Market Clubhouse Morning Memo - April 16th, 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 specified level of 503.95. Bulls in the market would prefer to see a move upward to 505.32 initially. If the market maintains strength above this level, the next target for buyers is set at 506.06. Holding this level during regular trading could lead to further upward movement toward 506.71, with a bullish target of 507.52 for the day.

On the downside, if the SPY fails to hold 503.95 as support, we expect bearish momentum to test 502.85 next. Should selling pressure intensify, the next level to watch is 501.74. A breakdown here could see SPY reaching down to 500.91, with the lowest bear target for the day at 500.17 if selling continues unabated.

Invesco QQQ Trust Series 1

The QQQ QQQ, known as "The Q's," is hovering around 430.16. Bulls are hoping for the price to maintain above this level, setting the stage for a move to 431.18, which bulls would like to establish as solid support. Success here could lead to further gains with 432.84 and 433.64 as subsequent targets. The highest bull target for the day is set at 434.76.

Conversely, if QQQ struggles to stay above 430.16, bears may push the price down to 429.40. A continued downward trend could lead to further tests at 428.50 and then 427.32. If these supports fail to hold, the lowest bear target for QQQ today is 426.64.

Apple Inc.

Apple's AAPL  stock is presently trading around 172.45. Bulls are looking to keep this level as a base of support, aiming for an upward push to 172.95. Should the positive momentum persist, the next target would be 173.39, with the ultimate bull target for the day at 173.94 if the upward trend strengthens.

If Apple's price fails to hold at 172.45, we may see a drop to 171.79. Continuation of this downward trajectory could see further declines to 171.13 and 170.32. If the bearish trend breaks this level, the lowest bear target for the day is set at 169.73.

Microsoft Corp.

Microsoft MSFT is currently positioned around 413.14. The bulls aim to maintain strength above this level, aspiring to reach 414.56, which they hope to solidify as a support. Should they succeed, the next targets are 416.32 and the highest bull target for the day at 417.25.

Should Microsoft fail to hold the 413.14 level, the price might retreat to 411.72. A failure here could see further tests at lower levels of 410.64 and 409.69. The bearish target for the day is set at 408.46 if the downtrend continues.

NVIDIA Corporation

NVIDIA NVDA is currently trading around 858.43. Bulls aim to drive the price up to 865.62 and consolidate this as a strong support level. Success here could lead to targets of 877.25 and 882.97, with the day's highest bull target at 890.55.

If NVIDIA cannot maintain 858.43 as support, bears might drive the price down to 852.61. A breakdown here could lead to further declines to 846.80 and 842.42. The lowest bear target for the day is set at 837.58.

Alphabet Inc Class A

Alphabet's GOOGL trading starts around 154.44. Bulls are looking to establish 154.95 as a strong support, targeting further gains to 155.59. If the bullish trend persists, the highest target for the day is 156.61.

Should Alphabet fail to maintain 154.44 as support, the price might fall to 153.93. Continued bearish momentum could see further tests at 153.54 and the lowest bear target for the day at 152.94.

Meta Platforms Inc

Meta META is starting the day at around 498.03. Bulls are keen to hold this level, aiming to push higher to 500.83 and then to 504.54. The highest bull target for Meta today is 508.25 if the upward momentum continues.

If Meta fails to hold 498.03 as support, bears might push the price down to 495.54. Continued bearish pressure could lead to further declines to 492.33 and the day’s lowest bear target at 488.81.

Tesla Inc.

Tesla TSLA is currently trading around 158.92. Bulls are looking to push the price to 160.32 and beyond to 162.32. Strong buying momentum could potentially lead to a test at 164.87, with a high bull target for the day at 166.89.

If Tesla fails to hold 158.92 as support, the price might retreat to 157.52. Continuation of selling could see further declines to 155.78 and the lowest bear target for the day at 152.97.

Final Word: Today's trading session features a few key data releases, including Building Permits and Housing Starts for March and the New York Fed Services Business Activity, all scheduled for the premarket hours at 8:30 AM ET. Later in the session, at 11:30 AM ET, a 52 Week Bill Auction will be conducted by the Treasury. These events are anticipated to have minimal impact on the market's performance today. Market participants should remain vigilant and monitor the price action closely, as well as any updates regarding the ongoing conflict in the Middle East. As always, trade cautiously and good luck!

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.