Market Clubhouse Morning Memo - January 5th, 2024 (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 hovering around 466.23. Bulls are aiming for an initial rise to 466.80, with hopes of continued strength pushing the price further to 467.51. If this level holds during trading, a further push to 468.16 is anticipated, with a high target for the day at 469.17.

In contrast, if 466.23 does not hold as support, a bearish scenario unfolds with the price potentially falling to test 465.35. Further bearish momentum might bring the price down to 464.92, and in a strong sell-off, a further drop to a lower target of 464.16 is possible.

Invesco QQQ Trust Series 1

The Q's QQQ are positioned around 395.04. Bulls are keen on maintaining prices above this level, with an eye on 396.81 as the next target. If the momentum remains robust, the price could ascend to 398.57 and potentially test 399.67. The day's bullish ambition is to reach 400.95.

On the other hand, if 395.04 is breached downwards, bears might drive the price towards 393.96. Persistent weakness could lead to further declines to 392.77, with an extended bearish view aiming for a descent to the day's lower target of 390.09.

Apple Inc.

Apple's AAPL trading level is around 180.10. Bulls are looking to hold this as support, with aspirations to rally higher to 180.60. If bullish sentiment continues, the price might climb to 181.25, with a high target for the day at 182.27.

Conversely, if 180.10 is not maintained as support, bears may initiate a downward move to 179.36. Continued selling pressure might lead to further declines to 178.61 and, if the bearish momentum is strong, a descent to the day's bear target of 177.20.

Microsoft Corp.

Microsoft MSFT is currently at about 366.98. Bullish traders are aiming to keep the price above this level, seeking a rally to 368.79 and eventually a push to a higher target of 370.10, with a day's high target at 372.03.

Should 366.98 fail to hold, the bears might look to bring the price down to 365.35. If the price continues to fall, the next target is 363.81, with a bearish perspective pushing further down to a low target of 359.64 for the day.

Tesla Inc.

 Tesla TSLA is trading near 235.74. Bulls are hoping to drive the price upwards to 238.50, with sustained buying potentially rallying the price to 239.92 and an optimistic high of 242.49, with the ultimate bull target for the day at 243.98.

If 235.74 cannot be maintained as a strong support, the bearish outlook targets a drop to 233.49. If selling intensifies, the price might decrease further to 230.65, with a strong sell-off potentially pushing down to a bearish target of 228.45.

Alphabet Inc Class A

Alphabet GOOGL is auctioning around 135.66. Bulls aim to lift the price to 136.29 and beyond, with a hopeful climb to 136.94 and a high target of 137.79.

Should 135.66 not hold as a base, bears might force the price down to 134.96. Further selling could lead to a dip to 133.78, with a pessimistic view bringing it down to a lower target of 132.84.

Meta Platforms Inc

Meta META is near 345.04. Bulls are eyeing levels above 347.67, looking to push the auction higher towards 350.18 and an optimistic high of 353.60.

On the contrary, if 345.04 fails as support, bears might target a decrease to 342.89. With continued selling, the price could fall further to 341.85, and in a bearish scenario, descend to a low day target of 340.66.

NVIDIA Corporation

NVIDIA NVDA is around 478.67. Bulls are looking to propel the price to 481.27 and further to 483.43, with a strong buying day targeting 485.93.

Alternatively, if 478.67 doesn't hold, the bears aim to lower the price to 476.94. With sustained selling, a drop to 473.81 could be in sight, and in a heavier sell-off, the price might descend to 467.34 as the bearish target for the day.

Final Word:  Today's trading will be heavily influenced by the release of extensive employment data, primarily the Non-Farm Payrolls report for December, unveiled during the premarket hours. This data is expected to shape market sentiment for not only today's regular trading hours but also the upcoming weeks leading to the January FOMC meeting. Traders are advised to exercise discipline as the volatility during today's session might be the peak for the week. Keep your head on a swivel, good luck, and have a great Friday!

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.