Market Clubhouse Morning Memo - January 26th, 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 designated level of 486.57. For the bulls, an ideal scenario involves an initial push higher towards 487.54. If 487.54 holds as a strong support, we anticipate buyers driving the price to our support level of 488.83. Should 487.54 remain resilient during regular trading hours, a further upward move towards 490.11 is expected. Our highest target for the day for SPY is 491.70.

Conversely, if 486.57 fails to hold as support, the bears may assert themselves, testing the strength of 485.71. Should sellers dominate, the bears could target 484.60. A substantial breakdown on heavy selling pressure might lead to a robust support level at 483.38. In the event of a substantial sell-off today, our lowest bear target for the day stands at 482.39.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around our key level of 424.04. Bullish sentiment is contingent upon buyers maintaining their presence above 424.04. If this support level remains intact, we anticipate a firm hold at 425.77. Further bullish momentum could bring our level of 426.64 into play, and a strong trading session may even push towards 427.32. Our highest bullish target for the Q's today is 428.50.

However, if 424.04 proves to be a challenging support during regular trading hours today, the bears could seize control and drive prices lower to 423.27. In the face of persistent selling pressure, bears may target 422.16, and continued weakness could lead to a test of 420.76. If this support level is broken down, we anticipate the bears trading down to our lowest bear target for the day at 419.89.

Apple Inc.

Apple AAPL is currently trading around our designated level of 193.95. Bullish sentiment hinges on 193.95 holding as solid support. Bulls aspire to rally the price higher to 194.40, with continued momentum potentially propelling it to 195.25. In the event of a bullish resurgence, a push towards our high target for Apple at 196.01 is anticipated.

However, if 193.95 fails as a support during regular trading hours, a downside test at 193.18 becomes likely. Persistent selling could drive prices lower to 192.27, and continued selling pressure might result in a decline to 191.57. If this support level is breached, we expect the bears to push the price down to our lowest bear target for the day at 190.52.

Microsoft Corp.

Microsoft MSFT is currently trading around our level of 402.74. Bullish prospects depend on the auction remaining robust above 402.74 and establishing it as solid support during regular trading hours. Sustained support could encourage a price rally towards 404.92, with potential for a hold at that level. Further buying momentum might bring our high bull target for Microsoft today into play at 407.11.

In contrast, if 402.74 fails as support during regular trading hours, the bears may probe lower to 401.39. A breakdown of this level could lead to a further test at 400.30. Continual downside pressure may result in a push towards 399.21, with our lowest bear target for Microsoft at 398.38.

NVIDIA Corporation

NVIDIA NVDA is currently trading around our key level of 610.36. Bullish prospects hinge on the auction pushing up to 613.64 and successfully reclaiming it as a clearly defined support level. To the upside, we're looking for the bulls to drive the price towards 616.03. Continued buying could lead to a healthy rally towards our key and high bull target for the day at 619.63.

If 610.36 fails to hold as strong support in today's session, we anticipate the bears testing lower at 605.88. A breakdown at this level, coupled with seller presence, might lead to a decline in price down to 601.39. In case of weaker market conditions today, a strength test at 598.00 is expected, and continued selling pressure could result in the auction visiting our lowest bear target for the day at 595.00.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around our level of 151.24. Bullish outlook involves 151.24 being maintained as support, with the auction moving higher towards 152.27. Continued bullish momentum could propel the price towards our high bull target of 152.94.

However, if 151.24 fails to hold as support during regular trading hours, we anticipate bears selling down the price towards the level of 150.41. A breakdown of this level could lead to initial probing at 149.58. In the event of substantial selling pressure, we expect the auction to reach our lowest bear target for Alphabet at 148.95.

Meta Platforms Inc

Meta META is currently trading around our level of 391.34. Bullish sentiment relies on the auction staying strong above 391.34 and holding it as support. The price could then move higher towards 394.35, with a potential strong rally to 396.15. Further bullish momentum might lead to our high bull target of 399.84.

In contrast, if 391.34 fails as support during regular trading hours, we anticipate the bears selling down to the level of 388.41. Continued selling pressure could drive prices lower at 386.09. If this level is breached, we expect bears to target our lowest bear target for the day at 384.11.

Tesla Inc.

Tesla TSLA is currently trading around our key level of 184.10. To the upside, bulls are aiming to push the price to 186.10. Continued buying momentum could result in a healthy rally towards our key level of 189.22. If there's a broader market bullish rally today, Tesla could test higher at 191.52, and with substantial buyer activity, it may even reach the high bull target for Tesla at 193.81.

However, if 184.10 fails as strong support during today's session, a test lower at 182.53 becomes likely. Continued selling could drive prices down to 179.79. If this level is broken and sellers persist, we expect a drop in the price to our lowest bear target for the day at 176.34.

Final Word:  Today's premarket session includes the release of the PCE data for December, a key inflation indicator for the Fed. After the New York open, we anticipate the Pending Home Sales data for December at 10 AM EST, followed by the Kansas City Fed Services Activity for January at 11 AM EST. As the FOMC rate decision for next week approaches, larger funds may make positioning trades today. Trade with discipline, keep your head on a swivel, Happy Friday, and have a great weekend ahead!

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.