Market Clubhouse Morning Memo - January 11th, 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 , currently trading around the level of 477.25, has bulls eyeing an initial push to 478.93. If the market sustains above 478.93, we anticipate bullish momentum driving prices towards our support level at 480.67. Should this level prove robust during regular trading hours, an upward move towards 482.39 seems plausible. Optimistically, if market conditions favor the bulls, we could witness a climb to the day's ambitious target of 484.60 for SPY.

Conversely, should 477.25 fail to establish itself as a reliable support, bearish forces might attempt to drive prices down to 475.02. In the event of continued seller presence, a further decline towards 473.40 could be in play. Should this level not withstand heavy selling, a significant support lies lower at 471.40. In a scenario where the market experiences pronounced bearish trends, our lower target for the day stands at 470.63.

Invesco QQQ Trust Series 1

The Q's QQQ, currently positioned around 410.34, have bullish aspirations to advance above 412.16. If the market can consistently support this level, our next target of 413.30 becomes attainable as a strong support. With continued buyer engagement, we could see levels up to 414.83 coming into play. In a particularly robust market session today, testing levels as high as 414.20 is likely. The highest bullish target set for today's session is 416.23.

If, however, the Q's struggle to maintain their stance above 410.34, we might witness bearish dominance, with a potential decline to 408.80. A display of market weakness could lead to a test of lower supports at 406.58. Should selling pressures persist, we may see a push towards 404.76. If this level falters as a solid support, the bears could drive the market down to our lowest bearish target of the day at 403.08.

Apple Inc.

Apple's AAPL current market position at 187.50 has bulls looking to establish 188.20 as a strong base of support. If successful, we foresee a bullish trend aiming for 189.44, potentially extending to 190.52. Should the bulls assert their dominance in Apple's market today, a further surge towards the high bull target of 191.57 is conceivable.

On the flip side, if Apple's price fails to sustain above 187.50, we could see a downward movement towards 186.35. Intensified selling could further drag the price to 184.96. If bearish momentum continues, we might see levels down to 182.96 being tested, potentially leading to a dip to our bearish day target of 182.27.

Microsoft Corp.

Microsoft MSFT, with its trading activity centered around 385.42, has bulls targeting a firm hold above 386.09, with aspirations of rallying to 387.60 and securing it as a key support during regular trading hours. A successful hold at this level could propel the price action towards 389.29, with the day's bullish pinnacle being set at 392.49.

Should Microsoft's price fail to find support at 385.42, bearish sentiment could lead to a probe towards 382.69. A breach of this level might set in motion a further descent to 380.59. Under continued bearish pressure, the price could be driven lower towards 375.11, with our bearish target for the day positioned at 375.93.

Meta Platforms Inc

Meta META, currently orbiting around 371.44, sees bullish prospects in sustaining above 373.96 and advancing towards 375.31. Strong buying activity could lift the price to 377.59, with a bullish apex for the day anticipated at 379.60.

In contrast, if Meta's price cannot hold its ground above 371.44, bearish movements might lead to a decline towards 369.67. Escalating selling pressures could see the price reaching 366.72, and in a scenario of intensified selling, we might observe a fall to our bearish daily target of 362.57.

Tesla Inc.

Tesla TSLA, trading around a key level of 235.74, has bullish aims to escalate the price to 238.50. Continued buying could then potentially lead to a rally up to 239.92. In a market favoring bullish trends today, we might see Tesla challenging higher levels at 242.39. A strong buyer presence could position the price at the day's high bull target of 243.98.

Conversely, if Tesla fails to maintain its level above 235.74, a bearish scenario might unfold, initially targeting a decline to 233.49, followed by a potential drop to 230.65. If this level succumbs under selling pressure, we could see a further slide to our bearish target for the day at 228.45.

Alphabet Inc Class A

Alphabet GOOGL, positioned around 143.17, has bullish expectations of stabilizing at 143.77 and pushing higher to 144.72, with the ultimate bullish goal for the day being a rise to 145.94.

If Alphabet fails to sustain above 143.17, bearish forces could be at play, aiming for a decrease to 141.71. A failure to hold this level could lead to a further decline to 140.57, culminating in a potential fall to our daily bearish target of 139.49.

NVIDIA Corporation

NVIDIA NVDA, with its current market placement at 548.07, sees bullish intent in elevating the price to 550.45 and establishing it as a firm support. An upward push to 552.39 is anticipated, with a bullish climax aimed at 556.81.

Should NVIDIA's price not withstand the level of 548.07, bearish trends might target a decrease to 546.14, followed by a potential drop to 541.48. In a weaker market scenario, we might witness a test at 538.00, leading to a downturn to our bearish target of the day at 530.87.

Final Word:   Today's trading session is poised to be heavily influenced by the Consumer Price Index (CPI) data released at 8:30AM EST, alongside the significant event of the US Treasury's 30 Year Bond Auction at 1PM EST. Both of these occurrences are expected to inject considerable volatility into the market. Keep your head on a swivel today, closely monitoring volume and market structure changes. It is imperative to trade with heightened caution and strict adherence to your trade plan. Wishing everyone a successful and 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 external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.