Market Clubhouse Morning Memo - August 3rd, 2023 (Trade Strategy For SPY, QQQ, AAPL, AMZN, MSFT, And NVDA)

Good Morning Traders! In today's Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, AMZN, MSFT, and NVDA.

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 during our daily Morning Call, 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

The SPY SPY index dipped during the overnight session but has since recovered some of its losses, hovering around the critical level of 449.42. If SPY can sustain this level with vigor, the markets could see a bullish bounce, targeting 450.23 initially and potentially reaching 451.01 to 451.61. The high bull target for the day is 452.55.

Should selling continue and the bears maintain control, the hard resistance at 449.42 could lead to a downward target of 447.94, with further bearish action targeting 446.31, and the day's ultimate bear target being 445.08.

Invesco QQQ Trust Series 1

Thursday's QQQ premarket shows the Q's looking feeble. For bullish action, we need the price to reclaim 373.82, with potential upward movement to 375.18, and an ambitious bull target of 377.58.

If weakness persists, bears may aim for 371.96 and possibly 370.91, with an extreme bear target of 369.39.

Apple Inc.

With Apple AAPL set to announce earnings after the bell, the stock has dropped overnight but recovered slightly to trade near 191.76. Bulls will target 192.21, then 192.60, with an ultimate goal of 193.18.

Bearish behavior could target 191.25, followed by 190.33, with an extreme bear target of 189.52.

Amazon.com, Inc.

As Amazon AMZN prepares to report earnings after the bell, the stock sits just above 128.38. Bulls may aim for 129.23, with a high target of 130.18.

Should bears take over, initial targets may be 127.76, with an extreme downside of 126.46.

Microsoft Corp.

Microsoft's MSFT sell-off has persisted, now around 326.05. Bulls may push towards 328.52, 331.24, or a high target of 333.46.

Bears may target 323.17, then 321.51, with a low bear target of 320.05.

NVIDIA Corporation

NVIDIA NVDA trades just above 436.56. Should this level hold, bulls could target 439.87, 442.76, or an ultimate goal of 447.05.

Bearish action might target 434.01, 432.36, with a severe downside of 429.17.

Final Word: Today's trading will be defined by key data analysis and anticipation of Amazon AMZN and Apple's post-bell earnings. Caution is advised, as there could be significant volatility. Stay alert and disciplined, and good luck trading today!

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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will get early access to the Morning Memo just like this one every single day, hours before it goes to publication. For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience.