Market Clubhouse Morning Memo - February 7th, 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 key level of 494.27. For those looking for upward movement, the first goal is to reach 494.93. Should the SPY maintain its strength above this level, the next objective for buyers is to elevate the price to 495.96, which serves as a critical support level. Maintaining above 495.96 during the trading day could lead to an upward push towards 496.93. The ultimate bullish target for the day is set at 497.55.

Conversely, if SPY fails to maintain support at 494.27, the market could see bearish momentum taking over. The initial bearish target is set at 493.24, testing the resolve of the sellers. Should the selling pressure intensify, the next level to watch is 492.39. A breach of this level could see the SPY descending to a significant support at 491.70. In the event of a pronounced sell-off, the lowest bear target for the day is identified at 490.92.

Invesco QQQ Trust Series 1

The QQQ ETF QQQ is navigating around a pivotal level of 427.32. For upward momentum, the bulls aim to secure a position above 428.50, establishing it as a firm support. Holding above this level could lead to a further advance towards 429.40, which bulls will attempt to establish as a new stronghold. With continued buying, the next level of interest is 430.16, potentially leading to a challenge of 431.18. The peak bullish target for today is envisioned at 431.82.

If the QQQ struggles to stay above 427.32, it might signal bearish dominance, with the first target being 426.64. A further decline could bring 425.77 into focus, testing the market's lower boundaries. Persistent seller pressure might push the price down to 424.82, and if this level fails to offer robust support, the bearish trajectory could extend to the day's low target of 424.04.

Apple Inc.

Apple's AAPL stock is currently positioned around 189.44. Bullish traders are eyeing 190.52 as the next support level, hoping to propel the price towards 191.57. Sustained bullish activity could further drive the price to 192.27. The highest bullish target for Apple today is set at 192.76, should the upward momentum continue.

On the flip side, if Apple cannot sustain support at 189.44, the focus shifts to lower levels, starting with 188.56. A continuation of selling pressure could see the bears aiming for 187.50, and potentially 186.35 if the downward momentum persists. The ultimate bear target for the day is marked at 185.86.

Microsoft Corp.

Microsoft MSFT is currently hovering around the 406.01 mark. Bulls are looking to consolidate above this level, aiming for an initial rally to 407.11, which they hope to establish as a baseline of support. A successful hold above this level could trigger further upside potential, targeting 408.46. The highest bullish aspiration for the day is a move towards 409.69.

Should Microsoft fail to hold its ground at 406.01, bears may look to capitalize, targeting 404.92 as the first step downwards. A break below this level could see a further descent to 402.74, with continued bearish pressure potentially leading to 401.39. The most bearish scenario for the day sets the target at 400.30.

NVIDIA Corporation

NVIDIA NVDA is trading around a critical level of 682.70. Bulls are aiming for an upward move to 687.29, seeking to establish this as a key support area. Success in this endeavor could lead to further bullish attempts towards 690.73. The ultimate bullish target for NVIDIA today is set at 694.62, contingent on sustained buying interest.

Conversely, if NVIDIA fails to maintain its stance above 682.70, bears might take the opportunity to push the price lower, initially targeting 677.74. A break below this level could see the price moving towards 673.72, with a potential further drop to 669.71 if the selling pressure escalates. The lowest bear target for the day is defined at 663.99.

Alphabet Inc Class A

Alphabet's GOOGL stock is trading around 143.77, with bulls looking to maintain this as a support level and drive the price upwards to 144.72. Continued bullish momentum could lead to a further advance towards 145.94, setting the stage for the day's high bull target.

If Alphabet fails to hold support at 143.77, the bearish outlook could take precedence, with the first downward target set at 143.17. Breaking below this level could lead to further tests at 142.53, with the most bearish scenario envisaging a move down to the day's low target of 141.71.

Meta Platforms Inc

Meta Platforms META is currently at 453.45, with bulls looking to hold this level as support and push higher to 455.87. A robust bullish rally could elevate the price to 458.59, with the day's high bull target set at 462.20, contingent on continued bullish momentum.

Should Meta fail to maintain support at 453.45, bears might aim to lower the price to 450.55. Persistent selling could lead to further declines towards 446.90, with the most bearish outcome for the day targeting 441.35.

Tesla Inc.

Tesla TSLA is positioned around 186.10, with bulls aiming for an upward push to 189.22. Continued buying could lead to further advances towards 191.52. A strong bullish market today could see Tesla testing higher levels, with the day's high bull target set at 195.91.

If Tesla cannot sustain support at 186.10, the bears may seek to lower the price to 184.10, with further selling potentially bringing 182.53 into focus. A break below this level could lead to the day's lowest bear target of 179.79.

Final Word:  Today's trading session is marked by a lighter schedule of data releases but a significant presence of scheduled Fed speakers. Market participants will be particularly attentive to the Treasury's 10-Year Note Auction at 1 PM as well as the timing of the various Fed speakers' addresses. Please trade with caution and maintain discipline. 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 unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.