Market Clubhouse Morning Memo - April 9th, 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 navigating around our reference point of 518.76. For those favoring an upward movement, the initial goal is to surpass 519.71. Should the market momentum sustain above this mark, we anticipate a drive towards our subsequent level of interest at 520.67. Holding above 520.67 during the trading day would set the stage for a move towards 521.85, with an ultimate bullish target for SPY at 522.84.

Conversely, if the SPY fails to maintain support at 518.76, we anticipate a downward adjustment towards 518.04, as the bears examine the market's resilience. A breach below this point could see the price descending to 517.39. Should this level not withstand the selling pressure, we foresee a potential drop to 516.58, with the bearish scenario culminating at a target of 515.68.

Invesco QQQ Trust Series 1

The QQQ QQQ, also known as the Q's, is currently hovering around a pivotal level of 440.78. Optimistically, we seek a climb above 441.56, which should establish a foundation for further ascension to 442.53. Success in holding this level could signal a continuation of upward momentum, potentially reaching 444.09 and, if the market favors, extending to a peak of 445.43.

Should the Q's struggle to sustain above 440.78, we expect the bears to exert pressure, pushing the price down to 440.00. A subsequent decline could target 438.89, with persistent selling likely leading to a test of 437.47. If this support falters, the bearish path may extend down to our lower target of 436.58.

Apple Inc.

Apple's AAPL current market position is noted around 168.00. For a bullish outlook, we're watching for the stock to stabilize above 168.41, setting the stage for a rally towards 168.99. Sustained upward momentum could further propel the stock towards 169.73, with the day's bullish climax envisioned at 170.32.

If Apple's stock cannot find footing at 168.00, we're prepared for a pullback to 167.59. Continuing downward movement might lead the price to 167.09, with further declines potentially bringing 166.27 into focus. In a pronounced bearish scenario, the price might retreat to our specified lower boundary of 165.62.

Microsoft Corp.

Microsoft MSFT finds itself in a critical position around 423.81. Bullish traders aim to secure a position above this level, with hopes of rallying towards 425.16. Maintaining above this benchmark could lead to further gains, targeting 426.00 and possibly reaching a high of 427.36 for the day.

However, if Microsoft cannot uphold support at 423.81, we anticipate a downward examination to 422.84. Failing to hold this level could result in a descent towards 421.62, with continued bearish momentum possibly dragging the price down to 420.26, setting 419.17 as the day's bearish extremity.

NVIDIA Corporation

NVIDIA NVDA is presently trading near 865.62. Bullish participants are eyeing an advance towards 877.25, aiming to solidify this as a key support level. Success in this endeavor could see the price escalating to 882.97, with the bullish trajectory potentially leading to a pinnacle of 898.13.

On the flip side, if NVIDIA cannot sustain support at 865.62, we're looking for a downturn to 858.43. A breach of this level could signal a further slide to 852.61, with a weak market potentially testing 846.80. In a significant bearish outcome, the price might fall to our predetermined low of 842.42.

Alphabet Inc Class A

Alphabet's GOOGL market position is marked at 154.95. Bulls are encouraged to see this level maintained, potentially pushing the price to 155.59. Continuous bullish force might extend the climb to our high target for the day at 156.61.

Conversely, should Alphabet fail to keep above 154.95, we anticipate a downward movement to 154.44. A break below this level could see a further decline to 153.93, with an intense sell-off possibly reaching a low of 153.54.

Meta Platforms Inc

Meta Platforms META , currently positioned around 520.27, is under observation for a bullish hold above this level. Success here could pave the way for an ascent to 526.29, with further bullish dynamics possibly elevating the price to 531.03, and ideally to our top bullish aim of 537.68.

If Meta fails to uphold the 520.27 level, we foresee a downward adjustment to 515.39. Persistent selling pressure might drive the price further down to 512.85, with a potential breakdown leading to a bearish target of 508.25.

Tesla Inc.

Tesla's TSLA trading dynamics are currently centered around 172.61. Bulls are set to challenge higher levels, aiming first for 176.34, with subsequent bullish activity possibly propelling the price to 179.79, and in a strongly bullish market, to 182.53. An exceptionally bullish session might culminate at a high target of 184.10.

Should Tesla be unable to maintain its stance at 172.61, we're prepared for a retraction to 169.70. A continued downtrend could lead to a test of 166.89, with a pronounced bearish scenario potentially bringing the price down to a low target of 164.87.

Final Word: Today's trading session is again extremely light on economic data, with the only notable event being a 3-Year Note Auction by the Treasury at 1 PM EST. Without scheduled Federal Reserve speakers, market participants may position themselves in anticipation of tomorrow's Consumer Price Index (CPI) figures. Monitoring today's volume might provide insights for strategic trades ahead of this key data release. Wishing everyone a disciplined trading day.

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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