Market Clubhouse Morning Memo - December 7th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, TSLA, GOOGL, And META)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, TSLA, GOOGL, and META.

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 during our daily Morning Call, 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

In a bullish scenario for SPY SPY, currently trading near 454.56, the focus is on advancing to 455.14. If it consistently demonstrates strength above this level, the next objective is reaching 455.90. Successfully maintaining this level could lead to a further push towards 456.88, with the highest bullish target for the day being 458.54.

For the bearish perspective, if SPY fails to hold the 454.56 level, the market may test the resilience at 453.54. If sellers gain the upper hand, a further descent to 452.55 is expected. Should this level break under selling pressure, the next significant support at 451.61 might be tested, with a further downward potential to 451.01 and an ultimate bear target of 450.23.

Invesco QQQ Trust Series 1

In the bullish view for QQQ QQQ, currently near 385.55, the goal is to climb above 386.69. Maintaining this level could lead to targeting 387.67 as a strong support. With sustained buying, the levels of 388.80 and 389.46 could be in play, culminating in a high target of 390.09 for the day.

From a bearish standpoint, if QQQ fails to sustain above 385.55, it could indicate a move towards testing 384.36. Persistent weakness might lead to probing deeper levels at 382.93, followed by 381.89. In a scenario of continued selling, the levels of 380.41 and 378.93 could be challenged, with 378.93 being the lowest bear target for the day.

Apple Inc.

For Apple AAPL, currently at 192.21, the bullish scenario includes holding 193.82 as a supportive level. If this is achieved, the next aim is to rally towards 192.60 and further to 193.18, with the day's high bull target set at 194.29.

On the bearish side, if Apple cannot maintain support at 192.21 during the trading hours, the focus shifts to testing a lower level at 191.76. A continued decline might lead the stock to 191.25. In case of intensified selling, 190.33 becomes the next critical level, with the lowest bear target for the day positioned at 189.52.

Microsoft Corp.

Microsoft MSFT, with its current price around 365.35, has a bullish outlook that revolves around sustaining above 366.98 and rallying towards 368.79. If this level is held, the next target is 370.10, with the day's high bull target envisaged at 373.48.

Conversely, if Microsoft's price falls below 365.36, it signals a bearish trend with an initial target of 363.81. Breaking this level could lead to a further drop towards 362.81. In a scenario of continued bearish pressure, the lowest bear target for the day is identified at 361.32.

NVIDIA Corporation

NVIDIA NVDA, currently around 454.09, in the bullish case, focuses on ascending to 458.20 and establishing this as a support area. The next targets are 461.49 and ultimately 464.95, representing the day's high bull target.

In a bearish scenario, if NVIDIA doesn’t hold the 454.09 level, the focus would shift to testing lower levels, starting with 450.04. A breach here could lead to a descent to 447.05, and if the selling persists, further down to 444.38, with the ultimate bear target for the day at 442.76.

Tesla Inc.

Tesla TSLA, trading around 239.92, in a bullish view, aims to elevate its price to 242.49, and then potentially to 243.98. A significant market rally today could push the stock to test higher levels at 246.16, with the ambitious bull target being 248.37.

For the bearish scenario, if Tesla cannot uphold the 239.92 level as strong support, a downward test to 238.50 is expected. Continued selling could bring the stock down to 235.74, and if the bearish trend continues, the price may fall to the day’s low bear target of 233.49.

Alphabet Inc Class A

Alphabet GOOGL, positioned at 133.78, in a bullish perspective, seeks to hold this as support and rise to 134.96. A continuation of this positive momentum could set the sights on a high bull target of 135.66.

In a bearish context, if Alphabet's price cannot sustain 133.78 as a strong level of support, it may lead to a decline to 132.84. Further weakness could see the price testing 131.58, with the lowest bear target for the day being set at 130.41.

Meta Platforms Inc

Meta META, currently trading near 317.90, from a bullish angle, aims to stay strong above this level and advance towards 321.03. A strong buy-side move could push the price higher to 322.63, with the highest bullish target for the day at 325.51.

On the bearish side, if Meta fails to keep 317.90 as a solid support level, the market may see a move down to 315.70. Continuous selling pressure could further reduce the price to 314.41, with the most significant bear target for the day at 311.42.

Final Word: The market today is poised to react significantly to the unemployment data release in the premarket session. This data is a key factor for the Federal Reserve's decision-making process, so monitor its impact on the market closely. Additionally, the Treasury's 4 and 8 Week Bill Auction during regular trading hours may influence market dynamics. Keep your head on a swivel and trade with discipline. 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 external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.