Market Clubhouse Morning Memo - February 6th, 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 being traded around the level of 492.39. For those looking for upward movement, the initial target is 493.24. A sustained move above this level would bring into focus the next target at 494.27. Should this level prove to be robust during the trading day, the momentum could extend towards 494.93. The ultimate goal for bullish traders today is to reach the level of 495.96.

On the downside, if the level of 492.39 does not hold, the market may see a move towards 491.70. A breach here would signal further bearish intent, potentially driving prices down to 490.92. A significant downturn could break through to 490.11. In the event of a marked decline, the bearish target is set at 488.83.

Invesco QQQ Trust Series 1

The Q's QQQ are navigating around the pivotal point of 429.45. Bullish participants are eyeing a climb past 430.16, with the aim of solidifying support at this level. Success here would lead to an attempt to secure 431.18 as a new base, potentially propelling the price towards 431.82. A robust trading session could challenge the high of 432.84, with an aspirational bull target of 433.64.

Conversely, if the ETF struggles to maintain above 429.45, it might signal a shift towards bearish dominance, with an immediate lower target of 428.50. A confirmation of weakness could lead to further tests at 427.32 and 426.64. Should these levels fail to hold, the bearish trajectory could extend to a lower bound of 425.77.

Apple Inc.

Apple's AAPL stock is being closely watched at the 187.50 level. Bulls are hopeful for this level to act as a springboard towards 188.56. A continuation of positive momentum might see a further rise to 189.44, with a stretch goal of reaching 190.52 should the bullish sentiment prevail throughout the day.

Should Apple's stock falter at 187.50, it could prompt a reevaluation down to 186.35. Persistent selling pressure might then push the price towards 185.86, and potentially lower to 184.96. In a scenario where bears dominate, the focus shifts to a floor at 184.59.

Microsoft Corp.

Microsoft MSFT is currently being monitored at the 407.11 mark. Bulls are aiming to consolidate above this level, with an eye on 408.46 as the next step. Holding above this threshold could lead to further gains, with 409.69 in sight. The bullish ambition for the day is set at reaching 410.64.

If Microsoft cannot maintain its position above 407.11, attention turns to the downside with 406.01 as the first target. A breach here could open the path to 404.92, and under sustained pressure, the price might head towards 402.74. The ultimate bearish objective for the day is pegged at 401.39.

NVIDIA Corporation

NVIDIA NVDA is trading around the crucial level of 702.04. Bulls are looking to propel the price towards 704.92, aiming to establish it as a firm support. An upward trajectory could see attempts to breach 707.35, with the day's potential bullish high set at 711.29.

If NVIDIA fails to uphold the 702.04 level, bears might aim for 699.77 as their first target. A breakdown below this could lead to a descent towards 694.62, and under a bearish grip, the price might be tested at 690.73. The bearish extreme for the day is envisioned at 687.29.

Alphabet Inc Class A

Alphabet's GOOGL current trading position is around 144.72. Bulls are encouraged to hold this as a base to venture towards 145.94. Sustaining the upward momentum could see a push to the day's high target of 146.89.

If Alphabet's stock cannot secure 144.72 as support, a downward adjustment to 143.77 might be in order. Failure to hold this could lead to further downside explorations at 143.17, with the bearish endpoint for the day targeted at 142.53.

Meta Platforms Inc

Meta Platforms META is being observed at the 462.20 level. Bulls are keen to maintain above this mark, aiming for an upward movement to 465.81. A strong buying presence could elevate the price to 468.38, with the day's potential peak at 472.19.

Conversely, if Meta cannot sustain above 462.20, it may signal a bearish turn with an initial move towards 458.59. Continued selling could press the price to 455.87, and in a pronounced downtrend, the target becomes 453.45.

Tesla Inc.

Tesla's TSLA stock is currently assessed around 176.34. Bulls are optimistic about pushing the price to 179.79. A further influx of buying could see the price challenge 182.53, with an ultimate bull target for the day at 186.10.

If Tesla cannot maintain support at 176.34, a shift to bearish sentiment could see the price targeting 172.61. A continued sell-off might bring 169.70 into focus, with the day's lowest bear target set at 166.89.

Final Word: Today's trading focus is influenced by upcoming comments from four Federal Reserve members, notably including Loretta Mester, who is a voting member. Additionally, the release of TIPP Economic Optimism figures at 10 AM and the Treasury's 3-Year Note Auction in the afternoon are expected to introduce volatility into the market. Trade with discipline and good luck today's session.

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.