Market Clubhouse Morning Memo - August 4th, 2023 (Trade Strategy For SPY, QQQ, AAPL, And MSFT)

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

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

In Friday's SPY premarket session, SPY has shown signs of fading, currently trading around the critical level of 449.42. Should this level prove resilient, we anticipate bulls might push towards 450.23. With a strong hold above that, further gains to 451.01 and 451.61 are possible. In a bullish scenario with widespread surges in stocks, a breakout above 451.61 could lead to a target of 452.55.

Conversely, if sellers dominate the session, a move down to 447.94 may occur, with significant weakness possibly leading to a sharp drop towards 446.31. The day's ultimate bearish target stands at 445.08.

Invesco QQQ Trust Series 1

 The Q's QQQ have trended downward during Friday's premarket but are finding some support at 373.82. A successful defense of this level by the bulls might lead to probing higher targets at 375.18 and 375.98, with an ambitious bull target of 377.58.

If weakness prevails in large cap tech, and a meaningful bounce is absent, a break below 373.82 could lead to an aggressive bear target at 371.96, with the day's final bearish aim within the channel of 370.91 and 370.08.

Apple Inc.

Despite surpassing EPS and sales expectations, Apple's AAPL shares have declined about 2% in after-hours trading following a third straight quarter of revenue decrease. The stock is now slightly below our key level of 185.86. If bullish activity emerges above this level, a rebound to 188.05 is plausible.

Should the stock continue to languish below 185.86, targets of 184.96 and 184.09 may be tested, with an aggressive bear target of 183.38.

Microsoft Corp.

Microsoft MSFT seems to have reached its low point at 328.52 in Friday's premarket. For bullish momentum, we're targeting the upside level of 331.24, with a high bull target of 333.46.

If resistance is met at 331.24, the auction may drift back down to 328.52, and a break below could see bears aiming for 326.05.

Final Word: remarket jobs data. Given that it's the week's last trading day, weekly options expiry might influence trading flows. Stay alert and approach the market with caution. Good luck!

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.