Market Clubhouse Morning Memo - August 1st, 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 552.50. For the bulls, we are aiming for a move to 553.66. If the price action stays strong above 553.66, the next target is 555.11. Should 555.11 hold during regular trading hours, a further push to 556.27 is expected. The high bull target for SPY today is 557.44.

If 552.50 fails to hold as support, we anticipate the bears testing 551.33. Should sellers remain active, the next level to watch is 550.45. If this level breaks down on heavy selling, we have strong support at 549.67. If today's session is dominated by selling, our low bear target is 549.00.

Invesco QQQ Trust Series 1

QQQ QQQ is currently trading around 474.66. For the bulls, we want to see buyers sustain above 474.66. If this level holds as support, the next target is 476.85. Continued buying pressure could push the price to 479.03. If the auction remains strong, we expect a test of 481.73. Our high bull target for QQQ today is 483.95.

If 474.66 struggles to hold during regular trading hours, we look for the bears to take control and push the price down to 471.33. Continued selling pressure could test 469.27. If sellers persist, the next level is 467.60. If this level fails to hold, our low bear target for QQQ today is 465.93.

Apple Inc.

Apple AAPL is trading around 223.87. For the bulls, we are looking for 223.87 to hold as support. If this level is maintained, the next target is 225.31. Continued bullish momentum could push the price to 226.08. If the bulls reclaim control, we expect a move to our high bull target at 226.90.

If 223.87 does not hold as support, we look for a test of 222.96. Continued selling could bring the price down to 222.24. Persistent selling pressure might push the price to 221.66. If this level is broken, our low bear target for Apple is 220.97.

Microsoft Corp.

Microsoft MSFT is trading around 419.17. For the bulls, we need to see the auction hold above 419.17 and rally to 420.26. If this level holds as support, we expect a move to 421.62. Continued buying could push the price to our high bull target at 422.84.

If 419.17 does not hold as support, we look for the bears to test 417.25. Should this level break, the next target is 416.32. Continued downside pressure could push the price to 414.56. Our low bear target for Microsoft is 413.14.

NVIDIA Corporation

NVIDIA NVDA is trading around 120.27. For the bulls, we want to see the price push up to 121.97 and hold this level as support. If successful, the next target is 123.41. Continued buying could drive the price to 125.21. The high bull target for NVIDIA is 126.84.

If 120.27 does not hold as support, we look for the bears to test 119.44. Should this level break, the next target is 117.86. If the auction remains weak, we expect a test of 116.61. On continued selling pressure, our low bear target for NVIDIA is 115.83.

Alphabet Inc Class A

Alphabet GOOGL is trading around 171.14. For the bulls, we want to see 171.14 hold as support and the price move up to 172.28. Continued bullish momentum could push the auction to 174.01, our high bull target.

If 171.14 fails to hold as support, we look for the bears to push the price down to 169.34. If this level breaks, the next target is 167.04. On heavy selling, we expect the price to drop to our low bear target for Alphabet at 165.41.

Meta Platforms Inc

Meta META is trading around 508.25. For the bulls, we need the auction to stay above 508.25 and push higher to 512.85. A strong buy-side auction could drive the price to 515.39. Continued bullish momentum could take the price to our high bull target of 520.27.

If 508.25 does not hold as support, we look for the bears to push the price down to 504.54. Continued selling pressure might see the price drop to 500.83. If this level breaks, our low bear target for Meta is 498.03.

Tesla Inc.

Tesla TSLA is trading around 230.65. For the bulls, we want to see the price move up to 233.49. Continued buying could drive the price to 235.74. If the broader market rallies, we might see Tesla testing higher at 238.50. If buyers dominate, the high bull target for Tesla is 239.92.

If 230.65 fails to hold as support, we expect a test of 228.45. Continued selling could bring the price down to 226.53. If this level breaks, our low bear target for Tesla is 223.98.

Final Word: Today's session starts off with the Initial and Continuing Jobless Claims due out at 8:30 AM ET. These reports will provide insights into the labor market, offering clues about employment trends and economic health. At 10 AM ET, we will get the ISM Manufacturing, Prices Paid, New Orders, and Employment numbers for July. These indicators are critical in gauging the manufacturing sector's health and overall economic activity, as well as inflationary pressures within the economy.

Market participants today will be digesting yesterday's FOMC rate decision, which was to keep rates on hold. The focus will be on interpreting the Fed's statements and assessing future monetary policy directions. Additionally, the data releases today will be crucial in shaping market sentiment and expectations.

Market participants are also preparing for the earnings reports from tech giants Apple and Amazon, set to be released after the bell. These earnings announcements are highly anticipated and can significantly influence market movements. The performance of these companies often sets the tone for the broader market, particularly in the tech sector.

Given the confluence of significant economic data releases and major earnings reports, today's trading session is expected to be highly volatile. Traders should be prepared for rapid price movements and adjust their strategies accordingly. It is essential to stay vigilant, manage risks carefully, and be ready to act on any market-moving information. Good luck, keep your head on a swivel, and trade safely!

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.