84, and if bulls dominate the day, a surge to the day’s bullish pinnacle at 177.31 is desired.

Contrarily, if 175.81 crumbles as support, a dip to 175.09 is anticipated. Prolonged selling could drag the price down to 174.05. A break below this level could lead to a further descent towards the day's bearish target at 173.24.

Microsoft Corp.

Microsoft MSFT is navigating around the support zone of 324.81. Bulls aim to defend 324.81, eyeing a rally to 326.05, which if held as support, could incite a bullish drive to reclaim 328.52. A continuation in buying spree could reach the day’s bullish zenith at 331.24.

Alternatively, if 324.81 buckles, bears might explore 323.17. A break below could beckon further bearish probe to 321.51. Continued bearish pressure could push the price towards the day’s bearish target at 320.05.

Alphabet Inc Class A

Alphabet GOOGL is circulating around 136.29. Bulls wish for 136.29 to endure as support, targeting a higher bid at 137.79. Sustained bullish forces could aim for the day’s bullish apex at 138.39.

However, if 136.29 fails to act as a support, bears might drive the price down to 134.96. A breach here could induce further descent to 133.78, and under intense selling, the day's bearish goal at 132.84 could be in sight.

NVIDIA Corporation

NVIDIA NVDA is transacting around the crucial 447.05 mark. Bulls are keen on elevating the price to 450.04, solidifying it as a support. A bullish stretch aims for 454.09, with an ambitious day's target at 458.20.

Conversely, if 447.05 falters, bears might test waters at 444.38. A break below 442.76 could trigger a sell-off towards 439.87. If bearish control persists, a further tumble to 436.56 is possible, eyeing the day's bearish target at 434.01.

Final Word: Today's session lacks data releases with Canadian stock markets and the US bond market closed. Although some Fed speakers are on the agenda, the spotlight is on the unfolding Middle East conflict. Stay vigilant, ensure safe trading practices, and best of 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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