Market Clubhouse Morning Memo - March 8th, 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 514.62. For those looking to take a bullish stance, an initial push above 515.68 would be a favorable sign. A sustained move above this level would likely attract buyers aiming to reach the next support at 517.39. If the level of 517.39 proves to be reliable during the trading session, there could be further upward momentum towards 518.76. Optimistically, if conditions remain favorable, the bulls could push SPY towards a high target of 521.85 for the day.

Conversely, should the SPY fail to maintain support at 514.62, it would open the door for bearish momentum. The first test for bears would be to bring the price down to 513.76. If sellers continue to dominate, a further drop to 512.91 could be on the cards. A breach below 512.91, accompanied by significant selling pressure, might lead to a retest of the strong support level at 511.69. In the event of an exceptionally bearish session, the SPY could potentially descend to a low target of 508.83.

Invesco QQQ Trust Series 1

The QQQ QQQ, known as the Q's, is hovering around a pivotal point at 445.09. Bullish investors are looking for a breakout above 446.51. Holding above this level could signal strength and a potential move towards 447.73, seen as a critical support. If continued buying interest, the next level of 449.36 could come into focus. An exceptionally strong trading day could see the Q's approaching a higher target of 450.98, with an ultimate bull target set at 452.98.

On the flip side, if the Q's struggle to stay above 445.09, it could signal a shift towards bearish sentiment. The immediate downside target for bears would be 442.53. A break below this level could prompt a test of 440.78. Persistent weakness could lead to a challenge of the 440.00 mark. Failure to hold this level might result in a descent towards the day's bearish target of 438.89.

Apple Inc.

Apple's AAPL stock is trading near 168.99, and bulls are hopeful it will maintain this as a base of support. A rally towards 169.73 could be the first sign of bullish control. If momentum continues, the target shifts to 170.32. Should bullish sentiment prevail, we might see Apple's stock making a move towards a more ambitious target of 171.13 by the end of the trading session.

If, however, Apple's stock fails to hold 168.99 as a support level, bears might gain the upper hand. The first downward target would be 168.41, with further declines potentially leading to 168.00. Persistent selling pressure could push the stock down to 167.59, and if this support gives way, the bearish target for the day is set at 167.09.

Microsoft Corp.

Microsoft MSFT is currently positioned around 407.11, and bulls are keen on keeping the price above this level. A successful push to 408.46 and maintaining it as support could indicate strength and set the stage for a move towards 410.64. With sustained buying, Microsoft could target the day's high bull mark at 413.14.

Conversely, if Microsoft cannot find support at 407.11, it might indicate bearish momentum. The first test for bears would be to drive the price down to 404.92. A breach of this level could lead to further downside towards 401.39. If selling pressure intensifies, a dip to 400.30 could precede a move to the day's low bear target of 397.65.

NVIDIA Corporation

NVIDIA's NVDA current level is 950.29, and bulls are looking to drive the price up to 955.43, establishing it as a firm support level. A successful move beyond this could see the price targeting 961.78, with continued buying interest potentially leading to 972.06. If the bullish scenario plays out, NVIDIA's high target for the day is set at 980.21.

Should NVIDIA fail to maintain support at 950.29, it could signal bearish intent. The immediate target for bears would be 945.15. A breakdown below this level could see the price moving towards 937.84. In a weaker market, a further decline to 928.47 could be on the cards, with a potential bearish extremity at 913.30 for the day.

Alphabet Inc Class A

Alphabet GOOGL, currently near 133.78, has bulls eyeing 134.96 as a key support level. A successful hold and subsequent move to 135.66 could indicate bullish momentum, with an ambitious target of 136.29 for the day.

However, if Alphabet cannot sustain support at 133.78, bears might take the opportunity to push the price down to 132.84. A break below this level could lead to further downside, initially targeting 131.58. In a heavy sell-off, the price could spiral down to the day's low bear target of 130.41.

Meta Platforms Inc

Meta Platforms META is trading at 512.85, with bulls hoping to keep it above this level and target 515.39. A strong buying push could elevate the price to 520.27, with the day's high bull target set at 526.29.

If Meta cannot hold 512.85 as support, it may face downward pressure towards 508.25. Persistent selling could see the price targeting 504.54. A breakdown below this level could signal a move towards the day's bearish extreme of 500.83.

Tesla Inc.

Tesla TSLA, with a key level at 179.79, has bulls aiming for an upward move to 182.53. Sustained buying could bring 184.10 into play, with a strong market rally potentially pushing Tesla to a high bull target of 189.22.

Should Tesla fail to maintain support at 179.79, bears might look to lower the price to 176.34. Continued selling could lead to a test of 172.61. If this level is breached, a bearish target for the day is set at 169.70.

Final Word: Today's trading session is highly influenced by the Non-Farm Payroll (NFP) and jobs numbers. With market participants poised to react to these figures, especially if they deviate from analyst estimates, heightened volatility is expected. The upcoming Consumer Price Index (CPI) release, triple witching Friday next week, and the Federal Open Market Committee (FOMC) rate decision further contribute to the potential for significant market movements. Traders are advised to proceed with caution and ensure they are well-prepared for the dynamics of the trading day. Good luck and 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.