Good Morning Traders! Today’s Market Clubhouse Morning Memo provides in-depth analysis of SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

Based on our proprietary formula, we determine key price levels considering price, volume, and options flow. These levels are updated daily and shared with our Clubhouse Members before market opening.

We advise close monitoring of these stocks, as well as readiness to capitalize on potential breakouts or reversals. Stay alert and be prepared to adapt your tactics based on market conditions to optimize trading gains. Let’s delve into the stock analysis:

SPDR S&P 500 ETF Trust

The SPY is currently trading around our specified level of 484.60. For those bullish on the market, we anticipate an initial push towards 485.71. Should the price sustain above 485.71, we foresee buyers driving the price up to our identified support level of 486.57. Holding steady at 486.57 during the trading day could signal a further ascent to 487.54. Our optimistic target for SPY today is set at 488.83, contingent on continued upward momentum.

On the other hand, should the SPY fail to maintain support at 484.60, we expect the bears to challenge the 483.38 mark. A bearish presence could see a further decline to 482.39, and a breach of this level under heavy selling pressure might lead to a significant support at 481.41. In the event of an intensified sell-off, our conservative bearish target for the day is 480.67.

Invesco QQQ Trust Series 1

The QQQ ETF is hovering around our pivotal point of 419.19. For a bullish outlook, maintaining above 419.89 is crucial. Success in holding this level could lead to a bullish pursuit towards 420.76, setting a foundation for a potential rise to 422.16. With sustained buying interest, we might witness a push towards 423.27, aiming for our ambitious bull target of 424.04.

If the QQQ is unable to stay above 419.19, bearish forces might drive the price down to 418.49. A display of weakness could further entice bears to target 417.49, with a persistent sell-off potentially challenging the 416.23 support. Failure to uphold this level could result in a descent to our bearish target for the day at 415.45.

Apple Inc.

Apple’s stock is trading near our level of 185.86. Bulls are eyeing 186.35 as a crucial support, with aspirations to drive the price to 186.99. A continuation of bullish momentum could elevate the price to 187.50. Should the bullish trend persist, our target for a significant rally in Apple’s stock today is 188.20.

Conversely, if Apple fails to sustain support at 185.86, we anticipate a downward test to 184.96. Persistent selling might push the price to 184.59, and if the bearish pressure continues, 184.09 could come into play. A breakdown below this level would set our bearish target for Apple at 183.38.

Meta Platforms Inc

Meta Platforms is currently trading at around 394.35. Bulls hope to maintain this level as support, aiming for an ascent to 396.15. A strong buying trend could lead to a further rise to 396.15, with an optimistic target set at 399.84.

If Meta cannot retain support at 394.35, we foresee a bearish move towards 391.34. Continued selling pressure might lower the price to 388.41, with a significant break possibly leading to our bearish day-end target of 386.09.

Tesla Inc.

Tesla is presently at our key level of 191.52. Bulls are looking to propel the price to 193.81, with sustained buying potentially leading to a rally to 195.91. In a strong bullish market, Tesla might test higher levels, aiming for a day’s peak at 204.33.

Should Tesla fail to maintain 191.52 as support, we anticipate a test down to 189.22, with extended selling potentially bringing 186.10 into play. A break below this level could lead to a drop to our bearish target of 182.53.

Key Market Events Today

Today’s trading session is characterized by the release of crucial employment data premarket, adding potential volatility to the market. The Federal Reserve places significant emphasis on employment figures as economic indicators. As the New York session commences, PMI numbers will be unveiled, followed by the scheduled 4 and 8 Week Bill Auction at 11:30AM EST. In the wake of the Federal Open Market Committee’s decision to maintain potentially higher interest rates for a longer duration, market participants may reconsider their positions. Nevertheless, certain participants are still foreseeing the possibility of a rate cut in March, depending on forthcoming economic data. It remains imperative to monitor trading volumes during today’s session for well-informed trading decisions. Best of luck to all!

Morning Memo Insights

The Morning Memo is curated by a seasoned pro trader with expertise in equities, options, and futures trading. The individual behind the exclusive Market Clubhouse insights offers valuable guidance and real-time mentorship.

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This article is from an unpaid external contributor. It does not represent our reporting and has not been edited for content or accuracy.