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Market Clubhouse Morning Memo – January 3rd, 2024 Market Clubhouse Morning Memo – Stock Analysis for January 3rd, 2024

Good Morning Traders! In today’s Market Clubhouse Morning Memo, we will discuss the potential trading strategies for SPY, QQQ, AAPL, MSFT, TSLA, GOOGL, META, and NVDA.

Our proprietary formula 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 being 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)

For those optimistic about SPY’s prospects, the goal is to see an upward movement beginning at 471.40, aiming for a modest rise to 472.68. Should the market conditions favor the buyers and sustain above 472.68, the aim is to elevate the price to a supportive stance at 473.40. A solid hold at this level during regular market hours might propel the price further to 474.04, with an ambitious target set at 475.02 for the day.

Conversely, if 471.40 fails to act as a reliable support, the scenario might pivot in favor of the pessimists aiming to pull the value down to 470.63. Observing a downward trend, the next focus will be at 469.17. A breach here might lead to a more pronounced drop to a substantial support at 468.16, with a critical bearish threshold for the day marked at 466.80 if the selling pressure escalates.

Invesco QQQ Trust Series 1 (QQQ)

In the context of QQQ, if the price hovers around 400.95, the bullish outlook involves surpassing 402.31 and consolidating it as a support base. Success here leads to an aspiration for 403.08 and potentially rallying further to 403.59. A robust buying environment might push the price to challenge 404.76, aiming for an ambitious daily peak at 405.66.

On the flip side, should the price struggle to maintain above 400.95, it might signal a bearish takeover aiming to push the price down to 399.67. A continued weakness in the market might further depress the price to 398.57, and possibly 396.81. Should the bearish momentum persist, a final descent to the day’s pessimistic target of 395.04 might be in sight.

Apple Inc. (AAPL)

Apple’s current positioning near 184.96 sets the stage for bulls to hold this as a support and eye an ascent to 185.86. Should the bullish trend persist, we might see a rally towards 186.35, with a final bullish aspiration for the day reaching 186.99.

Conversely, if 184.96 fails to provide the needed support, a bearish trajectory might lead to testing lower grounds at 183.38. Further selling pressure could drop the price to 182.96 and then to a more significant level at 181.25. If the bearish momentum intensifies, a final target for the bears is set at 180.60.

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Microsoft Corp. (MSFT)

For Microsoft, holding firm at 368.79 is crucial for bulls, with an immediate target set at 370.10. A sustained position above this level might encourage a rally towards 372.03, with an ambitious end-of-day goal at 373.48.

If the bears take over and 368.79 fails as support, the price might be pushed to 366.98. A further downtrend could lead to 365.35, with a significant bearish sentiment possibly pulling the value down to 363.81 as the day’s low.

Tesla Inc. (TSLA)

Tesla enthusiasts aim for an upward trajectory from 246.16 to 248.37, with subsequent targets at 250.25 and 252.38. A particularly bullish day might see Tesla’s price soaring to an impressive 254.28.

However, if Tesla’s price cannot sustain 246.16 as a strong support, a bearish pattern might emerge, driving the price to 243.98 and possibly further to 242.49. A continued sell-off could push the day’s low to 239.92.

Alphabet Inc Class A (GOOGL)

For Alphabet, maintaining 137.79 as a support level is vital for a bullish scenario, eyeing an initial rise to 138.39, and possibly extending the rally to a high of 139.46.

Should the price fail to hold above 136.94, bears might drive it down to 136.29 and, with increased selling pressure, further to 135.66. A significant bearish sentiment could end the day at a low of 134.96.

Meta Platforms Inc (META)

Meta’s trading strategy includes maintaining strength above 342.89 and aiming for 345.04. A strong buying environment could further elevate the price to 347.67, with the highest bullish target for the day at 350.18.

However, if 342.89 doesn’t hold up, bears might lead the price down to 341.85, with further potential downtrends to 340.66 and, if the selling continues, to a bearish end-of-day target of 337.17.

NVIDIA Corporation (NVDA)

For NVIDIA, the bullish path involves a rally from 473.81 to 476.94, securing it as a firm support before aiming for 478.67. The ultimate bullish goal for the day is set at 481.27.

If 473.81 doesn’t serve as a solid foundation, bears might attempt to lower the price to 470.17. A sustained sell-off could lead to a further descent to 467.34, with a potential day’s low marked at 461.49.

Final Word: Keep an eye on the premarket activities, including remarks from Richmond Fed’s Thomas Barkin and the release of critical economic data during regular trading hours. The FOMC Minutes in the afternoon are also pivotal. Stay alert and disciplined in your trading approach. Best of luck!

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