Market Clubhouse Morning Memo - October 16th, 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

SPY (NYSE:SPY) is currently trading near the 580.67 level. For the bulls, we want to see a push upward, initially targeting 581.97. Should price action remain solid above this level, buyers could attempt to drive the price toward the 583.18 support zone. If this level holds strong during regular trading hours, we anticipate a further rise to 585.37. The ultimate bullish target for today is set at 587.31.

However, if 580.67 fails to hold as support, we expect the bears to test the waters at 579.12. If sellers gain control, the price could descend toward 577.87. A break below this level under heavy selling pressure might bring SPY down to 576.62. In a worst-case scenario for the bulls, the day’s bearish target could hit 575.67.

Invesco QQQ Trust Series 1

The QQQ (NASDAQ:QQQ) is currently hovering around 491.82. Bulls will need to sustain this level as support in order to push the auction toward 493.60. With strong buying momentum, we could see the price escalate to 495.35. If buying continues throughout the session, a further test of 496.94 could be in play. The high bull target today stands at 498.37.

On the downside, if 491.82 fails to hold, we’re watching for the bears to take control and drive the price down to 490.05. Continued selling pressure could then test 487.69. If the bears remain persistent, we could see a move toward 486.10. A breakdown at this level might open the door for a drop to the low bear target of 483.95.

Apple Inc.

Apple (NASDAQ:AAPL) is currently trading near 233.28, and bulls are looking for this level to hold as support. Should it hold, we may see a rally toward 234.20. A steady bullish momentum could drive the price up to 234.97. If the buyers control the auction, Apple could push further toward the high bull target of 235.74.

Conversely, if 233.28 fails to act as support, the price might slip down to 231.76. If selling pressure builds, the next level to watch is 230.25. Should this level break, we could see further weakness, leading to a test of 229.03. The ultimate bearish target for the day is set at 227.82.

Microsoft Corp.

Microsoft (NASDAQ:MSFT) is currently holding around 417.25. For the bulls, it’s crucial to maintain support above this level, which could lead to a push toward 419.17. If buying momentum holds firm, we could see the price move higher to 420.26. A sustained rally would likely bring the price up to the high bull target of 421.62 for the day.

On the bearish side, failure to hold 417.25 might see the bears testing 416.32. Should sellers dominate, the price may slide further to 414.56. If the selling persists, a drop to 413.14 could be on the horizon. The low bear target for today is positioned at 411.72.

NVIDIA Corporation

NVIDIA (NASDAQ:NVDA) is currently trading near 132.19, and bulls will be aiming for a push up to 133.31. If this level is reclaimed as support, buyers might target 134.56. Sustained bullish action could lead to a climb toward 135.64. The high bull target for the day sits at 136.98.

If the auction struggles to hold 132.19, the bears could test 131.42. Should sellers continue to dominate, we could see a decline toward 129.53. If bearish momentum builds, a further drop to 128.10 could be expected. The low bear target for the day is set at 126.84.

Alphabet Inc Class A

Alphabet (NASDAQ:GOOGL) is trading around 165.41, and bulls are looking to push the price higher toward 167.04. Continued bullish momentum could lead to a move toward 169.34, which is the high bull target for today.

Should 165.41 fail to hold as support, we’re watching for the bears to test 163.79. If selling pressure increases, the price could fall to 161.79. A deeper decline might bring Alphabet down to the low bear target of 160.36.

Meta Platforms Inc

Meta (NASDAQ:META) is currently auctioning around 585.73. Bulls need to maintain strength above this level, aiming for a move toward 591.29. Continued buying could push the price up to 598.17. A strong upside move could bring the price to the high bull target of 604.50.

On the downside, if 585.73 fails, we may see a decline toward 580.17. If sell-side pressure builds, the next target would be 573.25. A break below this level could send Meta to the low bear target of 565.53.

Tesla Inc.

Tesla (NASDAQ:TSLA) is trading near 220.65, and bulls are looking to push the price up toward 222.19. Continued buying could see Tesla test 223.98, and a broader market rally might take it even higher to 226.53. If buyers remain active, Tesla could reach the high bull target of 228.45.

If 220.65 doesn’t hold, Tesla may slip toward 219.39. Persistent selling could drive the price down to 217.78. Should this level break, the bears could push Tesla down to the low bear target of 216.31.

Final Word: Today’s trading session has a light schedule for economic data. At 8:30 AM ET, we’ll receive both the New York Fed Services Business Activity data for October and the Import Price Index for September. With limited economic reports and no scheduled Federal Reserve speeches, the markets may lack a strong directional catalyst today. In the absence of significant news, it will be important to focus on price action and volume to gauge market sentiment. Staying alert to any unexpected moves and managing risk carefully will be crucial for navigating today’s session. Good luck and trade safely!

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.