Market Clubhouse Morning Memo - October 10th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, And TSLA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, 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 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: Currently, the SPY is hovering around our mark of 432.91. Bulls would favor an initial ascent to 433.27. If the momentum stays strong above 433.27, we anticipate buyers driving the price to our support notch of 433.75. Should 433.75 hold steady during regular trading, an upward nudge beyond 434.13 is expected. Our ultimate bullish target for SPY today stands at 434.66.

Should 432.91 falter as support, we'll watch for bears to challenge the resilience of 432.28. If sellers come into play, a further dip to 431.78 is expected. Heavy selling breaking this level could find strong support lower at 431.04. A turbulent selling session today could descend our bear target to 430.05.

Invesco QQQ Trust Series 1

The Q's QQQ are navigating around our pivotal point of 366.69. For bulls, maintaining a stance above 366.69 is key. If this holds firm, aiming for 367.52 as strong support is next. Persistent buying vigor could escalate our level to 368.57. With robust buying momentum, challenging 369.39 to the upside is desirable. The bullish high target for the Q's today is projected at 370.08.

Failing to sustain above 366.69 today could let bears seize control, pushing lower aggressively to 366.15. Any weakness observed could tempt bears to test 365.59 further. Persistent selling might drag the level down to 364.65. If this can’t hold firm, a bearish drive down to our daily low target of 363.23 is anticipated.

Apple Inc.

Apple's AAPL action is circling around our 178.18 mark. Bulls would fancy holding 178.18 as support, aspiring for a rally to 178.61. Sustained bullish tempo could propel the price to 179.36. Should bulls dominate Apple today, an upward shove to our daily bullish apex of 180.60 is desirable.

If 178.18 crumbles as support, a lower test at 177.31 is on the horizon. Continued selling could push bears to drive the price down to 176.84. Breaking this level, bears might aim for our daily low target at 176.29.

Microsoft Corp.

Microsoft MSFT is maneuvering around our support level of 328.52. Bulls aim to solidify above 328.52, rallying towards 331.24 and holding it as support. Sustaining above this key level could stir a rally, targeting 333.46. Continued bullish drive could soar the price to our daily high target at 335.96.

Failure to uphold 328.52 could incite bears to explore 326.05. Breaking down this level could see bears nudging lower to 324.81. Persistent downside pressure might drive the price down to our daily bearish target at 323.17.

NVIDIA Corporation

NVIDIA NVDA is shuffling around our key mark of 454.09. Bulls aim for a rise to 458.20, reclaiming it as a sturdy support zone. Upside, a bullish drive towards 461.49 is anticipated. Continued buying could rally the price to our daily high target at 464.95.

If 454.09 falters as strong support, a bearish test at 450.04 is likely. Breaking 450.04 with sellers active could descend the price to 447.05. If bears reign, a lower test at 444.38 is expected, with extended selling possibly touching our daily low target at 442.76.

Tesla Inc.

Tesla TSLA is revolving around our 257.56 key level. Bulls aim for a climb to 259.81, reclaiming it as solid support. Upside, pushing towards 262.68 is hoped for. Persistent buying could rally the price to our daily high target at 264.46.

If 257.56 can’t hold, a bearish test at 254.28 is probable, with continued selling bringing 252.38 into sight. Breaking 252.38 with sellers dominating could dip the price to our daily low target at 250.25.

Final Word: Today eyes are on another batch of Fed speakers and the NY Fed's Consumer Inflation Expectations survey, setting the mood ahead of the CPI and PPI releases on Wednesday and Thursday. Trade diligently and stay alert. Best of luck today!

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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