Market Clubhouse Morning Memo - February 29th, 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 the level of 505.32. For a bullish scenario, we are looking for an initial upward movement towards 506.06. Should the price action sustain strength above this level, we anticipate buyers driving the price to the next level at 506.71. Holding firm at 506.71 during the regular trading hours could signal a further push upwards towards 507.52, with an ultimate high target for the bulls at 508.34 for the day.

On the flip side, if the support at 505.32 fails to hold, we expect the bears to make a move towards testing the 503.95 level for weakness. Should selling pressure intensify, a further drop to 502.85 might be observed. Breaking below this level could lead to a test of the stronger support level at 501.74, with a bearish target for the day set at 500.91 if the sell-off continues.

Invesco QQQ Trust Series 1

The Q's QQQ are navigating around the crucial level of 434.76. For a bullish outlook, we aim to see the level of 435.88 acting as solid support, with the potential to escalate to 436.58 if maintained. A continuation of buying pressure might bring 437.47 into focus, with a strong day possibly extending the gains to 438.89. The ultimate bullish target for the day is set at 440.00.

Conversely, if the level of 434.76 cannot be maintained during regular trading hours, we expect the bears to push the price down to 433.64. A further decline in strength could see the price testing 432.84, with a persistent sell-off potentially leading to a test of 431.82. If this support level gives way, the bearish objective for the day is to reach 431.18.

Apple Inc.

Apple's AAPL current trading position is around 180.60. In a bullish scenario, we are looking for the price to hold above 181.25, with potential gains targeting 182.27. Should the upward momentum continue, we might see a rally towards 182.96, with the high bull target for the day set at 183.38.

If the support at 180.60 cannot be maintained, we anticipate a downward test to 180.10. Continued selling pressure could drive the price further down to 179.36, with a further drop potentially leading to 178.61. Should this level not hold, the bearish target for the day is set at 178.18.

Microsoft Corp.

Microsoft MSFT is currently trading around the level of 406.01. For bulls, holding above this level is crucial, with a target set at 407.11 to be maintained as support. Success at this level could see the price rallying towards 408.46, with the day's high bull target at 409.69.

Should the support at 406.01 falter, we expect the bears to target 404.92. A breakdown below this level could lead to further bearish probing at 402.74, with sustained pressure possibly driving the price down to 401.39. The bearish target for the day is set at 400.30.

NVIDIA Corporation

NVIDIA NVDA is oscillating around the key level of 775.50. Bulls are looking to push the price up to 781.59 and establish it as a clear support zone. Success here could lead to a further rally towards 785.35, with continued buying interest possibly reaching 787.68. The day's high bull target is set at 791.44.

If the 775.50 support level does not hold, we anticipate a bearish move towards 771.72. A break below this could see the price dropping to 768.67, with a weaker auction possibly testing 765.63. In a bearish scenario, the day's target is set at 761.29.

Alphabet Inc Class A

Alphabet GOOGL is trading around the level of 135.66. Bulls are looking to maintain this as support and push higher to 136.29. Sustained bullish momentum could see the auction reaching our high bull target of 137.79.

On the other hand, if 135.66 cannot act as support, we expect bears to push the price down to 134.96. A breakdown from this level could lead to a test of 133.78, with a significant sell-off potentially reaching our bearish target for the day at 132.84.

Meta Platforms Inc

Meta META is trading around the level of 483.11. For a bullish view, we expect the auction to stay strong above 485.96, with an upward move targeting 488.81. A continuation of strong buying could see the price reaching 492.33, with the high bull target set at 495.54.

If the support at 483.11 fails, we look towards a bearish move to 480.96. Further selling pressure could bring the price down to 479.47, with a breakdown targeting our low bear target for the day at 477.50.

Tesla Inc.

Tesla TSLA is currently trading around the key level of 201.85. Bulls are aiming to drive the price up to 204.33, with a sustained buying effort potentially reaching 206.71. A bullish market today could see Tesla testing higher levels up to 209.51, with the ultimate bull target for the day set at 211.53.

If the support at 201.85 does not hold, we anticipate a bearish test to 200.43, with continued selling pressure bringing 197.50 into focus. A break below this level could see a further drop to the day's low bear target at 195.91.

Final Word: Today's session is pivotal, with the PCE numbers due for release in the premarket session at 8:30 AM EST. An outlier data print could lead to significant market volatility. Additionally, remarks from four Federal Reserve speakers are on the schedule, potentially adding to the day's volatility. It's crucial to trade with your head on a swivel in today's session. 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.

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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.