Market Clubhouse Morning Memo - February 21st, 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 ETF SPY is hovering around the 495.96 mark. For those optimistic about the market, a climb to 496.93 would be the first sign of strength. Should SPY sustain its momentum above this threshold, the next goal for buyers would be to elevate the price to 497.55. Holding at 497.55 could lead to an upward movement towards 498.17, with an ultimate bullish target for the day at 498.93.

Conversely, if SPY fails to maintain support at 495.96, it might signal a bearish shift. In such a scenario, the first lower level to watch is 494.93. A breach here could lead to further downside testing at 494.27. Persistent selling pressure breaking through this level would then target the substantial support at 493.24, with the lowest bear target for the day positioned at 492.39.

Invesco QQQ Trust Series 1

The QQQ ETF QQQ is trading near a pivotal point at 424.82. Bulls will look for an initial move above 425.77 to gain confidence. If 425.77 proves to be a solid support, the focus will shift to securing 426.64, followed by a move towards 427.32. Strong buying could potentially push prices up to a high bull target of 429.40.

On the flip side, if QQQ struggles to stay above 424.82, bears might take the upper hand, pushing the price down to 424.04. A continued downturn could see further tests at 423.27 and then at 422.16, with a break below this level aiming for the bearish target of 420.76.

Apple Inc.

Apple's AAPL stock is currently positioned at 181.25. Bullish traders aim to maintain this level as a foundation for a rally towards 182.27, with further upside momentum potentially leading to 182.96. A strong bullish day could see Apple's shares reaching the high target of 183.38.

Should Apple's stock fail to hold at 181.25, the bears might look to lower the price to 180.60. Continued selling could drive the price down to 180.10, and possibly further to 179.36. A significant breach of this support could see the price falling to the day's low bear target of 178.61.

Microsoft Corp.

Microsoft MSFT is navigating around the 400.30 level. Bulls are hoping to consolidate above this point, aiming first for 401.39 as a sign of strength. A sustained move above this level could lead to an upward trajectory towards 402.74, with the highest bullish aim for the day at 404.92.

If Microsoft cannot find support at 400.30, it could signal a bearish tone, prompting a test of 399.21. A further decline would see the bears targeting 398.38, and with continued pressure, a push towards 397.65. The ultimate bear target for the day is set at 395.68.

NVIDIA Corporation

NVIDIA NVDA is currently at a crucial juncture at 682.70. Bulls are eyeing an ascent to 687.29 as a short-term goal, with a successful reclaim of this level setting the stage for a push towards 694.62. A sustained bullish momentum could lead to reaching the high target of 699.77.

However, if NVIDIA fails to maintain 682.70 as support, it could open the door for bears to push the price down to 677.74. A breakdown below this level could lead to further declines to 673.72, with a continued bearish trend potentially bringing the price to the day's low target of 663.99.

Alphabet Inc Class A

Alphabet GOOGL is currently trading at 141.12. Bulls are looking to keep this level as support, aiming to push the price up to 141.71. With continued bullish sentiment, the next targets could be 142.53, marking the high point for the day.

If Alphabet fails to hold 141.12 as support, bears might drive the price down to 140.57. A further slide could lead to testing 140.05, with a significant bearish push potentially bringing the price down to the low target of 139.46.

Meta Platforms Inc

Meta's META shares are trading around 470.28. Bulls are seeking to establish 472.19 as a strong support level, with an upward move aimed at 473.93. A positive trading momentum could see the price reaching up to 477.50, with the day's bullish target set at 480.96.

Should Meta fail to secure 470.28 as support, it may signal a bearish trend, with an immediate lower target at 468.38. Persistent selling could push the price down to 465.81, and if the downtrend continues, the lowest bear target for the day is at 464.57.

Tesla Inc.

Tesla TSLA is currently at a key level of 193.81. Bulls are aiming for a push towards 195.91, with a strong market rally potentially leading to 200.43. An exceptionally bullish market could see Tesla reaching a high target of 206.71.

On the other hand, if Tesla cannot maintain 193.81 as support, bears might look to lower the price to 191.52. A continued bearish trend could lead to further declines to 189.22, with the lowest bear target for the day set at 186.10.

Final Word: Today's market dynamics will be influenced by two significant auctions from the US Treasury, specifically a 2 Year FRN Auction and a 20 Year Bond Auction. The afternoon will bring additional focus as market participants anticipate the FOMC minutes from the January meeting. Any new insights could introduce volatility into the market. Please trade cautiously and have a successful trading day!

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.