Market Clubhouse Morning Memo - March 11th, 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 ETF SPY is currently trading around the pivotal point of $510.95. For market optimists, the initial target is a move upwards to $511.69. Should the momentum sustain and SPY surpasses $511.69, the next objective for buyers would be to elevate the price to $512.26, which serves as a crucial support level. Holding above $512.26 during the day's trading could set the stage for an ascent to $512.91, paving the way towards the peak bull target for SPY at $513.76.

Conversely, should SPY fail to maintain the $510.95 support, the market sentiment could tilt in favor of the bears, leading to a retest of the $510.14 level. A breach below this point may signal sellers to drive the price further down to $509.49. A significant sell-off breaking through this level could encounter substantial support at $508.83. In the event of an intense bearish trend, the lowest bear target set for the day is at $508.34.

Invesco QQQ Trust Series 1

The QQQ QQQ, representing the Nasdaq-100, is finding its footing around $438.89. Bullish investors are keen to see the price break and hold above $440.00, which would signal strength and potential for further gains. Successfully holding above this mark, the next milestone would be securing $440.78 as a robust support level. A continuation of upward momentum could bring $441.56 into focus, with an ultimate bull target for the day at $444.09 if the market remains buoyant.

On the downside, if QQQ struggles to remain above $438.89, it could indicate bearish control, prompting a push down to $437.47. Witnessing further weakness, bears may aim to lower the price to $436.58. Persistent selling pressure breaking this level would likely lead to a test of $435.88. In a scenario of pronounced bearish activity, the target on the downside is set at $434.76.

Apple Inc.

Apple's AAPL stock is hovering around the $171.13 mark. Bulls are looking for this level to act as a foundation for a rally to $171.79. If the upward trend continues, the next target would be $172.45, with an ambitious goal of reaching the high bull target of $172.95 if the bullish momentum is sustained throughout the trading session.

If Apple's shares cannot uphold the $171.13 level as support, the market could see a downward move to $170.32. Further selling could lead the price to $169.73. If bearish pressure persists, the next level to watch would be $168.99, with a potential slide to the day's bear target of $168.41 if the downtrend accelerates.

Microsoft Corp.

Microsoft MSFT is currently positioned around $402.74. Bulls in the market are aiming for the stock to consolidate above this level and rally towards $404.92, which is crucial for maintaining bullish momentum. If Microsoft can secure $404.92 as support, the pathway could be clear for a move to $406.01, with a final bull target for the day at $407.11 if buying interest remains strong.

Should Microsoft fail to find support at $402.74, bears might see an opportunity to push the price down to $401.39. A break below this level could signal a further descent to $400.30. With continued pressure, the next target for bears would be $399.21, culminating in a bear day target of $398.38 if the selling intensifies.

NVIDIA Corporation

NVIDIA's NVDA current trading level is at $882.97. Bulls are eager to see the stock advance to $890.55, establishing it as a clear support zone. An upward trajectory from this point could lead to $898.13, with the momentum potentially carrying the stock to $903.25. The ambitious target for NVIDIA bulls is set at $907.51 if the market conditions favor buyers.

Conversely, if NVIDIA cannot maintain $882.97 as a strong support level, the market may witness a shift towards bearish sentiment, testing the price at $877.25. Failure to hold this level could result in a further decline to $865.62. In a bear-dominated market, the next level to watch is $858.43, with the bear day's ultimate target at $852.61.

Alphabet Inc Class A

Alphabet's GOOGL shares are trading around a critical point of $134.96. Bulls are hopeful for the price to climb to $135.66, setting the stage for a move to the high bull target of $136.29 if the positive momentum can be sustained throughout the trading session.

If Alphabet fails to maintain $134.96 as a supportive base, it could signal the bears to drive the price down to $133.78. A break below this level could see a further decline to $132.84, with a potential bearish push to the day's low target of $131.58 if the selling pressure mounts.

Meta Platforms Inc

Meta Platforms META, previously known as Facebook, is trading around $504.54. For bulls, the immediate goal is to uphold the $508.25 level as support, paving the way for an upward move to $512.85. A strong buy-side presence could further propel the stock to $515.39, with a high bull target of $520.27 if the bullish trend persists.

However, if Meta cannot sustain support at $504.54, it may indicate a bearish tilt, leading to a potential drop to $500.83. Continued selling pressure could bring the price down to $498.03, with a breakdown of this level possibly leading to a descent to the day's bear target of $495.54.

Tesla Inc.

Tesla TSLA is currently navigating around $176.34. Bulls are looking to drive the price towards $179.79, with further buying potentially leading to a rally to $182.53. A bullish market sentiment could see Tesla reaching $184.10, with an optimistic bull day target of $186.10 if buyer momentum remains robust.

Should Tesla fail to hold $176.34 as a strong foundational level, a downward test to $172.61 could be on the horizon. Continued bearish pressure might bring the price to $169.70, with a significant sell-off potentially leading to the bear day target of $166.89.

Final Word: The market is relatively calm in terms of data releases today. Attention is drawn to the Treasury's 3-Year Note Auction at 1 PM EST. With the Federal Reserve in a blackout period, no monetary policy commentary is expected until the FOMC rate decision next Wednesday. Market participants are likely positioning themselves in anticipation of tomorrow's CPI numbers, set to be released in the pre-market session. Good luck, 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.