Market Clubhouse Morning Memo - July 26th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA)

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 around the level of 541.49. For the bullish scenario, we want to see a rise initially to 542.93. If this level is sustained, buyers could drive the price to the next support level of 544.04. Should 544.04 hold during the regular session, we anticipate a further move up to 545.24. Our high bullish target for SPY today is 546.46.

Conversely, if 541.49 fails to act as support, we expect the bears to test 540.07. Should sellers dominate, the price might drop to 539.18. If this level breaks with significant selling pressure, we see strong support at 538.30. A particularly bearish session could drive SPY down to our low target of 537.20.

Invesco QQQ Trust Series 1

QQQ QQQ is currently hovering around the crucial level of 463.56. For the bulls, we need to see sustained buying above 463.56. If this level holds as support, the next target is 465.93. Continued bullish momentum could push the price to 467.60. Should the bullish sentiment persist, we expect a test of 469.27. Our high bullish target for QQQ today is 471.33.

If the price struggles to maintain 463.56 during regular trading hours, we expect bearish pressure to push it down to 462.14. Continued weakness could see the price drop further to 460.55. If sellers remain aggressive, we anticipate a move down to 458.83. Should this level fail, our low bearish target for the day is 457.55.

Apple Inc.

AAPL Apple is trading near the level of 219.19. For the bullish scenario, we need 219.19 to hold as support. If the bulls manage this, we look for a rise to 220.29. Continued buying strength could push the price up to 220.97. Should bullish control continue, we aim for a high bull target of 221.66.

If 219.19 fails to hold as support, the bears will likely test 218.08. Continued selling pressure could drive the price down to 216.70. If the bearish momentum persists, we expect to see a test of 215.25. A strong bearish session could push the price down to our low target of 214.07.

Microsoft Corp.

MSFT Microsoft is currently trading around 421.62. For the bulls, holding above 421.62 is crucial. If successful, the next target is 422.84. Continued bullish momentum could see the price reach 423.81. If the buyers remain strong, we anticipate a move to our high bull target of 425.16.

If 421.62 fails to act as support, the bears will likely test 420.26. Should this level break, the next target is 419.17. Continued bearish pressure could push the price to 417.25. Our low bear target for Microsoft today is 416.32.

NVIDIA Corporation

NVDA NVIDIA is trading around the key level of 114.29. For the bullish case, we want to see a move up to 115.15. If this level is reclaimed as support, the next target is 115.83. Continued buying could push the price up to 116.61. Our high bull target for NVIDIA today is 117.86.

If 114.29 does not hold, the bears will likely test 113.68. If this level breaks, we expect a move down to 112.54. Continued selling pressure could drive the price to 111.70. A very bearish session could push the price to our low target of 110.73.

Alphabet Inc Class A

GOOGL Alphabet is trading near 167.04. For the bulls, maintaining this level as support is crucial. If successful, the next target is 169.34. Continued bullish momentum could see the price reach 171.14.

If 167.04 fails to hold, the bears will likely push the price down to 165.41. Should this level break, the next target is 163.79. Heavy selling pressure could drive the price to our low target of 161.79.

Meta Platforms Inc

META Meta is currently trading around 462.20. For the bullish scenario, we need the price to stay above 464.57. If this level holds, the next target is 465.81. Continued buying could push the price to 468.38. Our high bull target for Meta today is 470.28.

If 462.20 fails as support, the bears will likely test 458.59. Continued selling pressure could drive the price down to 455.87. If this level breaks, we expect the price to drop to our low bear target of 453.45.

Tesla Inc.

TSLA Tesla is trading around 223.98. For the bullish case, we want to see a rise to 226.53. Continued buying could push the price to 228.45. If the broader market is bullish, we might see Tesla test 230.65. A strong buying session could push the price to our high bull target of 233.49.

If 223.98 does not hold, the bears will likely test 222.19. Continued selling could drive the price to 220.65. If this level breaks, we expect a drop to our low bear target of 219.39.

Final Word: Today's session will be significantly influenced by the release of the Core PCE Deflator for June at 8:30 AM ET. This key economic indicator will set the tone for the market, providing insight into inflationary pressures and potential clues for the impending FOMC rate decision on Wednesday.

At 10 AM, we'll receive the final University of Michigan Sentiment for July along with the 1-Year and 5-10 Year Inflation expectations. These reports are crucial for gauging consumer confidence and future inflation trends, offering a broader picture of the economic landscape. Additionally, the Kansas City Fed Services Activity report for July, due at 11 AM ET, will provide further insights into the health of the service sector.

Furthermore, today marks the expiration of weekly options, which could add to market volatility. The confluence of economic data releases and options expiration can create a highly dynamic trading environment. Traders should be prepared for potential swings and manage their positions accordingly, keeping a close eye on key support and resistance levels.

Stay disciplined, follow your trading plan, and be ready to adapt to changing conditions. Good luck and Happy Friday!

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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