Market Clubhouse Morning Memo - July 29th, 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

The SPY SPY is currently trading around our level of 545.24. For the bulls, an initial push to 546.46 is desired. If the price remains strong above 546.46, buyers could drive it to our next support level at 547.56. Should 547.56 hold firm during regular trading hours, we might see a further rise to 548.13. Our high bull target for SPY today is 549.00.

If 545.24 fails to hold as support, we expect the bears to challenge 544.04. If sellers emerge, the next test would be at 542.93. A break below this level under heavy selling pressure could lead us to a significant support level at 541.49. In the event of a pronounced sell-off, our low bear target for the day is 540.07.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently trading near our key level of 465.93. For the bulls, maintaining support above 465.93 is crucial. If this level holds, we anticipate a move to 467.60. Sustained buying could bring 469.27 into play. If the market remains strong, we could see a test of 471.33. Our high bull target for the Q's today is 474.66.

If the QQQ struggles to stay above 465.93, we look for the bears to drive the price down to 463.56. Continued selling pressure may target 462.14 next. If the downward momentum persists, we expect a test of 460.55. Failing to hold here could see the price fall to our low bear target of 458.83.

Apple Inc.

Apple AAPL is currently trading around our level of 219.19. For the bulls, holding 219.19 as support is key. A rally from here could push the price to 220.29. Continued bullish momentum might drive the price to 220.97. If the bulls take control, we aim for a high bull target of 221.66.

If 219.19 fails to hold as support, we anticipate a test of 218.08. Persistent selling pressure could drive the price down to 216.70. If this level is breached, the next target is 215.25. Should selling continue, we look for the bears to push the price to our low bear target of 214.07.

Microsoft Corp.

Microsoft MSFT is currently trading near 428.48. For the bulls, it's important to hold above 428.48 and push towards 429.25. If this level becomes a strong support, the price could rally to 430.25. Continued upward momentum could see the price reach our high bull target of 431.25.

If 428.48 doesn't hold, we expect the bears to challenge 427.36. Breaking below this level might see the price test 426.00. Further selling could drive the price down to 425.16. Our low bear target for Microsoft is 423.81.

NVIDIA Corporation

NVIDIA NVDA is currently trading around 114.29. For the bulls, a push to 115.15 is needed. If this level becomes support, we expect a rise to 115.83. Continued buying pressure might drive the price up to 116.61. The high bull target for NVIDIA today is 117.86.

If 114.29 fails to hold, we look for a test of 113.68. Should selling persist, the price could drop to 112.54. Further weakness might drive the price to 111.70. If selling continues, our low bear target for NVIDIA is 110.73.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 169.34. For the bulls, maintaining support at 169.34 is critical. A move higher could see the price reach 171.14. Sustained buying might drive the price to our high bull target of 172.28.

If 169.34 fails to hold, we expect the bears to push the price down to 167.04. Continued selling pressure could test 165.41. A significant sell-off might drive the price to our low bear target of 163.79.

Meta Platforms Inc

Meta META is currently trading near 470.28. For the bulls, holding above 470.28 is essential. A move higher could see the price reach 472.19. Continued bullish activity might push the price to 473.93. The high bull target for Meta today is 475.19.

If 470.28 doesn't hold, we look for the bears to drive the price down to 468.38. Persistent selling pressure might target 465.81. Further weakness could see the price fall to our low bear target of 464.57.

Tesla Inc.

Tesla TSLA is currently trading around 223.98. To the upside, bulls need to push the price to 226.53. Continued buying might see a rally to 228.45. If the broader market rallies, Tesla could test 230.65. A strong buying session could push the price to our high bull target of 233.49.

If 223.98 fails to hold, we anticipate a test of 222.19. Continued selling might drive the price down to 220.65. A break below this level could see the price drop to our low bear target of 219.39.

Final Word: Today's session has minimal data releases. At 10:30 AM ET, the Dallas Fed Manufacturing Activity report for July is scheduled, which may introduce slight volatility. Later, at 11:30 AM ET, the Treasury will conduct a 3 and 6 Month Bill Auction. Given the sparse data today, market participants are likely positioning ahead of the FOMC rate decision on Wednesday.

In addition to the limited economic data, traders should keep an eye on any geopolitical news or unexpected announcements that could impact market sentiment. With the Federal Reserve's upcoming rate decision, the market is on edge, and any hints about future monetary policy will be closely scrutinized. 

Given the lack of significant data releases today, market moves might be more technical in nature, with traders relying on key support and resistance levels. Stay vigilant and be prepared for potential shifts in market dynamics. Trade safely and 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.

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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.