Market Clubhouse Morning Memo - February 16th, 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

For the bulls, the SPY's SPY current trading around the 502.85 mark is crucial. A move above this level to 503.95 would be the first step in a bullish scenario. Holding above 503.95 could lead to further upward movement, with the next target at 505.32. If this level proves to be strong during the trading day, an advance towards 506.06 is likely, with the ultimate bullish goal for SPY being 506.71.

On the flip side, if SPY fails to maintain support at 502.85, it would open the door for bearish action. The first level bears would target is 501.74, followed by a potential drop to 500.91. A breakdown below this level could see SPY reaching a more significant support at 500.17, and in a scenario of intense selling, the day's bearish objective would be at 498.93.

Invesco QQQ Trust Series 1

The QQQ's QQQ performance around the 436.58 level is pivotal for the bulls. A successful hold above this level, leading to a climb over 437.47, would set a positive tone. If 437.47 acts as a firm support, the next level to watch would be 438.89, potentially leading to 440.00 and possibly a test of 440.78. The highest bullish target for the day is set at 441.56.

Conversely, if the QQQ struggles to stay above 436.58, it could signal bearish control. The immediate downside target would be 435.88, with further weakness potentially leading to 434.76. If the selling pressure persists, 433.64 could be the next focus, with a breach here setting a path to the day's bearish floor at 432.84.

Apple Inc.

For Apple AAPL bulls, maintaining support at 185.86 is key after trading starts around 184.96. A push above this level could lead to a rally towards 186.35, with continued momentum possibly reaching 186.99. If bullish forces dominate, the day's goal would be to see Apple's price surge towards 187.50.

Should Apple's price fall below 184.96, it would signal bearish momentum. The initial downside target would be 184.59, followed by a potential fall to 184.09. If bears continue to drive the price down, 183.38 could come into play, with the day's bearish extremity set at 182.27.

Microsoft Corp.

Microsoft's MSFT current position around 408.46 is crucial for bulls. A firm hold above this level and a move to 409.69, which needs to be maintained as support, could signal bullish strength. Success here could lead to a target of 410.64, with the ultimate bullish aim for the day at 411.72.

If Microsoft cannot sustain support at 408.46, it would indicate bearish potential. The immediate target for bears would be 407.11, with a further dip possibly leading to 406.01. Continued downward pressure could push the price to 404.92, with the most significant bearish target for the day at 402.74.

NVIDIA Corporation

NVIDIA's NVDA bulls are eyeing a move from the current 737.83 level to 742.85, aiming to establish it as a solid support point. From there, a push to 749.79 could be in sight, with continued buying interest potentially leading to the day's high at 752.32.

However, if NVIDIA fails to keep 737.83 as a strong support base, bears might look to lower the price to 734.72. A breakdown below this level could lead to further declines to 732.21 and, under heavier selling pressure, to 729.72. The bearish endpoint for the day is envisioned at 726.35.

Alphabet Inc Class A

Alphabet's GOOGL trading dynamics around 143.77 are critical for bulls. A stable position above this level, followed by an advance to 144.72, would indicate bullish momentum. If the buying continues, the stock could reach a high target of 145.94.

Conversely, if Alphabet cannot hold 143.77, it would be a bearish sign. The initial bearish target would be 143.17, with further declines potentially leading to 142.53. In a strong sell-off, the day's lowest bearish target is projected at 141.71.

Meta Platforms Inc

Meta's META performance is closely watched as it trades around 483.11. Bulls are aiming for the stock to stay firm above this level, with an eye on reaching 485.96 and then 488.81. Sustained bullish pressure could push Meta towards a high target of 492.33.

If Meta cannot maintain support at 483.11, it could indicate bearish momentum. The first bearish marker is set at 480.96, with a potential drop to 477.50. A breach of this level could lead to a descent towards the day's lowest bearish goal of 473.93.

Tesla Inc.

Tesla's TSLA current level of 204.33 is pivotal for bulls. A move upwards to 206.71, followed by a rally to 209.51, could signal strength. In a positive market scenario, Tesla might test 211.53, with the day's highest bullish target at 213.88.

Should Tesla fail to maintain 204.33 as support, it would signal a bearish outlook. The initial downside target would be 200.43, with further selling potentially leading to 195.91. If this level is compromised, the day's bearish culmination could be at 193.81.

Final Word: Today's trading session is heavily influenced by the release of PPI numbers in the premarket and the occurrence of MOPEX Friday, hinting at possible high volatility. Additionally, speeches from three voting FOMC members could introduce more fluctuations. Traders should proceed with caution, especially considering the long holiday weekend. Wishing everyone a successful trading day and a very Happy Friday!

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.

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