Market Clubhouse Morning Memo - March 22nd, 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 identified level of 521.85. For those with a bullish outlook, the initial target is a rise to 523.76. Should the price maintain its strength above this mark, the next goal for buyers is to elevate the SPY to 525.26. Holding above 525.26 during the market hours could lead to a further climb to 526.31, with the ultimate bullish aim for the day being a peak at 527.36.

On the flip side, should the support at 521.85 fail to hold, the market may see a downward pressure towards 520.67. Observing a bearish trend, the next levels to watch are 519.71 and, with increased selling, a further drop to 518.76. In the event of an intense sell-off today, the bears' target lies at 516.58.

Invesco QQQ Trust Series 1

The QQQ QQQ, also known as the Q's, are hovering around the crucial 446.51 mark. Bulls are looking for the price to ascend beyond 447.73, solidifying it as a support level. If this support is not breached, the next level for buyers to secure is 449.36. With continued upward momentum, the aim will be to reach 450.98 and, if successful, to challenge the day's high at 452.14, with the apex bull target set at 452.98.

Conversely, if the Q's struggle to stay above 447.73, the bears might seize the opportunity to drive the price down to 446.51. Should bearish sentiment persist, further declines to 445.43 and then 444.09 might be witnessed. If the downward trend continues, the bearish objective for the day is set at 442.53.

Apple Inc.

Apple AAPL is currently positioned at 171.79, and bulls are keen on maintaining this as the support level. The aim is to drive the price up to 172.45, with further bullish movements potentially reaching 172.95. If the bullish trend prevails, the next target is a rise to the day's high bull mark of 173.94.

Should the support at 171.79 fail, the expectation is for a downward move to 171.13. Continued selling pressure could lead to a further dip to 170.32 and, if the bearish momentum maintains, to 169.73. In a scenario of significant selling, the day's bearish target for Apple is set at 168.99.

Microsoft Corp.

Microsoft MSFT is trading around 430.25, with bulls hoping to sustain above 431.25 and then proceed to 432.49, establishing it as a support level within the trading day. If this level is successfully held, the next bullish target is 434.49, with the day's highest bull target being 435.79.

If Microsoft fails to maintain support at 430.25, the bears may aim to lower the price to 428.48. A breakdown from this level could lead to a test of 427.36, and under continued bearish pressure, the price could be pushed down to 426.00. The lowest bear target for Microsoft today is set at 425.16.

NVIDIA Corporation

NVIDIA's NVDA current position is around 917.98. Bulls are eyeing a push towards 922.67, with the goal of securing this as a strong support area. A successful hold could lead to an upward move to 928.47, with continued buying interest potentially driving the price to 937.84. The highest bullish target for NVIDIA today is 945.15.

In the event that 917.98 does not hold as a firm support, the bears will look to bring the price down to 913.30. A breach of this level, accompanied by strong selling, could lead to a decrease to 907.51. Should the bearish trend persist, a further test at 903.25 is expected, with the day's bearish floor at 898.13.

Alphabet Inc Class A

Alphabet GOOGL is currently trading near 148.24, with bullish investors aiming to uphold 148.95 as a support level, followed by a move to 149.58. If the bullish momentum continues, the target shifts to reaching the day's high bull target of 150.41.

Conversely, if Alphabet cannot sustain above 148.24, the focus shifts to the bears aiming for a decrease to 147.68. A further break from this level could lead to tests at 146.89 and, in a significant sell-off, a move down to the day's bearish target of 145.94.

Meta Platforms Inc

Meta META is currently positioned around 508.25, with the bullish scenario involving theprice holding firm at this level and an upward trajectory towards 512.85. A strong buying presence could further elevate the price to 515.39, with the ultimate bullish goal for the day being a surge to 520.27.

If Meta's support at 508.25 is compromised during the trading day, the bears might push the price down to 504.54. Persistent selling could lead to a further decline to 500.83, and if the bearish momentum intensifies, the price could be driven down to the day's bear target of 498.03.

Tesla Inc.

Tesla's TSLA current market position is around 166.89. Bulls are aiming for a rise to 169.70, with sustained buying potentially leading to a rally towards 172.61. A bullish market sentiment today could see Tesla testing even higher levels, with a target at 176.34, and in the case of significant buying interest, reaching the day's high bull target at 179.79.

On the other hand, if Tesla cannot maintain its ground at 166.89, the expectation is for a move lower to 164.87. Continued selling pressure could bring the price down to 162.32, and should this level fail to hold, the bears could target a further drop to the day's low bear target of 160.32.

Final Word:Today's market session is light on significant data and lacks major news releases. Nonetheless, remarks from 5 FOMC voting members, including Jerome Powell, could introduce volatility. With the end of the week approaching, traders may adjust their positions in anticipation of quarter-end rebalancing trades next week. Exercise caution and trade wisely. Happy Friday!

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.