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 (NYSE:SPY) is currently trading near the 599.24 level, which serves as a key area for bullish interest. If buyers manage to defend this level, the next objective will be a climb toward 600.51. A sustained push above this could lead to testing 602.48 as a critical support level. Further momentum may pave the way for a move toward 604.45, with a high bullish target set at 607.55 if the rally gains significant strength.
On the downside, failure to maintain support at 599.24 may trigger selling pressure toward 598.04. Should sellers maintain control below this level, the next focus would be on 596.57. If bears continue to dominate, we could see a deeper pullback to the strong support level at 593.73. In an aggressive selloff, the low target for SPY would be 592.00.
Invesco QQQ Trust Series 1
The QQQ (NASDAQ: QQQ) is trading near the pivotal 508.22 level, and bulls will aim to hold this as a foundation for further gains. If successful, buyers could push prices toward 509.87, with further strength targeting 511.53. If the bullish momentum persists, 513.64 comes into play, with the high bull target for the day at 515.00.
However, if 508.22 fails to hold as support, the bears could drag the price down to 506.68. Breaking below this may lead to a test of 504.44, and if sellers remain in control, the next support at 502.65 could be tested. Persistent selling pressure might drive the price down to the low bear target of 501.07.
Apple Inc.
Apple (NASDAQ: AAPL) is hovering around 234.20, where bulls aim to establish a base for upward movement. If this level is defended, a push toward 234.97 could follow. Strong buying momentum may propel the price to 235.74, with the ultimate bullish target for the day at 236.69 if the rally holds steady.
Conversely, a failure to hold 234.20 could invite bears to test support at 233.28. Sustained downside action may lead to a retest of 231.76, with continued selling likely driving the price to 230.25. If bearish pressure accelerates, the low target for AAPL could reach 229.03.
Microsoft Corp.
Microsoft (NASDAQ: MSFT) is trading near 426.00, where bulls aim to secure a foothold for higher prices. Holding this level could see a rally toward 427.36, with further gains bringing 428.48 into focus. If buying interest persists, the high bull target at 429.25 may be achievable.
If 426.00 fails to hold, bears may seek to challenge 425.16. A break below this level could lead to further selling pressure toward 423.81. Continued weakness might push the price down to 422.84, with the low bear target for MSFT at 421.62.
NVIDIA Corporation
NVIDIA (NASDAQ: NVDA) is trading near the key level of 135.64, where bulls are trying to establish control. If this level is defended, a move toward 136.98 could be the next target. Strong buying momentum may see the price test 137.94, with a high bull target of 139.42 in sight if the rally holds.
If 135.64 breaks, bears may push the price lower toward 134.56. Should selling intensify, the next focus will be on 133.31. Continued weakness could lead to a test of 132.19, with the low bear target for the day at 131.42.
Alphabet Inc Class A
Alphabet (NASDAQ: GOOGL) is trading around 169.34, a key level for bulls to hold. A successful defense could lead to a rally toward 171.14, with further buying momentum targeting 172.28. Strong market participation could solidify gains at this high bull target.
If 169.34 fails to act as support, bears may drive the price down to 167.04. A breakdown at this level could see the price test 165.41, with further downside momentum pushing the auction to the low bear target of 163.79.
Meta Platforms Inc
Meta (NASDAQ: META) is near the critical level of 573.25, which bulls will aim to hold as a launching point for higher prices. If successful, we could see a rally to 580.17, followed by a test of 585.73. Sustained buying interest might bring the high bull target at 591.29 into play.
On the other hand, a break below 573.25 could lead to selling pressure driving the price to 565.53. Persistent weakness may push the price lower to 559.29, with the low bear target for Meta at 553.05 if the selloff intensifies.
Tesla Inc.
Tesla (NASDAQ: TSLA) is trading near 340.97, a critical level for the bulls. If buyers maintain control, a move toward 346.64 could follow, with 350.87 acting as the next major resistance. A strong rally may extend gains toward 356.80, with the high bull target set at 363.84.
Failure to hold 340.97 as support could result in a pullback toward 333.93. If selling pressure persists, the next target would be 327.59. A continued selloff may bring Tesla down to the low bear target of 322.52.
Final Word: Today’s market session is set to be a pivotal one with a heavy lineup of economic data releases starting at 8:30 AM ET. Key reports include the weekly Initial and Continuing Jobless Claims, the Core PCE Price Index for October, and October's Personal Income and Spending data. These indicators will provide critical insights into inflation and consumer health.
At 10:00 AM ET, Pending Home Sales data for October will shed light on the housing market, followed by the 7-Year Treasury Note Auction at 11:30 AM ET. This packed schedule comes ahead of the Thanksgiving holiday, potentially amplifying market volatility due to thinner liquidity. Traders should stay alert, manage their positions with caution, and adjust to the dynamic market environment. Wishing you a successful trading session and a Happy Thanksgiving!
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.
