Market Clubhouse Morning Memo - February 12th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, And TSLA)
The Market Clubhouse Morning Memo provides analysis and price levels for various stocks including SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA. It offers recommendations for traders to monitor these stocks for potential breakouts or reversals. The memo also highlights key support and resistance levels for each stock.
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 the level of 500.91. For those bullish on SPY, an initial push above 501.74 would be favorable. Should the market maintain its strength above this level, the next target for buyers would be to reach the support level at 502.85. Maintaining above 502.85 during the trading hours could signal a potential rise towards 503.95. The ultimate goal for bulls today is reaching a high target of 505.32 for SPY.
Conversely, if the support at 500.91 fails to hold, it could signal an opportunity for bearish traders to drive the price down to test the 500.17 mark. A presence of sellers at this level would likely lead to a further downward push towards 498.93. Should this level not hold under pressure, a more substantial support level awaits at 497.55. In the event of a significant downturn in today's market, bears might aim for a lower target of 496.93.
Invesco QQQ Trust Series 1
The QQQ ETF (NASDAQ:QQQ), referred to as the Q's, is hovering around a pivotal level of 437.47. Bulls in the market will aim to keep the price above this mark, setting their sights on establishing 438.89 as a new level of strong support. Should this effort succeed, the momentum could shift towards reaching 440.00, with an ultimate bullish objective of testing 440.78. The highest target for bulls today is set at 441.56 for the Q's.
If the Q's fail to sustain above 437.47, this could indicate bearish control, prompting a move down to 436.58. Any observed weakness at this level might encourage bears to push further to 435.88. Persistence in selling could lead to a challenge of the 434.76 support level. Failing to hold this could set the stage for bears to aim for a lower target of 433.64 in today's trading session.
Apple's (NASDAQ:AAPL) stock is presently trading at around 188.56. Bulls are hopeful that this level will act as a solid foundation, with ambitions to elevate the price to 189.44. Sustained bullish energy could propel the stock further to 190.52, with an optimistic end-of-day target of 191.57 if the bullish trend prevails.
Should Apple's stock fail to maintain support at 188.56, bears might look to lower the price to 188.20 as an initial target. Further selling pressure could drive the stock down to 187.50, and if the bearish momentum continues, 186.35 could be the next level to watch. In a scenario of pronounced selling, the bearish end-of-day target is set at 185.86.
Microsoft (NASDAQ:MSFT) is currently trading around 420.26. Bulls are eyeing a rise above this level, with a short-term goal of reaching 421.62 and establishing it as a firm support level. A successful hold could pave the way for further upward movement towards 422.84, with the bulls' ultimate target for the day being 423.81.
If Microsoft's stock cannot maintain its position above 420.26, it might invite bearish activity, aiming first for a move down to 419.17. A breach of this level could lead to further bearish targets at 417.25 and 416.32, respectively. In the event of a strong downward trend, the bearish goal for the day is set at 414.56.
NVIDIA's (NASDAQ:NVDA) current trading level is 726.35. Bulls are encouraged to drive the price towards 729.72 and claim it as a secure support zone. If successful, the next objective would be 732.21, with an ambitious high target for the day set at 734.72.
On the downside, if 699.77 cannot serve as a robust support level in today's session, bears will likely test the waters at 694.62. A break below this level could see a further decline to 690.73, with a bearish stance potentially bringing the price down to a daily low target of 682.70.
Alphabet Inc Class A
Alphabet (NASDAQ:GOOGL), trading around 148.95, sees bulls aiming to hold this level as a base for a move higher to 149.58. Should the bullish momentum persist, the next target is set at the high bull mark of 150.41.
Conversely, if 148.95 proves unsustainable as a support level, bears might push the price down to 148.24. A failure to hold here could lead to further bearish targets at 147.68, with the ultimate bearish aim for the day being 146.89.
Meta Platforms Inc
Meta's (NASDAQ:META) trading activity is centered around the 468.38 mark. Bulls are looking to maintain strength above this level, with an immediate goal of reaching 472.19. Should buying pressure continue, the price could ascend to 473.93, with the day's bullish peak targeted at 477.50.
If Meta fails to keep 468.38 as a support level, bears may look to lower the price to 465.81. Further bearish momentum could lead to a decline to 464.57, and in a significant sell-off, the bearish end-of-day target is set at 462.20.
Tesla's (NASDAQ:TSLA) key trading level is 193.81. Bulls are encouraged to push the price towards 195.91, with a broader market rally possibly leading to a test of 200.43. An exceptionally bullish day could see the price reaching as high as 204.33, with the ultimate bullish target being 206.71.
Should Tesla's stock fail to find support at 193.81, a bearish scenario might unfold, starting with a move down to 191.52. Continued selling could bring 189.22 into focus, with a break below possibly leading to the day's low bear target of 186.10.
Final Word: Today's trading session is relatively light on economic data but includes some key releases. The New York Fed's Survey of Consumer Expectations for January is due out at 11AM ET, followed by the Treasury's 3 and 6 Month Bill Auction results around 11:30AM ET. Market participants are particularly keen on tomorrow's CPI data, set to be released before the New York market opens on Tuesday. It's advisable to monitor today's trading for positioning ahead of this critical data release. Good luck today, and make sure you start your week off with measured discipline.
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.