© Reuters. Market Clubhouse Morning Memo – November 17th, 2023 (Trade Strategy For SPY, QQQ, AAPL, MSFT, META, NVDA, GOOGL, And TSLA)
Benzinga – by RIPS, Benzinga Contributor.
Good Morning Traders! In today’s Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, META, NVDA, GOOGL, 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 during our daily Morning Call, 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 around 451.01. Bulls are hoping for an initial advance to 451.61. If the market remains buoyant above 451.61, the next target is 452.55. Should 452.55 prove resilient during the trading day, we could see a move towards 453.54. The top bullish goal for SPY today is 454.56.
If 451.01 fails to act as a solid foundation, we expect bears to challenge 450.23. The presence of sellers might lead to a further test of 449.42. Should this level succumb to heavy selling, a more substantial support at 448.64 comes into focus. Persistent selling might prompt a move to 447.94, marking the deepest bearish target for the day at 446.31.
Invesco QQQ Trust Series 1
The Q’s (NASDAQ: QQQ) are trading near 385.55. For bullish progression, holding above 385.55 is key. A steady base here would aim for 386.69 as a strong support. Continued buying could elevate the target to 387.67, with the highest bullish aim for the day at 389.46.
In case of difficulty maintaining above 385.55, bears might take charge, pushing down to 384.36. Should weakness ensue, a further descent to 382.93 could occur. If selling intensifies, the target shifts to 381.89, with the most significant bearish goal being 380.41.
Apple (NASDAQ: AAPL) is around 189.52. Bulls are eyeing 189.52 as a supportive level, aiming for a rally to 190.33. With continued bullish force, the trajectory could reach 191.25, with today’s highest bullish target at 191.76.
If 189.52 doesn’t stand firm, a bearish move towards 189.16 might unfold. Persistent selling could bring the focus to 188.32. If selling pressure mounts, 188.05 becomes crucial, with the day’s most profound bearish target for Apple at 187.50.
Microsoft (NASDAQ: MSFT) is at 376.70. Bulls are seeking to maintain above this level, targeting a rise to 377.72. A firm hold here could lead to an advance towards 380.00. A strong bullish push might bring 385.00 into play as the peak bullish target for the day.
Should 376.70 not sustain as a base, bears may explore down to 375.93. A break below this could lead to further bearish activity towards 375.11. Continued downward momentum might set the lowest bear target for the day at 373.48.
Meta Platforms Inc
Meta (NASDAQ: META) is currently at 335.12. Bulls are aiming to keep this as a supportive level, with an upward target of 337.17. A vigorous bullish drive could propel the price to 338.75, with the highest bullish mark for the day at 340.66.
If support at 335.12 falters, bears might target a drop to 332.41. Increasing selling pressure could lead to a further descent to 329.83, with the most substantial bearish aim for the day at 328.13.
NVIDIA (NASDAQ: NVDA) is near 495.79. Bulls are looking to push up to 499.62, aiming to solidify it as a key support zone. An upward momentum could see a move to 506.40, with the day’s highest bullish target at 509.29.
If 495.79 cannot sustain a strong support, bears might test lower at 492.33. A break below this could prompt a drop to 489.04. Persistent selling might lead to probing 483.43, with the deepest bear target at 478.67.
Alphabet Inc Class A
Alphabet (NASDAQ: GOOGL) is around 136.29. Bulls are focused on maintaining this level, seeking an increase to 136.94. Continued bullish energy might push towards the highest target of the day at 137.79.
Should 136.29 not hold, bears might look to decrease the price to 134.96. A breakdown here could lead to testing 133.78, with the most significant bearish target for the day at 132.84.
Tesla (NASDAQ: TSLA) is trading around 233.49. Bulls are aiming for a rise to 235.74, with potential for a further climb to 238.50. A broad bullish rally might see Tesla reaching towards 239.92, with the day’s highest bullish target at 242.47.
If Tesla cannot maintain 233.49 as a strong base, a bearish move to 230.65 might occur, with further selling possibly leading to 227.58. A breach here might set the deepest bearish target for the day at 225.60.
Final Word: This MOPEX Friday is expected to bring a decent amount of volatility. Housing data out in the premarket and various Fed speakers possibly commenting on monetary policy will be in focus. Given the high likelihood of market fluctuations, trading with discipline is crucial. Best of luck today, enjoy your Friday, and have a great weekend ahead!
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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