Market Clubhouse Morning Memo - February 1st, 2024 (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, 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 specified level of 484.60. For those bullish on the market, we anticipate an initial push towards 485.71. Should the price sustain above 485.71, we foresee buyers driving the price up to our identified support level of 486.57. Holding steady at 486.57 during the trading day could signal a further ascent to 487.54. Our optimistic target for SPY today is set at 488.83, contingent on continued upward momentum.

Conversely, should the SPY fail to maintain support at 484.60, we expect the bears to challenge the 483.38 mark. A bearish presence could see a further decline to 482.39. A breach of this level under heavy selling pressure might lead us to a significant support at 481.41. In the event of an intensified sell-off, our conservative bearish target for the day is 480.67.

Invesco QQQ Trust Series 1

The QQQ ETF QQQ is hovering around our pivotal point of 419.19. For a bullish outlook, maintaining above 419.89 is crucial. Success in holding this level could lead to a bullish pursuit towards 420.76, setting a foundation for a potential rise to 422.16. With sustained buying interest, we might witness a push towards 423.27, aiming for our ambitious bull target of 424.04.

If the QQQ is unable to stay above 419.19, bearish forces might drive the price down to 418.49. A display of weakness could further entice bears to target 417.49, with a persistent sell-off potentially challenging the 416.23 support. Failure to uphold this level could result in a descent to our bearish target for the day at 415.45.

Apple Inc.

Apple's AAPL stock is trading near our level of 185.86. Bulls are eyeing 186.35 as a crucial support, with aspirations to drive the price to 186.99. A continuation of bullish momentum could elevate the price to 187.50. Should the bullish trend persist, our target for a significant rally in Apple's stock today is 188.20.

On the flip side, if Apple fails to sustain support at 185.86, we anticipate a downward test to 184.96. Persistent selling might push the price to 184.59, and if the bearish pressure continues, 184.09 could come into play. A breakdown below this level would set our bearish target for Apple at 183.38.

Microsoft Corp.

Microsoft MSFT is currently positioned around our benchmark of 401.39. Bulls aim to solidify support above 401.39, with a goal to escalate to 402.74 and secure it as a key support level. A successful hold could signal a bullish run to 404.92, with the ultimate bull target for today at 407.11.

Should Microsoft struggle to find support at 401.39, bears may attempt to drive the price down to 400.30. A breach of this level could lead to further bearish tests at 399.21. With continued downward pressure, we might see a move to 398.39, setting our bearish threshold for the day at 397.65.

NVIDIA Corporation

NVIDIA's NVDA current market position is around 622.18. Bulls are encouraged by the potential to ascend to 624.89, establishing it as a key support zone. An upward trajectory could see the price reaching 628.49, with a bullish scenario potentially pushing it to our top target of 631.46.

If NVIDIA fails to maintain support at 622.18, bears may seek to lower the price to 619.63. A sustained sell-off could lead to a test of 616.03, with further weakness potentially bringing 613.64 into focus. A continued decline could see NVIDIA hitting our bearish target of 610.36.

Alphabet Inc Class A

Alphabet's GOOGL shares are currently near the 141.71 mark. For a bullish scenario, we're looking at 142.53 as a key support, aiming for a rise to 143.17. With continued positive momentum, the target is set for a peak at 143.77.

Conversely, if Alphabet cannot uphold support at 141.71, we anticipate a downward move to 141.12. Should the selling intensify, a test of 140.57 may ensue, with a severe sell-off potentially driving the price to our lowest bear target of 140.05.

Meta Platforms Inc

Meta Platforms META is currently trading at around 394.35. Bulls hope to maintain this level as support, aiming for an ascent to 396.15. A strong buying trend could lead to a further rise to 396.15, with an optimistic target set at 399.84.

If Meta cannot retain support at 394.35, we foresee a bearish move towards 391.34. Continued selling pressure might lower the price to 388.41, with a significant break possibly leading to our bearish day-end target of 386.09.

Tesla Inc.

Tesla TSLA is presently at our key level of 191.52. Bulls are looking to propel the price to 193.81, with sustained buying potentially leading to a rally to 195.91. In a strong bullish market, Tesla might test higher levels, aiming for a day's peak at 204.33.

Should Tesla fail to maintain 191.52 as support, we anticipate a test down to 189.22, with extended selling potentially bringing 186.10 into play. A break below this level could lead to a drop to our bearish target of 182.53.

Final Word: Today's trading session is marked by significant employment data releases premarket, which could inject volatility given the Federal Reserve's emphasis on employment figures as economic indicators. Following the New York session's opening, PMI numbers will be released. At 11:30AM EST, a 4 and 8 Week Bill Auction is scheduled. In light of the Federal Open Market Committee's recent decision to maintain interest rates potentially higher for longer, market participants might adjust their positions accordingly. However, some participants are still anticipating a possible rate cut in March could still be on the table based on forthcoming economic data. Monitoring trading volumes during the session today will be crucial for informed trading decisions. Good luck!

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 unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.