© Reuters. Market Clubhouse Morning Memo – January 31st, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, And TSLA)
Benzinga – by RIPS, Benzinga Contributor.
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 (ARCA: SPY) is currently trading around our level of 488.83. For those optimistic about the market’s direction, the initial target is 490.11. Should the market sustain its momentum above this figure, the next goal for buyers would be to elevate the price to 491.70. Holding above 491.70 during the trading day could set the stage for an upward move towards 493.24. The ultimate objective for bullish traders today is reaching 495.96.
Conversely, if the SPY fails to maintain 488.83 as a support level, the market may see a downward trend initiated by the bears aiming for 487.54. A confirmation of bearish momentum could lead to further declines towards 485.71. A breach of this level amid intense selling pressure might expose 483.38 as a critical support point. In a scenario marked by pronounced bearish activity, the day’s lowest target for the bears is set at 481.41.
Invesco QQQ Trust Series 1
The QQQ ETF (NASDAQ: QQQ) is hovering around a pivotal point at 419.89. Bullish participants are eyeing a climb past 422.16, with hopes of solidifying this as a new support base. Success in this endeavor could pave the way for a move to 423.27, and with sustained buying interest, 424.82 might come into play. A robust trading session could potentially lead to a challenge of 426.64, with the day’s bullish apex at 428.50.
Should the QQQ struggle to stay above 419.89, bearish forces might dominate, pushing the price down to 418.49. Any sign of weakness could further entice bears to drive the price down to 416.23. Persistent seller activity could challenge the support at 414.20, and if this fails to hold, the next target for bears is 412.59, marking the day’s lowest anticipated level.
Apple’s (NASDAQ: AAPL) stock is currently positioned at 186.99. Bulls are aiming to keep this level as the floor, with aspirations to push towards 188.20. A continuation of upward momentum could lead to a test of 189.44. Should the bulls maintain their grip on the market, we could anticipate an ascent to the day’s high target for Apple at 191.57.
If Apple’s stock cannot find footing at 186.99, a decline to 185.86 may be imminent. Further bearish pressure could lead the stock to 184.96, and if the downtrend persists, 184.09 might come under threat. A significant bearish push beyond this point could see the stock descending to the day’s bearish extremity at 182.27.
Microsoft (NASDAQ: MSFT) is trading around 402.74, with bulls hoping to sustain the price above 404.92. Achieving this could lead to a rally towards 406.01, which bulls would want to establish as a new support level. A successful hold could see the price targeting 408.46, with the ultimate bullish goal for the day set at 410.64.
If Microsoft’s shares cannot hold 402.74 as a support, the price may retreat to 400.30. A breakdown below this level could prompt bears to target 397.65. Continued downward pressure might lead to a test of 395.68, with the day’s bearish floor at 393.47.
NVIDIA (NASDAQ: NVDA) is navigating around the 610.36 mark. Bulls are keen on propelling the price to 616.03, aiming to establish it as a robust support zone. An upward trajectory could see 619.63 in play, with the potential for a surge towards the day’s high bull target at 624.89.
In the event that 610.36 does not hold, the bears might push for a test of 605.88. A breach here could lead to further declines towards 601.39. Weak market sentiment could see the price testing 595.00, with the bearish boundary for the day set at 590.44.
Alphabet Inc Class A
Alphabet’s (NASDAQ: GOOGL) shares are trading near 142.53. Bulls are looking to secure 143.77 as a support base, potentially driving the price up to 144.72. With sustained bullish momentum, the market could be looking at reaching a high target of 145.94.
If Alphabet fails to maintain support at 142.53, a move down to 141.71 could be on the horizon. A break below this level might see bears targeting 140.57, with the potential for a further slide to the day’s bear low at 139.46.
Meta Platforms Inc
Meta (NASDAQ: META) is positioned around 388.41. The bullish scenario involves holding above 391.34, with a subsequent rise to 394.35. Continued positive market sentiment could lead to 396.15, with the day’s high target set at 399.84.
Should Meta fail to sustain 388.41 as a base, the price could fall to 386.09. Persistent selling pressure might drive the stock down to 384.11, and in the event of a significant bearish push, the lowest target for the day is 382.35.
Tesla (NASDAQ: TSLA) is currently at 186.10. Bulls are aiming to drive the price towards 189.22, with hopes of a further rally to 193.81. A bullish market environment could see Tesla testing 195.91, with an ambitious high target for the day at 200.43.
If Tesla cannot maintain 186.10 as a stronghold, a decline to 182.53 may follow. Continued bearish momentum could bring 179.79 into focus, and a substantial sell-off might result in reaching the day’s bear low at 176.34.
Final Word: Today’s trading session is highly anticipated due to the FOMC rate decision at 2 PM EST, followed by Jerome Powell’s press conference at 2:30 PM EST. Although the market has seemingly adjusted for a pause in today’s rate decision, Powell’s comments on future rate cuts are eagerly awaited. Traders should brace for potential high volatility and approach the market with heightened caution. Keep your head on a swivel and best of luck in today’s session.
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.
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