Market Clubhouse Morning Memo - March 12th, 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 navigating around the 512.91 mark. For upward momentum, an initial move to 513.76 is anticipated. A stable position above 513.76 could lead to an ascent towards 514.62. Should 514.62 withstand the trading pressures, a further climb to 515.68 is likely. The ultimate upward goal for SPY today is reaching 516.58.

Conversely, if 512.91 doesn't serve as a reliable support, the focus shifts to the bears aiming for 511.69. A visible presence of sellers could drive the price down to 510.95. A breach of this level, especially with strong selling, sets the stage for a fall to 510.14. In the event of a significant downturn, the bearish objective for the day is set at 509.49.

Invesco QQQ Trust Series 1

The QQQs QQQ are trading near a pivotal point at 438.89. Bulls are eyeing a position above 440.00, with 440.78 as the next stronghold. Maintaining this momentum might lead to 441.56 being in sight. A strong trading day could push the price to test 442.53, with an ambitious bull target at 444.09.

If the QQQs struggle to maintain above 438.89, bears might take the reins, pushing towards 437.47. Any sign of weakness could see a further descent to 436.58. Persistent selling might challenge the 435.88 mark, and if this support fails, a move to the bearish day target of 434.76 is expected.

Apple Inc.

Apple's AAPL stock is oscillating around 173.39. Bulls are hopeful for 173.94 to stand as a solid foundation, paving the way for a rally to 174.59. Sustained bullish energy could propel the price to 175.09, with a stretch goal for the day at 175.81.

Should 173.39 falter as a support, the path opens for a test at 172.45. Increasing bearish pressure could see a further drop to 171.79, and if the sell-off continues, 171.13 becomes the next focal point. A breakdown here could lead to the bearish end-of-day target of 169.73.

Microsoft Corp.

Microsoft MSFT is currently positioned at 406.01. For the bulls, maintaining above this level is crucial, aiming for a rise to 407.11 and establishing it as support. Success here could lead to an upward trajectory towards 408.46, with the day's bullish peak at 409.69.

If Microsoft cannot sustain support at 406.01, bears may look to lower the price to 404.92. A failure here could lead to further bearish exploration down to 402.74. Continual downward pressure might bring the price to 401.39, with the lowest bear target for the day at 400.30.

NVIDIA Corporation

NVIDIA NVDA is hovering around 877.25. Bulls are looking to push towards 882.97, aiming to solidify this as a new support base. An upward push could see the price reaching 890.55, with a strong buying wave potentially leading to 898.13. The highest bull target for NVIDIA today is 903.25.

Should 877.25 not hold up as a robust support, bears may look to challenge the price down to 865.62. A breakdown here could signal a move to 858.43. Weakness in today's session might lead to testing 852.61, with the bearish extreme for the day at 846.80.

Alphabet Inc Class A

Alphabet's GOOGL shares are trading at 138.39. Bulls aim to maintain this as a base, looking to climb to 139.46. A continued upward trend could see the stock reaching a high bull target of 140.05.

If 138.39 does not hold, the price might be driven down to 137.79 by bears. A further descent could see testing at 136.94, with a significant sell-off potentially bringing the price to the day's bearish goal of 136.29.

Meta Platforms Inc

Meta's META current level is 485.96. Bulls are looking for strength above this mark, targeting 488.81 initially. A robust buying trend could lead to 492.33, with the ultimate bullish aim for the day at 495.54.

On the flip side, if 485.96 proves unstable, a downward adjustment to 483.11 may be in sight. Further bearish momentum could drive the price to 480.96, and a breakdown from here could set a bearish target of 477.50 for the day.

Tesla Inc.

Tesla TSLA is situated around 179.79. The bulls are aiming for an uplift to 182.53, with potential further gains leading to 184.10. A strong market rally could see Tesla's price testing 186.10, with the day's high bull target at 189.22.

If 179.79 doesn't hold as a strong base, a move lower to 176.34 might occur, with continued selling possibly bringing the price to 172.61. If this level is compromised, a drop to the day's low bear target of 169.70 is anticipated.

Final Word: Today's focus is the CPI data release at 8:30AM EST, which will significantly influence the Federal Reserve's rate decision and the path forward. Later, the Treasury's 10-Year Note Auction results will be announced post-1PM EST. It's crucial to trade with discipline in today's dynamic market environment and watch for large positioning from market participants. Trade with discipline, and good luck today!

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.