Market Clubhouse Morning Memo - April 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

The SPY (NYSE:SPY) is currently trading around our specified level of 506.06. For the bullish scenario, a move above 506.06 towards 506.71 would be ideal. Should the market maintain strength above this level, we would look for a rise to 507.52. If 507.52 proves to be a reliable support during regular trading hours, the next target would be 508.34, with a final bullish objective for the day at 508.83.

On the downside, if SPY fails to sustain above 506.06, the focus shifts to bears aiming for a pullback to 505.32. A continuation of the downward trend could push the price to test 503.95. Breaking below this level could lead to a strong support test at 502.85, with the most significant bearish goal set at 501.74 for the day.

Invesco QQQ Trust Series 1

The QQQ (NASDAQ:QQQ) is currently fluctuating around the pivotal level of 427.32. Bulls would benefit from a push above this level to 428.50, with 429.40 as the subsequent target if the higher level holds firm. Continuous buying could escalate the price to 430.16, potentially testing a high point of 431.18 by day's end, with an ultimate bullish target of 431.82.

Should the price fail to remain above 427.32, the bears could drive the price lower towards 426.64. If signs of weakness continue, a further decline to 425.77 could occur, with the possibility of reaching 424.82. If this support cannot be maintained, the bearish trajectory could extend down to 424.04 as the day's lowest target.

Apple Inc.

Apple (NASDAQ:AAPL) is currently positioned around the 167.09 level. For bullish traders, maintaining support at 167.09 is crucial, aiming for an advance to 167.59. A sustained bullish momentum could push the stock to 168.00, with a stretch goal for the day at 168.41 if control remains with the bulls.

Conversely, if 167.09 fails as a support level, the price might retreat to 166.27. Continued selling pressure could lead to further declines towards 165.62, and if the downtrend persists, the next level to watch would be 164.71, with a bearish extreme target at 164.15 for the day.

Microsoft Corp.

Microsoft (NASDAQ:MSFT) is trading around 409.69, with bullish sentiments aiming to keep the price above this level and target 410.64, which needs to be sustained as support. If successful, the next objectives would be 411.72, with an aggressive bull target for the day at 413.14.

If Microsoft cannot hold above 409.69, the downside scenario involves testing 408.46. A break below this could see a move towards 407.11, and if bearish momentum continues, the subsequent level to test would be 406.01, with the lowest bear target set at 404.92.

NVIDIA Corporation

NVIDIA (NASDAQ:NVDA) is now trading near 842.42. Bulls are looking to elevate the auction price to 846.80, establishing it as a clear support level. A successful claim could lead to 852.61, with the potential of reaching 858.43, and an optimistic daily high at 865.62.

If NVIDIA fails to uphold support at 842.42, bears might push the price down to 837.58. A breach of this level could prompt a decline to 833.50, with further weakening possibly testing 827.98, and the bearish extreme for the day targeted at 823.52.

Alphabet Inc Class A

Alphabet's (NASDAQ:GOOGL) current auction level is 157.41. Bulls aim to hold this as support and drive the price to 158.54. Continued bullish force could propel the price towards a high target of 160.36.

If support at 157.41 fails, a bearish downturn could see the price drop to 156.61, with a further decline potentially to 155.59. Intensified selling could depress the price to a low bear target of 154.95.

Meta Platforms Inc

Meta (NASDAQ:META) is currently positioned at 508.25. Bulls seek to sustain this level and push the price up to 512.85, with the potential of climbing further to 515.39. The highest bullish target for the day is set at 520.27.

Should 508.25 not maintain as support, the downside trajectory could see the price fall to 504.54. Further selling pressure could drive the price down to 500.83, with the day's lowest bear target at 498.03.

Tesla Inc.

Tesla (NASDAQ:TSLA) is presentlyauctioning around 162.32. Bulls are aiming for a rise to 164.87, with continued buying possibly leading to 166.89. A significant bullish rally could test further highs at 169.70, with a day's high target at 172.61.

If Tesla cannot sustain 162.32 as support, a decline to 160.32 could ensue. Persistent selling might lead to a test at 157.52, with the potential for a fall to the day's lowest bear target at 155.78.

Final Word: Today’s market session is relatively light on economic data, with Preliminary Capital and Durable Goods Orders data scheduled for release at 8:30 AM ET. Additionally, the Treasury will hold an auction for 2 Year Floating Rate Notes (FRNs) at 11:30 AM ET. These FRNs offer a dynamic investment opportunity as their interest payouts adjust periodically, providing a hedge against rate fluctuations. Later in the day, at 1 PM ET, a 5 Year Note auction is also planned. The market will be particularly attentive to afterhours earnings reports from Meta, Ford, and IBM. Investors should keep an eye on large positions and potential hedging actions within the options market. Trade cautiously and 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.