Market Clubhouse Morning Memo - August 9th, 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 near the key level of 531.57. For a bullish scenario, we’re looking for an initial push towards 532.56. Should the price maintain strength above this level, the next target would be 534.17. If 534.17 is defended during regular trading hours, we anticipate further upward movement to 535.43, with 536.31 as the high bull target for the day.

On the bearish side, if 531.57 fails to hold as support, we expect sellers to challenge the 530.77 level. A break below 530.77 could see the bears testing 530.09, and if selling pressure intensifies, the price could drop to 528.66. In the case of a significant downward move, the low bear target for today is set at 527.36

Invesco QQQ Trust Series 1

QQQ QQQ is currently trading near the critical level of 449.36. For bulls, holding this level is crucial, as it could set the stage for a move towards 450.98. If 450.98 is established as support, we could see a further rally to 452.14, with a possible test of 452.98 if the buying momentum continues. The high bull target for today is positioned at 454.10.

Should 449.36 fail to hold, we anticipate bearish pressure pushing the price down to 447.73. If weakness persists, the next level to watch would be 446.51, with sellers potentially driving the price further down to 445.43. The low bear target for QQQ is set at 445.09 if the selling intensifies.

Apple Inc.

Apple AAPL is trading around the key level of 212.44. Bulls need to defend this level to potentially drive the price higher towards 214.07. If 214.07 can be reclaimed as a support level, we could see continued bullish momentum pushing the price to 215.25, with a high bull target for today at 216.70 if the rally holds strong.

Conversely, if 212.44 breaks as support, bears might take control and push the price lower to 211.12. A break below this level could lead to further declines towards 209.81. If the selling pressure is strong, the next level to watch is 208.81, with a low bear target set at 207.93.

Microsoft Corp.

Microsoft MSFT is currently hovering near 406.01. For a bullish outlook, we want to see the price maintain strength above 407.11. If this level can hold as support, the next target would be 408.46. A sustained rally could push the price to 409.69, with the high bull target for the day at 410.64.

If 406.01 fails to hold as support, bears may push the price lower to 404.92. A break below this level could trigger a further drop towards 402.74, with continued downside pressure likely bringing the price down to 401.39. The low bear target for Microsoft is set at 400.30 for today.

NVIDIA Corporation

NVIDIA NVDA is trading near the crucial level of 106.30. Bulls need to push the price up to 107.51 and establish it as a support level for further upward momentum. If successful, the next target is 109.12, with a potential rally taking the price to 109.86. The high bull target for today is set at 110.73.

On the flip side, if 106.30 breaks as support, bears might drive the price lower to 105.23. If this level fails, the next downside target would be 103.96. Continued selling pressure could lead to a test of 102.55, with a low bear target for NVIDIA at 101.02.

Alphabet Inc Class A

Alphabet GOOGL is trading around 161.79. Bulls should aim to defend this level and push the price towards 163.79. If 163.79 can be secured as support, we may see continued buying momentum leading to the high bull target of 165.41.

If 161.79 fails to hold, bears are likely to challenge the 160.36 level. A break below this could see the price drop to 158.54, with heavy selling possibly bringing the price down to the low bear target for the day at 157.41.

Meta Platforms Inc

Meta META is currently trading near 508.25. For the bulls, maintaining support at this level could lead to a move higher to 512.85. If the rally holds, the price could reach 515.39, with continued bullish action targeting 520.27 as the high bull target.

Should 508.25 fail to hold, bears might drive the price down to 504.54. If the selling continues, the next target would be 500.83. A break below this level could see the price fall to the low bear target at 498.03.

Tesla Inc.

Tesla TSLA is trading around the key level of 200.43. Bulls need to push the price towards 201.85 for a potential rally. If 201.85 holds as support, the next target is 204.33. Continued buying could see the price rise to 206.71, with the high bull target for today set at 209.51.

If 200.43 fails to hold, bears might push the price down to 198.87. If selling intensifies, the next support level to watch is 197.50. A break below this could see Tesla drop to the low bear target of 195.91.

Final Word: Today's session lacks significant U.S. economic data releases, which could result in lower volatility driven primarily by large funds adjusting their positions and the impact of 0DTE options expiring today. However, there are a couple of notable reports to watch. At 8:30 AM ET, the Canadian Unemployment Rate for July will be released, which might influence broader market sentiment. Additionally, the Philly Fed Survey of Professional Forecasters at 10:00 AM ET could offer some insight into economic expectations. With limited data on tap, traders should be mindful of potential volatility spikes from large orders and the influence of expiring options. Stay alert, keep your head on a swivel, 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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This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.