Market Clubhouse Morning Memo - December 29th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, TSLA, GOOGL, META, And NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, TSLA, GOOGL, META, 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, 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 pivotal point of 477.25. Bulls are looking to initiate a rally to 478.16 and, if the momentum sustains, aim to elevate the price to a secondary target of 478.93. A firm hold above 478.93 during regular market hours could propel the index further, reaching a potential peak of 480.01, with an ultimate bullish target for the day at 480.67.

Conversely, if 477.25 fails to act as robust support, we anticipate the bears to take the reins, driving the price down to test 476.10. A breach here could see further descent to 475.02, and in the event of intensified selling pressure, we might see a decline to a more pronounced support at 474.04. Under a strong bearish grip, the day's target could bottom out at 473.40.

Invesco QQQ Trust Series 1

The QQQ QQQ is negotiating around a key level of 411.80. Bulls in the market are strategizing to consolidate above 412.16, making a case for 412.59 to evolve as a robust foundation. Should the buying force continue, we anticipate an upswing towards 413.30, with an aggressive trading session potentially testing the waters at 413.72. The zenith for bullish aspirations today is pegged at 414.20.

If the auction fails to secure footing above 411.80 during the regular session, bearish sentiments are expected to dominate, pulling the value down to 410.90. A continued downtrend would likely witness a test at 410.34, with a persistence of bearish momentum possibly dragging the index down to 409.89. In a scenario of widespread selling, the bear's target for the day is projected at 409.44.

Apple Inc.

Apple's AAPL shares are hovering around 193.95, a critical juncture. Bulls are eyeing this level to act as a springboard, propelling the price to an immediate target of 194.40 and, with enduring optimism, further to 194.83. A sustained bullish climate could potentially push the price to achieve the day's high target at 195.25.
Should 193.95 prove unsustainable as a support during the trading hours, we foresee a bearish test to 193.18. If the downtrend continues, the bears may drive the price to 192.76, and further selling could depress the stock to 192.27. The bearish threshold for the day is set at a more definitive level of 191.57.

Microsoft Corp.

Microsoft MSFT is currently positioned around 375.93. Bulls are orchestrating a movement to maintain a stronghold above 376.70, setting sights on 377.72 as the next bastion of support. If the market sentiment remains favorable, we might see an ascent towards 379.50, with a bullish trajectory aiming for a high target at 380.59.

In contrast, if 375.93 does not maintain its support integrity throughout the trading session, bearish forces might recalibrate their strategy to target 375.11. A breakdown below this level could lead to further probing at 373.48. Continuation of this negative trend might see a descent towards 372.03, with the bearish resolve solidifying at a day's low of 370.10.

Tesla Inc.

Tesla's TSLA trading activity is centered around 254.28. Bulls are ambitious, seeking to steer the price upwards to 256.34. A sustained buying spree could further lift the price to 257.56, and in an optimistic market scenario, we might witness a rally up to 259.81. The highest bullish expectation for the day is set at 262.68.

On the flip side, if 254.28 fails to hold as a durable level of support, bears might initiate a downward trajectory to 252.38, with additional selling pressure potentially leading to 250.25. A significant bearish undertone could culminate in a downward push to 248.37, marking the day's low bear target.

Alphabet Inc Class A

Alphabet's GOOGL market position is currently at 140.57. For bullish traders, holding 140.57 as a steadfast support is critical, aiming to escalate the auction to 141.12. A continuation of the upward trend might see the stock approaching a more ambitious target of 141.71.

If the stock fails to maintain 140.57 as a solid foundation during the market hours, we expect the bears to exert their influence, possibly driving the price down to 140.05. A further dip might see the stock testing 139.46, and in a significant sell-off scenario, the bears might press down to a more assertive target of 138.39.

Meta Platforms Inc

Meta META is presently trading around a significant level of 358.21. Bulls are monitoring this level closely, aiming to secure it as support and propel the auction higher to 360.20. A sustained positive sentiment could lead to further gains, targeting 362.57, with a strong bullish market potentially pushing towards a high of 364.58.

Conversely, if 358.21 is breached as a support level during the trading hours, bears might capitalize on the weakness, driving the price down to 356.35. Continued selling pressure could see a further decline to 354.93, with a strong bearish momentum aiming for a day's low at 353.60.

NVIDIA Corporation

NVIDIA NVDA is currently trading around 495.79. Bulls are rallying to push the price to an immediate target of 499.62 and further to 501.93, with an aggressive buying scenario aiming for the day's high at 504.54.

If, however, 495.79 fails to serve as a strong support, we anticipate the bears to test the waters at 492.33. Should the bearish momentum persist, the price might be driven down to 489.04, and in a more pronounced sell-off, we expect a bearish descent to 485.93, with a day's ultimate low target at 483.43.

Final Word:  As we wrap up the final trading day of 2023, it's crucial to note that the day might be quieter than usual, with only the Chicago PMI numbers released shortly after the open to potentially stir the markets. This year has been a journey of resilience and adaptation, filled with significant market movements and learning opportunities. As we approach the new year, it's an opportune moment to reflect on our strategies, celebrate our successes, and learn from our challenges. Let's approach 2024 with renewed vigor, strategic foresight, and a commitment to responsible trading. Wishing everyone a safe trading day, a restful 4-day weekend, and a New Year filled with health, happiness, and prosperity. Happy 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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This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.