Market Clubhouse Morning Memo - January 9th, 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 currently trading around our level of 472.68. For upward movement, we aim to see an initial climb to 473.40. A steady performance above this mark could lead buyers to our next target of 474.04. Holding this level during regular trading hours might set the stage for a rise to 475.02. The ambitious target for the bulls today is 476.10.

On the downside, if 472.68 fails to provide support, bears may seek to lower the price to 471.40. Persistent selling pressure could bring the level down to 470.63. A break below this on heavy selling could reach 469.17. In case of a significant downward move, our bearish target is 468.16.

Invesco QQQ Trust Series 1

The Q's QQQ are currently positioned around 403.08. Bullish traders aim to sustain above this level. Successfully maintaining this as support could lead to an advance towards 403.59 and potentially 404.76. Strong buying could even push the price to 405.66, with an optimistic bull target of 406.58.

Conversely, if the level of 403.08 isn't sustained, bears might drive the price down to 402.31. Further weakness could lead to a test of 400.95. If bearish momentum continues, we could see the price drop to 399.67. In a strong downward move, the bear target is set at 398.57.

Apple Inc.

Apple's AAPL stock is hovering around 184.96. Bulls are looking to keep 184.95 as a supportive base. A rise to 185.86 could follow, with further potential to reach 186.35. If bullish forces dominate, a surge towards 186.99 is anticipated.

If support at 184.96 is lost, a downward test to 184.59 may occur. Continued selling might push the price to 183.38 and then to 182.96. If these levels are breached, the bearish target for the day is set at 182.27.

Microsoft Corp.

Microsoft's MSFT current trading level is 372.03. Bulls are watching for the price to stay firm above this point, potentially climbing to 373.48 and then 375.11. If buying momentum persists, the high target is 375.93.

Should 372.03 fail to act as support, bears might aim to lower the price to 370.10. A further slip could see a drop to 368.79. In the case of continued decline, the target for bears is 365.35.

Meta Platforms Inc

Meta's META trading is centered around 358.21. Bulls are looking to keep the price above this level, aiming for a rise to 360.20 and then 362.57. A strong bullish push could lead to a peak of 364.58.

If 358.21 doesn't hold up, a bearish move to 356.35 might ensue. Further selling pressure could reduce the price to 354.93 and potentially 353.60.

Tesla Inc.

Tesla TSLA is trading near 238.50. The bullish scenario involves pushing the price to 239.92 and, if momentum continues, to 242.49 and 243.98. The highest target for bulls is 246.16.

If Tesla fails to maintain 238.50 as support, a decrease to 235.74 is likely. Further downward movement could bring the price to 233.49. The bearish target in this scenario is 230.65.

Alphabet Inc Class A

Alphabet's GOOGL current price is around 138.39. Bulls aim to keep it above this level, targeting a rise to 139.46 and then 140.05 as their highest goal.

If the price drops below 138.39, bears might target 137.79. A further decline could bring the price to 136.94, with a more significant bearish target of 136.29.

NVIDIA Corporation

NVIDIA NVDA  is trading at approximately 522.53. Bulls are looking to push the price to 527.30, then 529.02, with a high target of 531.81.

If 522.53 fails as support, the price could be driven down to 520.00. A continued sell-off might lead to a test of 515.00, with a bearish target of 509.29.

Final Word:  Today's session includes the November trade balance release in the premarket, alongside Redbook Retail Sales. During regular trading hours, focus shifts to the TIPP Economic Optimism Index and a 3 Year Note Auction from the Treasury. Watch for volume changes and positioning trades by large funds ahead of Thursday's CPI announcement. Trade safely 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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day—hours before it's published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.

For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.

This article is from an external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.