Market Clubhouse Morning Memo - January 8th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, TSLA, GOOGL, And NVDA)

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

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 actively trading around a pivotal level of 467.51. Bulls are eager for an ascent to 468.16 as a preliminary target. Sustained action above this threshold should usher in efforts to reach 469.17. Should this level prove robust during the trading day, an upward trajectory towards 470.63 is anticipated, culminating in a bullish aspiration for a high target of 471.40.

On the flip side, if 467.51 fails to establish support, bears are likely to challenge the stability at 466.80. A visible presence of sellers could further depress the price to 466.23. A breakdown under this level might necessitate a retreat to a substantial support at 465.35. In a scenario of intensified selling, the SPY may descend to a significant bearish objective at 434.92.

Invesco QQQ Trust Series 1

The QQQ's QQQ are currently navigating around a crucial level of 396.81. Optimistic bulls look to anchor above this level, progressing to 398.57 and subsequently 399.67 as signs of continued strength. Persistent buying pressure might pave the way to 400.95, aiming for a bullish culmination at 402.31 by the close of trading.

In contrast, if the QQQ's falter below 396.81, bears might initiate a descent to 395.04. A continuation of this trend could lead to further tests at 393.96 and then 392.77. In an extended bearish scenario, the day might conclude at a lower target of 391.39.

Apple Inc.

Apple's AAPL shares are hovering around 181.25. The bullish scenario entails maintaining this level as a foundation for ascent to 182.27, followed by a push to 182.96. A continuation of bullish dominance throughout the trading session could see Apple's shares soaring towards an ambitious target of 183.38.

Conversely, if Apple's shares slip below 181.25, a bearish narrative unfolds with the price potentially declining to 180.60. Further sell-off could drive the price to 180.10, and if the bears continue to exert pressure, a succession of downward movements could target 179.36, aiming for a bearish extreme of 178.61.

Microsoft Corp.

Microsoft MSFT is currently situated around a level of 368.79. Bulls are rallying to maintain supremacy above this mark, with immediate sights set on 370.10. A successful defense of this level could prompt a bullish charge towards 372.03, and with sustained momentum, aim for a daily high of 373.48.

Should the bullish front waver and 368.79 is breached, bears might seize the opportunity to push the price towards 366.98. A breakdown below this could lead to further bearish probes at 365.35 and potentially a more pronounced downturn towards 363.81, with a bearish target set at 362.81.

Meta Platforms Inc

Meta META is presently trading near 351.97. Bulls are aiming to consolidate this level as a springboard for upward movement to 353.60, then 354.93, with an ultimate bullish target for the day at 356.35.

If the bullish sentiment doesn't hold and 351.97 breaks down, bears might press the price towards 350.18. Persistent selling could lead to a decrease to 347.67, and in a bearish acceleration, further down to a daily low target of 345.04.

Tesla Inc.

Tesla TSLA is orbiting around a significant level of 235.74. Bullish investors are looking to propel the stock upwards to 238.50, followed by 239.92. A robust market sentiment could lead to a bullish rally up to 242.49, with an optimistic day's end target at 243.98.

In the event of a downturn where 235.74 does not hold, a bearish trend could be triggered, pushing the price down to 233.49. If selling intensifies, subsequent levels to watch are 230.65, and in a stark bearish turn, the day might close at a lower target of 228.45.

Alphabet Inc Class A

Alphabet's GOOGL stock is currently priced around 135.66. Bulls are eyeing an upward trajectory from 136.29 to 136.94, setting sights on an ambitious end-of-day target of 137.79.

Conversely, if Alphabet cannot sustain 135.66 as a supportive base, bears may initiate a descent to 134.96, followed by 133.78. In a bearish intensification, the stock might be driven down to a final target for the day at 132.84.

NVIDIA Corporation

NVIDIA NVDA is floating around the key level of 492.33. The bullish camp aims for an upward march to 495.79, followed by a concerted push to 499.62, and in a display of strong buying sentiment, a surge to the high bull target of 501.93.

If bears take control and 492.33 is compromised, a slide towards 489.04 is likely. Further bearish momentum might prompt a decline to 485.93, and in an extended sell-off, a testing of strength at 483.43, with a bearish eye on the day's low target of 481.27.

Final Word:  Today's trading environment is anticipated to be calm on the data front. Nonetheless, expect a pickup in market activities as various large banks and institutional trading entities may position in anticipation of the CPI data release later in the week. Keep a close watch of trading volumes and market dynamics. Keep your head on a swivel 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 external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.