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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 (SPY)
SPY is trading around the key pivot point of 583.18. For bullish momentum to build, buyers need to drive prices upward through the initial resistance at 584.68. Should buyers demonstrate sustained strength above this level, a rally toward our next key support-turned-resistance at 585.75 becomes likely. Continuation of strong buying activity could see SPY test higher at 587.31, with potential to reach today's highest bullish target at 592.00.
Conversely, if buyers fail to maintain support at 583.18, bears will likely step in, pushing the market toward initial support at 581.97. Persistent selling would next target 580.67. If aggressive sell-side momentum emerges, the bears could test the crucial lower support at 579.12. A severe downside scenario today could drive prices to our lowest bear target of 577.87.
Invesco QQQ Trust Series 1 (QQQ)
QQQ is currently negotiating near our crucial pivot at 513.64. Bullish traders need to confidently reclaim and sustain above 515.00 to establish a stronger foothold. Solidifying this as firm support would open the door to further buying towards 516.58, potentially bringing 517.97 into focus. Persistent upward momentum could lead to a higher test at 518.65, with our peak bullish goal for the day set at 519.87.
Should QQQ struggle to maintain above 513.64, bearish traders are expected to seize control, driving prices initially down toward 511.53. Continued weakness could see further decline to 509.87, and persistent selling would then challenge the lower support at 508.22. In a scenario of intensified sell-side pressure, we anticipate a test toward today's bottom bear target at 506.68.
Apple Inc. (AAPL)
Apple shares are currently trading near the pivotal mark of 202.29. To generate bullish momentum, traders need to firmly support price action above this level, potentially triggering an upward drive toward 203.48. Continued strength from buyers could propel the stock further toward 204.33. Should bullish sentiment persist robustly today, traders may aim for the high bullish objective at 205.54.
If Apple is unable to sustain above the 202.29 level, sellers could take charge, initially pushing prices toward support at 200.53. Continued bearish selling pressure could next bring 199.51 into view. A decisive breakdown below this point could further extend losses towards 198.79, with today's ultimate bearish scenario targeting the low at 198.22.
Microsoft Corp. (MSFT)
Microsoft is currently active around our pivot area at 453.02. For buyers to initiate a bullish move, prices must convincingly hold above 453.02 and push higher toward resistance at 455.77. Securing this level as strong support would set the stage for continued bullish action towards 457.25. Sustained upward momentum could ultimately propel MSFT to our day's highest bullish target at 459.18.
If the 453.02 support fails to hold during trading today, bears may aggressively test downward towards 450.26. A breakdown here would encourage further bearish activity toward 448.18. Under sustained selling pressure, bears are likely to target the support at 446.33, with potential to push prices down to the lowest bearish target for Microsoft today at 444.95.
NVIDIA Corporation (NVDA)
NVIDIA shares are currently positioned around the critical level of 133.31. For a bullish advance to materialize, traders need to successfully reclaim and secure 134.56 as firm support. This achievement would likely spark further buying towards the next key area at 135.64. If bullish activity remains strong, a rally towards 136.98 becomes feasible, and today's ultimate bullish aspiration would be the high target of 137.94.
Should the critical support of 133.31 fail today, bears would likely press the market downward to the next immediate support at 132.19. If this level also breaks amid continued selling, NVIDIA could decline further toward 131.42. Persistent bearish pressure could test the deeper support at 129.53, ultimately risking a descent to our low bear target at 128.10.
Alphabet Inc Class A (GOOGL)
Alphabet shares are currently near the critical pivot at 171.14. For bullish traders, maintaining strong support above 172.28 is essential to pave the way for further upside momentum toward 174.01. Sustained buying interest could potentially elevate prices up to the highest bullish target today, at 175.12.
On the downside, failure to maintain the support at 171.14 could lead bearish traders to assert control, targeting an initial decline to 169.34. If bearish momentum persists, further downside action towards 167.04 is probable. Heavy selling pressure could ultimately drive the price down to our day's lowest bearish target at 165.41.
Meta Platforms Inc (META)
Meta is trading around the key support area of 635.49. Bulls need to firmly hold above this level to establish an upward trajectory, potentially propelling the stock toward resistance at 642.59. Continued bullish sentiment could extend this move higher to 646.48. With sustained buyer strength today, Meta may reach our ultimate bullish target of 650.56.
Conversely, a failure to sustain support at 635.49 during today's session could trigger bearish momentum toward 629.88. Should selling intensify further, the bears could target lower at 622.01. A decisive breakdown beneath this support may result in further declines toward today's ultimate bearish target at 615.65.
Tesla Inc. (TSLA)
Tesla shares are hovering around the significant pivot of 333.93. Bullish traders need to swiftly reclaim the upside momentum and target an initial push to 340.97. Continued buying interest could lift Tesla towards the next critical resistance at 346.64. If broader market sentiment is supportive, further bullish pressure might see the price testing higher levels at 350.87, with today's highest bullish objective at 356.80.
If Tesla fails to maintain the 333.93 level today, bearish activity could push prices down towards the immediate support at 327.59. A breakdown under sustained bearish selling could next bring the 322.52 support level into focus. Continued weakness and selling momentum could drive the price down to today's lowest bearish target at 315.93.
Final Word:
Today's economic calendar is packed with influential data, beginning at 8:30 AM ET with both Initial and Continuing Jobless Claims alongside the April Chicago Fed National Activity Index. Shortly after, at 9:45 AM ET, markets will absorb the release of May's Preliminary S&P Global Manufacturing PMI, Services PMI, and Composite PMI, providing vital insights into the economic health and sector-specific growth dynamics. Later, at 10:00 AM ET, April's Existing Home Sales data will give traders further context on real estate market conditions. Wrapping up the day's economic news, the Treasury Department will conduct a 10-Year TIPS Auction at 1:00 PM ET.
With scheduled commentary from Fed officials Barkin at 8:00 AM and Williams at 2:00 PM ET, market participants should brace for heightened volatility and potential rapid shifts in sentiment. Traders are advised to remain vigilant, stay informed on intraday developments, and strictly adhere to disciplined risk management strategies to navigate today's challenging trading environment successfully. 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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