Market Clubhouse Morning Memo - October 12th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, AMZN, TSLA, And NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, META, AMZN, TSLA, 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

The SPY SPY is currently trading around our mark of 437.92. For a bullish scenario, an initial push towards 438.29 and then 438.78 is desired. If the momentum stays strong above 438.78, aiming for the price to reach our support mark of 439.66 is reasonable. If 439.66 remains solid during the standard trading window, a push beyond 440.34 is anticipated, targeting a high for SPY on the day at 441.06.

If 437.92 fails to hold as a robust support level, a bearish phase might ensue, targeting initially a descent to 437.02. Continued selling could challenge our 436.51 mark to the downside. This level is expected to offer sturdy support, but an intense selling spree could push towards 435.59. With persistent selling pressure, levels of 435.06 and 434.66 might be tested. If 434.66 breaks down, the bears could aim for 434.13, with the day's low target for SPY set at 433.75.

Invesco QQQ Trust Series 1

Currently, the Q's QQQ  are trading around the critical level of 371.96. For the bulls, a holding above 372.91 is crucial. If sustained, 373.82 could be claimed as strong support, potentially propelling the price to 375.18. With robust buying, aiming for 375.98 upside is logical, setting the day's high bull target for Q's at 376.78.

Should the trading falter above 371.96, bears might take over, pushing the price down to 370.91. With further weakening, a test lower at 370.08 could follow, and continuous selling might challenge 368.57. Failing to hold this level might lead to a further drop towards the day's low bear target of 367.52.

Apple Inc.

Apple AAPL is currently trading around 180.10. For a bullish outcome, holding 180.10 as support is crucial, aiming for a rally to 181.25. If the momentum continues, 182.27 could be the next stop, with a strong bullish control possibly pushing towards the day's high bull target of 182.96.

If 180.10 fails as support, a lower test at 179.36 might occur. Continued selling could push the price down to 178.61. If this level breaks, the bears might aim for the day's low bear target of 178.18.

Microsoft Corp.

Microsoft MSFT is trading around the support level of 328.52. Bulls would want to maintain above 328.52, rallying towards 331.24. If this level holds, a bullish run towards 333.46 is likely, aiming for a high bull target on the day at 335.96.

Failing to hold 328.52 might invite bears, probing 326.05. If this level breaks, a further dip to 324.81 could follow, with persistent selling potentially hitting the day's low bear target of 323.17.

Meta Platforms Inc

Meta META is trading around 329.83. For bullish action, holding above 329.83 and rallying to 332.41 is ideal. Strong buying could push the price to 335.12, aiming for the day's high bull target of 338.75.

If 329.83 fails as support, bears might target 325.51. Continued selling could test 321.03, with a further breakdown aiming for the day's low bear target of 317.90.

Amazon.com, Inc.

Amazon AMZN is trading around 132.94. For bulls, holding 132.94 and rallying to 133.86 is key, with a potential aim for the high bull target of 134.60.

Should 132.94 fail, bears might target 131.99. If broken, a dip to 131.23 could follow, with intense selling possibly hitting the day's low bear target of 130.18.

Tesla Inc.

Tesla TSLA is trading around 262.68. For bulls, pushing to 264.46 and reclaiming it as support is crucial, aiming for 266.83, with a strong rally potentially reaching the day's high bull target of 269.48.

If 262.68 fails to hold, a test at 259.81 could follow. Continuous selling could aim for 257.56, with a break here potentially hitting the day's low bear target of 254.28.

NVIDIA Corporation

NVIDIA NVDA is trading around 467.34. Bulls would aim for 470.17, and if reclaimed as support, a push towards 473.81 is likely, aiming for the day's high bull target of 478.67.

Failing to hold 467.34 might see bears testing 464.95. If broken, a dip to 461.49 could follow, with a possible further slide to the day's low bear target of 454.09 under intense selling pressure.

Final Word: Today's trading will be heavily influenced by the market's reaction to the CPI data release. Expectations are for a volatile session, so please trade cautiously and maintain discipline. Good luck in today's trading!

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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