Market Clubhouse Morning Memo - January 10th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, TSLA, GOOGL, And NVDA)

Market Clubhouse Morning Memo - January 10th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, TSLA, GOOGL, and NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, META, TSLA, GOOGL, 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 a pivotal level of 474.04. For bullish traders, the initial goal is to push the price above 475.02. If successful, the next target would be establishing support at 476.10. Should this level prove resilient during regular trading hours, an upward movement towards 477.25 is anticipated. The highest bullish objective for the day for SPY is set at 478.16.

On the flip side, if the SPY cannot maintain 474.04 as a support base, the bearish scenario comes into play. Bears would then aim to test the resilience of 473.40. A breach below this could lead to further downward pressure towards 472.68. In the event of intense selling, a significant support level at 471.40 might be tested. The ultimate bearish target for today, if the market turns decidedly negative, is 470.63.

Invesco QQQ Trust Series 1

The QQQ QQQ, known as the Q's, is currently maneuvering around the key level of 406.58. Bullish traders are looking to push the price above 407.64, solidifying it as a new support level. If they succeed, the next focus would be on claiming 408.80 as a strong support point. With persistent buying, 409.44 might come into contention, followed by a potential surge towards 409.89. The ultimate bullish target for today is ambitiously set at 410.34.

Conversely, if the Q's cannot sustain above 406.58, the bears might seize the opportunity. Their initial target would be to pull the price down to 405.66. Should this level give way, a further descent to 404.76 would be likely. In a scenario where selling intensifies, 403.59 could be the next critical level to watch. The lowest bearish target set for today, in case of a significant downtrend, is 403.08.

Apple Inc.

Apple AAPL, trading near a key level of 184.96, is at a critical juncture. Bullish market participants aim to defend 184.95 as a support level, eyeing an upward move towards 185.86. If the bullish momentum continues, the next target would be 186.35. In a strong bullish market scenario, the focus shifts to reaching the high bull target for Apple today at 186.99.

Should Apple's price fail to hold at 184.96, the bears might attempt to push it lower, initially targeting 184.59. With continued selling pressure, the next level to watch would be 183.38. A breakdown below this could lead to 182.96 coming into play. In a scenario where bearish momentum dominates, the lowest target set for Apple today is 182.27.

Microsoft Corp.

Microsoft MSFT is currently positioned around a crucial level of 377.72. Bulls are eyeing to keep the price buoyant above this level, with a view to ascend to 379.50 and establish it as a firm level of support during regular trading hours. If they manage to secure this foothold, the price could then target 380.59. The highest bullish aim for Microsoft today is reaching the level of 381.64.

However, if Microsoft's price struggles to maintain 377.72 as a solid support, bears might come into play. They would likely target 376.70 as the first point of decline. If they manage to break through this level, the focus would shift to 375.93. Under sustained bearish pressure, 375.11 could be the next target. The lowest bear target for the day, in a strong downward trend, is 373.48.

Meta Platforms Inc

Meta META, currently oscillating around 360.20, faces a pivotal moment. Bulls are looking to maintain strength above 360.20, targeting an upward trajectory towards 362.57. A successful bullish push could see the price moving higher to 364.58. The bulls' ultimate goal for today is to reach the high bull target of 366.72.

If Meta fails to sustain its price above 360.20, the bears might take the upper hand. Their initial target would be a decrease to 358.21. Further bearish movement could lead to a test of 356.35. If selling pressure continues and this level is breached, the bears might aim for the day's lowest target of 354.93.

Tesla Inc.

Tesla TSLA, trading around the crucial level of 235.74, is at an important crossroads. The bulls are aiming to propel the price upwards to 238.50. If the buying momentum remains robust, the next target would be 239.92. In a strong bullish market, Tesla might test higher levels, potentially reaching 242.39. The highest bullish target for the day is set at 243.98.

Conversely, if Tesla's price fails to hold the 235.74 level as a strong support, the bears might aim to drive the price lower, initially targeting 233.49. Continued selling could bring 230.65 into focus. If this level is overcome, the bears might aim for a significant drop, setting the day's lowest bearish target at 228.45.

Alphabet Inc Class A

Alphabet GOOGL, positioned around 141.12, is in a critical trading phase. Bulls are aiming to defend 141.47 as a support level, looking to drive the price higher towards 142.53. If they maintain momentum, the high bull target for the day is set at 143.17.

Should Alphabet's price fail to hold above 141.12, bears might capitalize on this weakness. They would initially target a descent to 140.57. If bearish pressure mounts, 140.05 could be the next level to watch. In a strong downward trend, the lowest bearish target for the day is set at 139.49.

NVIDIA Corporation

NVIDIA NVDA, currently near the key level of 533.83, is at a decisive point. Bulls are looking to drive the price upwards, first aiming for 538.00, with an aspiration to solidify it as a strong support level. The next bull target is 541.48, and in a strong bullish market, the highest target is set at 544.22.

In contrast, if NVIDIA's price fails to hold above 533.83, bears might take control. The initial bearish target would be 531.81. If this level is breached, the focus would shift to 530.87, followed by 529.02 in a continued downtrend. The lowest bear target for the day, in case of a significant bearish movement, is 527.30.

Final Word:  Today's trading session comes with a limited set of data releases. Key focus areas include the Final Wholesale Inventories and Wholesale Trade Sales for November. An anticipated speech by FOMC member John Williams could inject volatility into the market. Market participants are largely waiting for tomorrow's CPI data release for December, which is expected to guide major trading decisions. It's essential to monitor volume closely and approach trading with disciplined strategies. Wishing everyone good luck in today's session!

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.