Market Clubhouse Morning Memo - July 8th, 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 553.66. For the bulls, we need to see an initial push higher to 555.11. If the price maintains strength above 555.11, we expect buyers to drive the price up to our support level of 556.27. If 556.27 holds during regular trading hours, we anticipate a further push to 557.44. Our highest bullish target for the day is 558.32.

Conversely, if 553.66 fails to hold as support, we expect the bears to challenge the 552.50 level. Should sellers be active, the next level to watch is 551.33. A significant breakdown here could see a drop to our robust support at 550.45. In a session dominated by strong selling, our lowest bear target for the day is 549.67.

Invesco QQQ Trust Series 1

The QQQs QQQ are trading around our key level of 495.35. For bullish momentum, we want to see buyers sustain levels above 495.35. If this level holds firm, the next target is 498.37 as a solid support. Continued buying strength could propel the price towards 501.07. In a strong auction, we might see a test of the 504.44 level. The highest bull target for today is 506.68.

If 495.35 struggles to hold during regular trading hours, the bears are likely to drive the price down to 493.60. Weakness at this level could lead to a further decline to 491.82. Persistent selling pressure might test the 488.96 level. If this support breaks, we anticipate the bears pushing down to our low bear target of 486.10.

Apple Inc.

Apple AAPL is currently trading around 226.90. For the bulls, it's crucial to maintain this level as support. A successful hold could see a rally towards 227.82. Continued bullish momentum might drive the price to 229.03. If the bulls maintain control, we could see a push to our high bull target of 230.25 for the day.

Should 226.90 fail to hold as support during regular trading hours, we expect a test of 226.08. Further selling pressure could bring the price down to 225.31. Continued downside momentum might see the price targeting 223.87. If this level fails, our low bear target for the day is 222.96.

Microsoft Corp.

Microsoft MSFT is trading around our level of 468.61. For bullish action, we need the price to hold above 468.61 and rally towards 469.28, establishing it as support. A strong hold here could lead to a rally targeting 469.94. If buying momentum continues, we might see the price reach our high bull target of 470.77.

If 468.61 cannot be maintained as support, the bears will likely test the 467.65 level. A break here could see further decline to 466.44. Sustained bearish pressure might drive the price down to 464.70. Our lowest bear target for Microsoft is 463.27.

NVIDIA Corporation

NVIDIA NVDA is trading around our key level of 125.21. For bullish momentum, we want to see the price push up to 126.84, reclaiming it as support. Continued buying could propel the price towards 128.10. A robust rally might see the price reaching 129.53. Our high bull target for the day is 131.42.

If 125.21 fails to hold as support, we expect the bears to test 123.41. A breakdown here could lead to a drop to 121.97. Further weakness might drive the price to 120.27. Our low bear target for the day is 119.44.

Alphabet Inc Class A

Alphabet GOOGL is trading around 189.57. For bullish action, we need this level to hold as support and see the price push to 190.41. Continued bullish momentum might drive the auction to our high bull target of 191.45.

If 189.57 fails to hold as support during regular trading hours, the bears will likely push the price down to 188.73. A breakdown here could see further decline to 187.47. In case of heavy selling, our low bear target for Alphabet is 186.68.

Meta Platforms Inc

Meta META is trading around 541.79. For the bulls, it is crucial to hold this level as support and see the price rally towards 548.44. A strong upward movement could target 553.05. Continued bullish momentum might push the auction to our high bull target of 559.29.

If 541.79 fails to hold as support, we expect the bears to drive the price down to 537.68. Further selling pressure could bring the price to 531.03. If this level is broken, our low bear target for Meta is 526.29.

Tesla Inc.

Tesla TSLA is trading around 248.37. For a bullish outlook, we need to see the price rise to 250.25. Continued buying could drive the price towards 252.38. If there is a broader market rally, we might see Tesla testing 254.28. A strong bullish session could see the price reaching our high bull target of 256.34.

If 248.37 cannot hold as support, we expect a test of 246.16. Continued selling pressure might drive the price down to 243.98. If sellers are active and this level breaks, our low bear target for Tesla is 242.49.

Final Word: Today's session is light on economic data. At 11 AM ET, we have the New York Fed Survey of Consumer Expectations. At 11:30 AM, the Treasury will hold a 3 and 6 Month Bill Auction, which could give some insight into the government's short-term funding needs. Later, at 3 PM ET, the Consumer Credit for May will be released, providing a look into consumer borrowing trends which can impact market sentiment. Given the lack of significant data, most trading is expected to be positional ahead of more impactful news, data releases, and key speakers later in the week. This calm before the storm can offer strategic opportunities for traders to position themselves favorably. Trade cautiously, manage your risks wisely, and stay prepared for any sudden market moves. Good luck 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.