How To Trade SPY And Top Tech Stocks, As March Housing Starts Fall 11.4%

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)

SPY is currently trading near our pivot at 528.66. Bulls will first target a move upward towards 530.09, aiming to establish stability above this price. If buyers maintain control, expect further upward momentum towards 532.56. Sustained strength above this area could trigger additional upside, pushing towards 534.17. The highest bullish objective for today on SPY stands at 534.53.

Should 528.66 fail to offer support, bears will likely target a move down towards 526.31. Continued selling here might open the door to test lower levels around 525.26. If selling pressure intensifies below this threshold, expect the bears to press toward the significant support of 523.76. In the event of aggressive downside momentum today, the extreme bearish target is set at 521.85.

Invesco QQQ Trust Series 1 (QQQ)

QQQ is currently trading near our critical price point at 447.73. For bullish momentum to prevail, traders must successfully hold prices above this mark, aiming initially for stability at 449.36. Persistent buying would then encourage bulls to target 450.98 next. Strong upside participation today could further propel prices to test 452.14. The maximum bullish objective for QQQ today is set at 454.10.

Conversely, if buyers fail to support 447.73 during the regular session, bears will attempt to drive prices down towards the 445.43 level. Weakness here could see a deeper decline to 444.09. Continued bearish activity would likely result in further downward pressure towards 442.53. A breakdown below this support might lead to today’s low-end bearish target of 440.78.

Apple Inc. (AAPL)

Apple is trading around our pivot area of 196.01. Bulls must defend this level to encourage upward momentum, initially targeting the 197.00 region. A successful bullish push could further lift prices to 197.69. Should buyers sustain strong momentum throughout today’s session, we anticipate a move towards our primary bullish objective of 198.79.

However, if the 196.01 level proves vulnerable, expect sellers to target an initial move down towards 195.25. 

Continued weakness would prompt bears to seek lower prices at 194.40. An escalation in bearish activity could bring 193.95 into focus. If this support level deteriorates, sellers may aggressively push towards our daily bearish objective at 192.76.

Microsoft Corp. (MSFT)

Microsoft is presently trading around the important 373.48 level. Bulls are aiming for a strong upward advance towards 375.11 and need sustained buying to secure this as solid intraday support. Confirmed bullish strength above this level would likely drive prices upward toward 376.70. Extended buying strength today could propel Microsoft toward our upper bullish target at 380.59.

Conversely, a failure to sustain 373.48 as support would likely trigger bearish efforts to push the market lower towards 372.03. If selling becomes persistent below this point, anticipate additional downside pressure targeting 370.10. Further bearish momentum could drag prices down towards 368.79. A pronounced sell-off scenario today places our ultimate bearish target for Microsoft at 366.98.

NVIDIA Corporation (NVDA)

NVIDIA is currently trading around our notable pivot level at 105.23. Bullish traders aim for an upward move to establish 106.30 as firm intraday support. If buying continues actively, expect bulls to drive prices higher towards the next significant resistance at 107.51. Continued bullish momentum could subsequently propel prices toward 109.12, with our maximum bullish target on NVIDIA today set at 112.54.

If 105.23 does not hold as effective support, bears will initially target a downward move towards 103.96. Persistent selling below this mark could trigger a deeper bearish push towards 102.55. Weak price action today might encourage bears to test further support at 101.02. Should sellers maintain strong downside pressure, NVIDIA may extend its decline toward our lowest bearish target of 99.87.

Alphabet Inc Class A (GOOGL)

Alphabet is presently trading near our pivotal level of 154.95. Bulls must secure prices above this area to facilitate an advance towards 155.59. Continued bullish engagement would enable a sustained upward move towards our primary bullish target today of 157.41.

If sellers overwhelm 154.95 during regular trading, expect the bears to target lower prices around 153.93 initially. Further weakening below this level would likely push prices toward the 152.27 mark. Strong bearish activity could drive Alphabet to today’s ultimate downside target at 151.24.

Meta Platforms Inc (META)

Meta is currently fluctuating around our key pivot at 504.54. Bulls must strongly support this level to initiate an upward advance towards the critical area of 512.85. Persistent bullish strength would potentially see the market extend higher toward 520.27. A continuation of bullish sentiment today could ultimately lift prices towards our highest bullish objective at 526.29.

If 504.54 support is breached during today’s session, sellers will target a downward move towards the 500.83 level. Extended bearish momentum may result in prices declining further to test 498.03. A continued breakdown could see Meta retreating towards today’s lowest bearish target at 495.54.

Tesla Inc. (TSLA)

Tesla is trading around the crucial pivot level of 242.49. Bullish participants need an initial push upwards toward 243.98. Continued buying enthusiasm might then propel the price action upward towards the next resistance at 246.16. An environment of broader market strength could further extend Tesla’s rally to test higher at 248.37. If bullish momentum intensifies today, anticipate reaching our top bullish target at 250.25.

Should Tesla fail to maintain support at 242.49, bears will first aim to push the market downwards towards 239.92. Persistent selling here could lead to further downside activity at 238.50. If bearish participation remains active, sellers will target an aggressive move downward to today’s most extreme bearish objective at 235.74.

Final Word: 

Today marks the end of this abbreviated trading week, as markets will observe the Good Friday holiday tomorrow. Key economic indicators for release include Housing Starts and Preliminary Building Permits for March, accompanied by the Philly Fed Business Outlook report for April. However, traders will particularly focus on the Initial and Continuing Jobless Claims data, which could significantly influence market sentiment, especially regarding expectations for future Fed actions. Additionally, at 11:45 AM ET, Federal Reserve’s Michael Barr, a current voting member, is scheduled to speak, potentially offering insights into monetary policy direction. 

Finally, traders should be aware of today’s 1:00 PM ET 5-Year TIPS auction hosted by the Treasury, adding another element of volatility. Crucially, today’s trading also coincides with Monthly Options Expiration (MOPEX), likely amplifying volatility levels due to market closure tomorrow. Exercise caution, adhere strictly to your risk management guidelines, and enjoy a relaxing three-day weekend!

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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