Market Clubhouse Morning Memo - April 8th, 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

For those looking at the SPY SPY , the current trading vicinity is around 518.76. Bulls would benefit from an upward movement towards 519.71 initially. Should the market sustain above 519.71, the next target for buyers would be to reach the support mark at 520.67. Holding 520.67 during the regular trading hours could signal a further ascent towards 521.85, aiming for a bullish pinnacle at 522.84.

Conversely, if the support at 518.76 fails to hold, the market may see a downward trend with bears eyeing the 518.04 mark. A bearish sentiment could drive the price further down to 517.39. In the event of intensified selling, a significant support awaits at 516.58, with a potential dip to the day's bearish extremity at 515.68.

Invesco QQQ Trust Series 1

The QQQ QQQ, or the Q's, are trading around the pivotal point of 440.78. For a bullish outlook, it's critical for the price to ascend beyond 441.56 and establish it as a support base. Success in this endeavor could lead to a bullish push towards 442.53 and potentially higher to 444.09, with an optimistic target set at 445.43 for the day.

Should the Q's struggle to maintain above 440.78, bearish forces might drive the price down to 440.00 as an initial target. Persistent weakness could see the bears aiming for 438.89 and, if unchecked, further down to 437.47. A breach of this level could see a descent towards the bearish target of 436.58.

Apple Inc.

Apple's AAPL trading scenario unfolds around 168.99. Bulls are eyeing the 169.73 mark to hold as a foundation for an upward trajectory towards 170.32. Should the bullish momentum persist, we might see the price navigating towards 171.13, with a goal to breach the high target at 171.79.

If Apple fails to secure support at 168.99, the focus shifts to 168.41 as the first bearish checkpoint. Escalating sell-offs could push the price down to 168.00 and, if the selling pressure doesn't abate, further down to 167.59. The ultimate bearish target for the day is set at 167.09.

Microsoft Corp.

Microsoft MSFT is currently at a crucial juncture, trading around 423.81. Bulls would look to solidify this level as support and aim for an upward movement towards 425.16. Sustaining above this mark could potentially lead to a bullish rally towards 426.00, with an ambitious target for the day at 427.36.

On the flip side, if Microsoft can't hold the 423.81 level, bears might test the waters at 422.84. A downward trajectory could lead to further tests at 421.62, with the possibility of a more significant drop to 420.26. The bearish objective for the day is marked at 419.17.

NVIDIA Corporation

NVIDIA's NVDA trading dynamics center around 882.97. Bulls are keen on propelling the price towards 890.55, eyeing this level as a critical support. An upward trend could see the bulls aiming for 898.13, with a high target of 907.51 for an optimistic day.

Conversely, if NVIDIA cannot sustain the 882.97 support, a bearish scenario could unfold with 877.25 as the initial target. Further weakness might lead to a test at 865.62, and in a more bearish development, the price could dip to 858.43. The day's low bear target is positioned at 852.61.

Alphabet Inc Class A

Alphabet GOOGL finds itself trading around 152.27. The bullish agenda involves securing 152.94 as support, with an upward aim towards 153.54. Should the bullish trend continue, the price might escalate to the day's high target at 153.93.

If Alphabet's price fails to hold at 152.27, bears might push it down to 151.24. A further decline could see the price testing 150.41, with a possibility of a more significant drop to 149.58 as the bearish extremity for the day.

Meta Platforms Inc

Meta Platforms META, currently at 526.29, sees bulls aiming to maintain this level as support for an upward movement towards 531.03. A strong bullish market could see the price reaching 537.68, with a high target of 541.79.

Should Meta fail to hold 526.29 as support, bears may push the price down to 520.27. Persistent selling pressure could lead to further declines towards 515.39, with a bearish threshold set at 512.85 for the day.

Tesla Inc.

Tesla's TSLA trading perspective starts at 169.70. Bulls are looking to drive the price towards 172.61, with hopes of a rally leading to 176.34. A significant bullish market might test higher levels at 179.79, with a high target for the day at 182.53.

If Tesla cannot maintain the 169.70 support, the bears could lead a downward movement to 166.89. Increased selling might bring the price to 164.87, with a severe bearish outcome potentially dropping to the day's low target of 162.32.

Final Word: Today's market activity might be quieter than usual due to the sparse economic events scheduled. Attention will be primarily on the New York Fed's Survey of Consumer Expectations at 11AM EST and the Treasury's bill auctions at 11:30AM EST. Remarks from Fed members Austin Goolsbee and Neel Kashkari might also influence the market, albeit they are non-voting members. With limited data and Fed speeches, the market participants are likely to focus on the upcoming CPI and PPI releases later in the week. As always, cautious trading is advised.

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.

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