Good Morning Traders! In today's Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
Our proprietary formula, exclusive to RIPS, dictates these price levels. This dynamic equation takes into account price, volume, and options flow. These levels are updated every day and shared with our community, 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 (NYSEARCA: SPY)
SPY is currently trading around 762.00, holding near Thursday’s low after yesterday’s broad market decline. Buyers first need to recover the morning pullback low at 762.10. Holding above it could support a move toward Thursday afternoon’s rebound high at 762.44, followed by the later recovery high at 763.25. Those nearby repairs come before any attempt to return to yesterday’s official close at 763.96, and buyers need to protect the first rebound.
If Thursday’s late pullback low at 761.58 fails to hold, sellers may test the earlier afternoon low at 761.41. Yesterday’s session low at 761.17 comes next, with last Friday’s low at 760.64 becoming relevant if pressure continues. Returning above 762.10 would weaken that downside path. Watch whether a recovery attracts support beyond a few technology stocks, especially with the broader market still below yesterday’s close.
Invesco QQQ Trust Series 1 (NASDAQ: QQQ)
QQQ is currently trading around 704.00, remaining inside Thursday’s range after yesterday’s sharp technology decline. NVDA and TSLA are improving early, but several other major components remain weaker. If buyers reclaim Thursday afternoon’s rebound high at 704.14, price may recover toward the official close at 704.47. The later rebound high at 704.84 is the next nearby barrier. Buyers need to keep the first recovered area underneath price when a pullback develops.
If Thursday afternoon’s low at 703.37 breaks and cannot be recovered, sellers may test the September 14 low at 702.74, followed by yesterday’s later low at 702.37. Thursday’s session low at 701.90 becomes relevant if that decline expands. Reclaiming 704.14 would interrupt the downside scenario. A rebound led by only two heavyweights would leave the recovery vulnerable if those leaders begin giving back their gains.
Apple Inc. (NASDAQ: AAPL)
AAPL is currently trading around 347.75, giving back part of Thursday’s advance as the iPhone Duo reaches customers today. Yesterday’s recovery carried Apple higher while the broader technology market fell, making its ability to retain that strength worth watching. If buyers reclaim Thursday’s late rebound high at 347.80, price may return to the official close at 348.22. Clearing that hurdle could bring yesterday’s session high at 348.36 into focus.
If Thursday’s late rebound high at 347.45 fails to hold, sellers may test the earlier afternoon high at 346.93. Continued weakness could bring the late pullback low at 346.50 into play. Returning above 347.80 would weaken that downside case. The product launch provides a fresh company catalyst, but today’s price test is whether buyers can protect yesterday’s progress through a broader market pullback rather than surrendering the recovery.
Microsoft Corp. (NASDAQ: MSFT)
MSFT is currently trading around 519.00, below Thursday’s low after yesterday’s recovery attempts gave way to selling. The reclaimed October 8 low at 518.79 is the nearby area to defend. If buyers hold above it, price may work toward the September 25 high at 519.40, followed by the September 30 high at 519.83. Thursday’s low at 520.30 remains a further hurdle before price returns inside yesterday’s range.
If 518.79 fails to hold and cannot be recovered, sellers may test the August 28 high at 517.78, followed by the October 2 close at 517.53. The September 25 close at 516.17 becomes relevant if that retreat expands. Reclaiming 518.79 would interrupt the downside path. Microsoft reports earnings on October 28, but today’s immediate task is to stabilize and begin holding recovered ground while the wider technology market attempts to find support.
NVIDIA Corporation (NASDAQ: NVDA)
NVDA is currently trading around 212.75, modestly above Thursday’s close after yesterday’s decline from 218.88. That early improvement leaves buyers with nearby resistance to repair. Reclaiming last Thursday’s low at 212.85 could open a path toward yesterday afternoon’s rebound high at 213.13. Holding that recovery may bring the earlier 213.33 high into focus. Those smaller steps matter before looking for a larger recovery of the ground lost yesterday.
If Thursday’s morning pullback low at 212.56 fails to hold, sellers may test the official close at 212.21, followed by the afternoon low at 212.00. Returning above 212.85 would weaken the immediate downside scenario. Yesterday’s low at 211.26 becomes a deeper reference if those nearby areas give way. Watch whether other semiconductor stocks begin participating, since one improving stock provides less support than a recovery across the group.
Alphabet Inc Class A (NASDAQ: GOOGL)
GOOGL is currently trading around 323.00, below Thursday’s close after yesterday’s rebound attempts failed to prevent another weak finish. Buyers first need to recover the late afternoon high at 323.48. Holding above it could support a move toward the earlier rebound high at 323.67, followed by Thursday’s official close at 324.22. Recovering those nearby references would repair part of the early weakness before a larger rebound becomes the focus.
If price remains below Thursday afternoon’s low at 323.09 and buyers cannot recover it, sellers may test the later pullback low at 322.55. Continued pressure could bring yesterday’s session low at 322.00 into play. A return above 323.48 would interrupt that downside path. Alphabet’s earnings are scheduled for October 28, but the immediate test is whether the stock can preserve a recovery while the broader technology market remains uneven and other leaders attempt to stabilize.
Meta Platforms Inc (NASDAQ: META)
META is currently trading around 643.50, giving back part of Thursday’s late recovery after yesterday’s sharp earnings selloff. Buyers need to regain the 644.20 to 644.30 area formed by Thursday’s afternoon and midday pullback lows. Holding above that area could support a move toward the later afternoon low at 646.14. Yesterday’s official close at 648.85 becomes a further recovery reference if buyers clear the first barrier and retain their progress.
If Thursday’s late pullback low at 642.45 fails to hold, sellers may test the September 10 low at 642.14. Continued weakness could bring yesterday afternoon’s low at 640.49 into focus, followed by the session low at 639.69. Returning above 644.30 would weaken the downside scenario. Wednesday’s earnings are already behind us, so watch whether buyers begin defending recovered ground rather than treating an early bounce as proof that the selling has finished.
Tesla Inc. (NASDAQ: TSLA)
TSLA is currently trading around 375.50, recovering above Thursday’s close after yesterday’s advance to 388.86 reversed sharply. The afternoon pullback low at 375.59 is the first area to recover. If buyers reclaim it and hold above it, price may return to the later pullback low at 375.99, followed by the late session low at 376.52. Tesla needs to preserve those nearby repairs before another larger advance becomes convincing.
If price stays below 375.59 and buyers cannot recover it, sellers may test Thursday’s later low at 374.94, followed by the official close at 374.58. Yesterday’s session low at 373.71 becomes relevant if that retreat continues. Returning above 375.59 would weaken the downside path. With Wednesday’s earnings already released, today’s useful test is whether the stock can hold its early improvement after yesterday’s wide swings and begin rebuilding support.
Final Word: Friday, October 23 brings S&P Global’s flash manufacturing and services PMI at 9:45AM ET, followed by final University of Michigan consumer sentiment and inflation expectations at 10:00AM ET. Both releases are still ahead, and U.S. stocks have a normal full session. The business surveys show how demand, hiring and costs are developing, while Michigan measures households’ confidence and expected price increases. Stronger activity paired with rising price expectations could keep interest rate concerns in focus. Weakening demand would raise a different concern about growth.
Overnight, oil has climbed again as Houthi attacks in Saudi Arabia increase concern about energy supply disruptions. Higher fuel costs can squeeze consumers and businesses while complicating the inflation outlook. That pressure arrives after Thursday’s technology selloff renewed doubts about the spending behind AI expansion. The Fed remains in its policy communications blackout ahead of next week’s meeting, leaving today’s data and company developments to shape expectations in the meantime.
NVDA and TSLA are firmer early, while AAPL, MSFT, GOOGL and META remain below Thursday’s closes. Watch whether more stocks join a recovery, whether volume supports it and whether a break holds when price returns to the same area. Microsoft and Alphabet report next Wednesday, but today’s nearby levels come first. Let the market show whether buyers can keep recovered ground through a pullback. Good luck, trade safely, and have a great Friday and weekend!
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