Market Clubhouse Morning Memo - September 24th, 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 is currently trading around the key level of 569.16. For bullish momentum, we’re looking for buyers to push the price above 569.98. If that level holds as support, the next target is 571.06. Continued strength could drive the price toward 572.15. If buyers continue to dominate the session, the high bull target for SPY today is set at 573.50.

On the downside, if 569.16 fails to act as support, sellers may take control and aim for 567.81. Should the bears maintain pressure, we expect a test lower at 566.46. If heavy selling continues, the next key level to watch is 565.38. For an aggressive sell-off, the low bear target for SPY today is 564.29.

Invesco QQQ Trust Series 1

QQQ is currently trading near our important level of 481.73. Bulls need to defend this level and push higher toward 483.95. If buyers sustain momentum above that level, the next target on the upside is 486.10. Continued bullish action could drive the price up to 487.69. Should the session remain strong for buyers, the high bull target for the day stands at 490.05.

If 481.73 fails to hold, the bears may look to take control and drive the price down to 479.03. Continued selling pressure could bring 476.85 into play. If the sell-side activity remains persistent, expect a test of 474.66. If sellers dominate the session, the low bear target for QQQ is set at 471.33.

Apple Inc.

Apple is currently auctioning near 227.82, and for the bulls to take control, this level must hold as support. Should buyers step in, the next level to watch is 229.03. If momentum remains strong, Apple could climb to 230.25. In a bullish scenario, a continued rally would bring the price to the high bull target of 231.76.

If 227.82 is lost during the session, we can expect sellers to push the price down to 226.90. Further weakness could see the price reaching 226.08. If selling intensifies, the next level to watch is 225.31. If the bears maintain control throughout the session, the low bear target for the day is 223.87.

Microsoft Corp.

Microsoft is currently auctioning around 432.49. For bullish action, we need to see this level hold and push higher to 434.49. If buyers sustain momentum, the next target is 435.79. Continued strength could drive the price to the high bull target for the day, set at 437.10.

If 432.49 is lost as support, sellers may look to take the price lower to 431.25. Continued downside pressure could lead to a test of 430.25. If selling intensifies, expect the bears to drive the price toward 429.25. Should the session be dominated by sellers, the low bear target for Microsoft is set at 428.48.

NVIDIA Corporation

NVIDIA is currently trading near 116.61, and bulls need to push the price higher toward 117.86. If this level holds as support, buyers could aim for 119.44. Should buying momentum continue, the price may rally further to 120.27. If the bullish action remains strong, the high bull target for NVIDIA today is 121.97.

If 116.61 fails as support, we expect sellers to target 115.83. Continued weakness could bring the price down to 115.15. If the session sees heavy selling, the next support level is 114.29. If sellers remain in control, the low bear target for NVIDIA is set at 113.68.

Alphabet Inc Class A

Alphabet is currently auctioning near 161.79. Bulls need to hold this level and drive the price higher to 163.79. Continued bullish momentum could lead the price to test 165.41. If buyers remain strong, the high bull target for the day stands at 165.41.

If 161.79 is lost as support, sellers may push the price down to 160.36. Further downside pressure could bring the auction to 158.54. Should selling intensify, the low bear target for Alphabet is 157.41.

Meta Platforms Inc

Meta is trading around 565.53. Bulls need to hold this level as support and push the price higher toward 573.25. Continued buying strength could take Meta up to 580.17. If the session sees strong upward momentum, the high bull target for Meta is set at 585.73.

If 565.53 fails as support, we expect sellers to drive the price lower to 559.29. Further selling pressure could lead to a test of 553.05. If this level is broken, the low bear target for Meta is 548.44.

Tesla Inc.

Tesla is currently auctioning near 252.38. Bulls are looking to push the price higher toward 254.28. If the price holds above this level, we could see a move to 256.34. Should the session remain bullish, Tesla may test 257.56. If buyers remain strong, the high bull target for Tesla today is 259.81.

If 252.38 cannot hold as support, we expect sellers to take the price down to 250.25. Continued downside action could see Tesla testing 248.37. If selling pressure persists, the low bear target for Tesla is 246.16.

Final Word: Today’s trading session presents a variety of key economic data releases that traders should keep an eye on. The day kicks off with the Philly Fed Non-Manufacturing Activity at 8:30 AM ET, offering insights into economic health beyond the manufacturing sector. At 9:00 AM ET, the FHFA House Price Index for July will provide a glimpse into housing market conditions.

Later in the morning, the Conference Board Consumer Confidence for September and the Richmond Fed Manufacturing Index, both at 10:00 AM ET, will give additional indications of economic sentiment and manufacturing performance. Finally, the Treasury’s 2-Year Note Auction at 1:00 PM ET will likely impact short-term yields. Given this barrage of influential data, the session could see increased volatility. Stay prepared and manage risk accordingly. 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.