Market Clubhouse Morning Memo - March 13th, 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 reference point of 517.39. For the bullish scenario, we aim for an initial move up to 518.04. A sustained move above 518.04 could see the price moving towards 518.76. Should the momentum continue and 519.71 holds during market hours, an advance towards 520.67 could be on the cards. The ultimate goal for a bullish day would be reaching 521.85.

On the flip side, if the SPY cannot maintain 517.39 as a support level, we anticipate a downward movement towards 516.58. A presence of sellers could push the price further down to 515.68. Breaching this level with significant selling pressure might lead us to a more substantial support at 514.62. In a scenario dominated by sellers, our lowest target for the day is set at 513.76.

Invesco QQQ Trust Series 1

The QQQ QQQ, also known as the Q's, is hovering around the crucial mark of 444.09. Bullish traders are eyeing a climb above 445.09. Holding above this level could set the stage for a move towards 446.51, turning it into a robust support zone. Further buying could elevate the Q's to 447.73, and if the momentum persists, we might witness a surge to 449.36. The highest bullish target for the day is 450.98.

Conversely, if the Q's struggle to stay above 444.09, we anticipate bearish dominance with a push down to 442.53. Observing weakness could lead to a test of 441.56, and if the selling pressure intensifies, the next level to watch would be 440.78. A break below this could see the Q's reaching the bearish target of 440.00.

Apple Inc.

Apple AAPL is currently positioned around the level of 172.95. From a bullish perspective, we're looking for the price to hold above 173.39. Achieving this could pave the way to 173.94, with further bullish actions potentially leading to 174.59. If the bulls dominate today's trading, a push towards the highest bullish target of 175.09 is anticipated.

Should Apple fail to sustain the level of 172.95 as support, we foresee a potential drop to 172.45. Continued bearish momentum could lead to a decline towards 171.79, and if the selling pressure doesn't ease, the next stop could be 171.13. In a bear-dominated session, the lowest target we're looking at is 169.73.

Microsoft Corp.

Microsoft's MSFT trading activity is centered around the level of 417.25. Bulls are encouraged by the prospect of maintaining strength above this level, aiming for a rally towards 419.17, which should serve as a solid support. Sustaining above this mark could incite a move to 420.26, with the bullish momentum potentially reaching a peak at 421.62.

If Microsoft is unable to secure 417.25 as a support level, we anticipate bearish activity driving the price down to 416.32. A breach of this level might lead to further declines towards 414.56. Persistent downward pressure could bring the stock to 413.14, with the ultimate bearish target for the day positioned at 411.72.

NVIDIA Corporation

NVIDIA NVDA is navigating the market at the pivotal level of 928.47. Bulls are set on driving the price up to 937.84, seeking to establish it as a firm support. An upward trajectory could see the stock reaching 945.15, with continued buying potentially leading to 950.29. The highest point bulls aim for today is 955.43.

In the event that NVIDIA cannot maintain 928.47 as a solid support through the session, bears might push the price down to 922.67. Breaking below this level with a visible selling presence could lead to a decline towards 917.98. A weaker market could further test the resolve at 913.30, with the most bearish outcome for the day being a slide to 907.51.

Alphabet Inc Class A

Alphabet GOOGL finds itself at a trading juncture of 138.39. Bulls are hopeful of sustaining this level, aiming for an upward move to 139.46. Maintaining bullish momentum could potentially elevate the stock to the day's high target of 140.05.

However, if Alphabet cannot find support at 138.39, we might see a downward trajectory towards 137.79. Failing to hold this could lead to further bearish tests at 136.94. In a scenario of intense selling, the bearish endpoint for the day is pegged at 136.29.

Meta Platforms Inc

Meta Platforms META is trading around the mark of 500.83. For the bulls, staying above 504.54 is crucial, setting the stage for a move towards 508.25. A strong buying atmosphere could push the price to 512.85, with the pinnacle of bullish expectations at 515.39.

Should Meta fail to keep 500.83 as a support, bears may look to drive the price down to 498.03. Continuing on a downward path could see a test at 495.54, and if bearish momentum prevails, the next level to watch is 492.33.

Tesla Inc.

Tesla's TSLA current position is at the key level of 172.61. Bulls are looking to elevate the price to 176.34, with sustained buying potentially leading to a rally up to 179.79. A bullish market today could see Tesla challenging higher levels at 182.53, with the ultimate bullish target being 184.10.

If Tesla cannot hold 172.61 as a robust support, we anticipate a move down to 169.70. Further selling could bring the stock to 166.89, and if this level is compromised, a descent to the bearish target of 164.87 is expected.

Final Word: The trading session today is expected to be relatively calm data-wise. However, the 30-Year Bond Auction by the Treasury at 1PM EST might introduce notable market volatility. Market players are adjusting their strategies following the recent CPI announcement and in anticipation of upcoming PPI and unemployment figures tomorrow morning. 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.