Market Clubhouse Morning Memo - November 21st, 2023 (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 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 presently positioned around 453.54. Bulls are looking for an initial push to 454.56. If the market maintains its strength above this level, the next goal is to elevate the price to our support benchmark of 455.14. Should 455.14 prove resilient during the trading hours, a further ascent to 455.90 is anticipated. The highest bullish target for SPY today is set at 456.88.

On the contrary, if 453.54 fails to establish itself as a support level, we anticipate a bearish inclination to test 452.55. In the presence of sellers, the next bearish move would be towards 451.61. A breach of this level under heavy selling would bring into focus a significant support level at 451.01. A continuation of the selling trend could lead bears to target 450.23, and in a scenario of intense bearish activity, the day's lowest target is identified as 449.42.

Invesco QQQ Trust Series 1

The Q's QQQ are oscillating around 390.09. For bullish momentum, the key is to sustain levels above 391.39, setting the stage for claiming 392.77 as a robust support. If the buying trend persists, 393.96 becomes the next milestone, and the day's bullish pinnacle is envisioned at 395.04.

In contrast, if the Q's falter in maintaining above 390.09 during regular trading, bearish forces might gain dominance, pushing the index down to 389.46. Witnessing market frailty, bears could further test the waters at 388.80. Prolonged selling pressure might lead to a probe of 387.67, and if this level fails to hold, the day's bearish floor is projected at 386.69.

Apple Inc.

Apple AAPL is trading around 190.33. Bulls aim to solidify this level as a support, with aspirations to propel the auction to 191.25. Should the bullish sentiment continue, the next target is pegged at 191.76. In a strong bullish scenario, we anticipate a surge to the day's high target for Apple at 192.21.

Conversely, if 190.33 cannot be maintained as a support during active trading hours, a test lower at 189.52 becomes imminent. With continued selling pressure, the bearish trajectory shifts towards 189.16, then to 188.32. In a scenario where this level is breached, the bearish target moves to 188.05, marking the day's lowest expectation for Apple.

Microsoft Corp.

Microsoft MSFT is currently at a crucial point around 377.72. Bulls in the market are eyeing to keep the stock stable above this level, hoping to initiate a rally to 379.50. If this key support level is held firmly during trading hours, the potential for the stock to escalate to 380.00 exists. With sustained buying interest, Microsoft could reach new all-time highs, with the day's bullish target set at 385.00.

If 377.72 is unable to hold as a supportive base during the trading day, we expect the bears to test the resilience of 376.70. Failing to maintain this level could see a further bearish push towards 375.93. Continuation of this downward pressure might ultimately lead the stock to reach our day's lowest bear target at 373.488.

NVIDIA Corporation

NVIDIA NVDA, with its earnings report scheduled post-bell, is trading around 503.76. Bulls are focusing on pushing the stock up to 506.40, aiming to consolidate this as a strong support level. The bullish ambition is to elevate the price to 509.29, with a high target for the day at 512.31.

Conversely, if NVIDIA's stock fails to hold 503.76 as a firm support during today's session, a bearish inclination could emerge, testing the level at 501.80. A breakdown of this level amid selling activity might lead to a drop to 499.62. Further bearish momentum could bring the stock to probe 495.79, and in a sustained sell-off, the lowest bear target for the day is set at 492.33.

Alphabet Inc Class A

Alphabet GOOGL, currently near 136.29, is under the watch of bulls seeking to uphold this level as support and elevate the trading to 136.94. Continued bullish trends could propel the stock to our high bull target of 137.79.

If Alphabet fails to retain 136.29 as a supportive base during the trading hours, bears may seek to lower the price to 135.66. If this level is compromised, the bearish path leads to 134.96. In the event of intensified selling, we are braced for the stock to descend to our day's lowest bear target of 133.78.

Meta Platforms Inc

Meta META is navigating around 338.75. For a bullish outlook, we're looking for the stock to remain robust above 338.75, ascending to 340.66. A strong buying wave could potentially elevate the price further to 341.85. If bullish momentum sustains, we might see the stock reaching our top bull target of 344.83.

Should 338.75 fail to act as a reliable support during regular trading, a bearish trend could lead to a price drop to 337.17. Continuous bearish pressure could further depress the price to 335.12. If this level is breached, we foresee the bears pushing Meta's stock down to our day's lowest bear target at 332.41.

Tesla Inc.

Tesla TSLA, situated around 235.74, could see bullish efforts pushing the price up to 238.50 and then to 239.92. In the event of a broader bullish rally today, Tesla might test higher levels, potentially reaching 242.47. If the market attracts a substantial number of buyers, our high bull target for the day for Tesla is marked at 243.98.

If Tesla fails to maintain 235.74 as a strong level of support in today's session, a downward test at 233.49 becomes likely, with continued selling pressure possibly dragging the price down to 230.65. If this 230.65 level is broken under bearish pressure, we anticipate a further decline in the stock price, targeting our day's lowest bear target for Tesla at 227.58.

Final Word: As the trading day unfolds, market participants are keenly observing a significant amount of data being released today. Key events include the FOMC meeting minutes this afternoon and NVIDIA's post-market earnings report. Expectations of high volatility are prevalent, underscoring the need for discipline in your trading strategies. Good luck today, and trade safely!

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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