Market Clubhouse Morning Memo - February 20th, 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 trading around the 497.55 mark. For those optimistic about the market, an upward movement to 498.17 would be a positive sign. Should the momentum sustain above this level, the next target for buyers would be to reach 498.93, a crucial support point. Holding above this could pave the way to 500.17, with an ultimate bullish target for the day at 500.91.

On the flip side, if the 497.55 support level fails, bears might drive the price down to test 496.93. A presence of sellers could further push the price to 495.96. Breaking below this level might lead to a test of the strong support at 494.93, with the bearish target for the day set at 494.27.

Invesco QQQ Trust Series 1

The QQQ ETF QQQ, commonly referred to as "the Q's," is currently positioned around the 427.32 level. Bullish investors are looking for a rise above 428.50, aiming to establish it as a new support level. If successful, the next goal would be to claim 429.40 as a solid support, potentially leading to a rise towards 430.16. If the market sentiment remains positive, a further push to 431.18 could be seen, with the highest bull target for the day at 431.82.

Conversely, if the price struggles to stay above 427.32, bearish forces might take over, pushing the price down to 426.64. Any observed weakness could lead to a further drop to 425.77. Persistent sellers might challenge the support at 424.82, with a potential decline to the day's bearish target of 424.04 if this level does not hold.

Apple Inc.

Apple's AAPL current trading level is at 181.25. Bulls are eyeing this level as a baseline for support, hoping for an upward trajectory to 182.27. Maintaining bullish momentum could potentially lead to a further increase to 182.96. If the bullish trend continues throughout the day, a push towards the high target of 183.38 is anticipated.

Should the 181.25 support level give way, a downward movement towards 180.60 is likely. Continued bearish pressure could see the price fall to 180.10. If the selling intensifies, the next level to watch would be 179.36, with a further fall to the day's bearish target of 178.61 if this support fails.

Microsoft Corp.

Microsoft MSFT is trading around the 400.30 mark. Bulls are looking to maintain levels above this, with an initial target of 401.39, which needs to be sustained as support. A successful hold could lead to an upward move towards 402.74, with the ultimate bullish goal for the day being 404.92.

If the support at 400.30 cannot be maintained, bears might aim to lower the price to 399.21. A breakdown below this level could lead to a further decrease to 398.38. Continuous downward pressure could push the price to 397.65, with the lowest bear target for the day at 395.68.

NVIDIA Corporation

NVIDIA NVDA is hovering around the 711.29 level. Bulls are aiming for a rise to 714.24, hoping to solidify this as a firm support zone. An upward move from here could target 717.55, with a continued buying interest potentially leading to a rally towards the high bull target of 721.58.

If the 711.29 support level cannot be sustained, bears might look to lower the price to 707.35. Breaking below this could signal a move to 704.92. A weaker market sentiment could result in a test of the 702.04 level, with a further decline to the bearish target of 699.77 if selling pressure continues.

Alphabet Inc Class A

Alphabet's GOOGL trading activity is centered around the 139.46 level. Bulls are looking to hold this as a support base, aiming for an increase to 140.05. Sustained bullish momentum could potentially lead to a test of the high bull target of 140.57.

If the 139.46 support level is breached, a move down to 138.39 is anticipated. A break below this could lead to a further decline to 137.79. In the event of significant selling, the price might fall to the day's bear target of 136.94.

Meta Platforms Inc

Meta Platforms META is currently positioned at 468.38. Bulls are keen on keeping the price above this level, with an initial target of 470.28. Strong buying could push the price further up to 472.19, with the day's high bull target set at 473.93.

If the 468.38 level fails to hold as support, a downward move to 465.81 could be expected. Persistent selling might lead to a further drop to 464.57. If the bearish trend continues, the price could fall to the day's low bear target of 462.20.

Tesla Inc.

Tesla's TSLA current level is at 195.91. Bulls are looking to propel the price towards 200.43. With sustained buying, the next target would be 204.33. A bullish market sentiment across the broader market could lead to a test of 206.71, with the highest bull target for the day at 209.51.

If Tesla cannot maintain the 195.91 support level, a test lower at 193.81 is likely, with continued selling potentially bringing the price to 191.52. If this level is compromised, a further decline to the bearish target of 189.22 could be seen.

Final Word: The trading session today doesn't feature significant data releases, but attention is drawn to the Treasury's 52 Week Bill Auction at 1 PM ET. With the FOMC minutes due out tomorrow and PMI data on Thursday, a cautious approach is advised for today's trading activities. Good luck today and please trade with discipline!

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.