Market Clubhouse Morning Memo - July 10th, 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 the level of 556.27. For the bulls, we are eyeing a push higher initially to 557.44. If the price action stays robust above 557.44, buyers might aim to elevate the price to the support level of 558.32. Should 558.32 hold steady during regular trading hours, we anticipate a move up above to 559.75. The high bull target for SPY today is set at 560.83.

On the downside, if 556.27 fails to hold as support, we expect bears to challenge the strength at 555.11. If sellers dominate, they will likely test lower at 553.66. Breaking this level on significant selling pressure, we see a strong support lower at 552.50. In case of an intense sell-off, our low bear target for the day stands at 551.33.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently trading around our key level of 498.37. For the bulls, we need to see buyers maintain the price above 498.37. If this level holds as support, we expect it to rise to 501.07. Continued buying strength could bring the level of 504.44 into play. If the market remains strong today, we are likely to see a higher test at 506.68. The high bull target for the QQQ today is 509.87.

Conversely, if the price struggles to stay above 498.37 during regular trading hours, we anticipate the bears will take control and push lower to 495.35. In the event of weakness, the bears might test 493.60. If sellers persist, we expect to see a challenge of 491.82. If this level does not hold, the bears could push down to our low bear target of 488.96.

Apple Inc.

Apple AAPL is currently trading around the level of 229.03. For the bulls, it is crucial for 229.03 to hold as support. If the price sustains this level, we anticipate a rally higher to 230.25. Continued bullish momentum might see the price advancing to 231.76. Should the bulls gain control of Apple today, we expect a push higher to our high bull target of 233.28.

If 229.03 does not hold as support during regular trading hours, we look for a test lower at 227.82. With ongoing selling pressure, the bears might drive the price down to 226.90. Further selling could bring 226.08 into play. If this level breaks, we foresee the bears pushing the price to our low bear target of 225.31.

Microsoft Corp.

Microsoft MSFT is trading around the level of 460.78. For the bulls, it is essential for the auction to stay strong above 460.78 and rally to 462.07, holding this level as support during regular trading hours. If sustained, the price might rally to 463.27. Continued buying momentum could propel the price to our high bull target of 464.70 for the day.

If 460.78 fails to hold as support, we expect the bears to challenge 459.18 to the downside. Should this level break, the next target for the bears is 457.25. With ongoing downward pressure, the price might fall to 455.77. Our low bear target for Microsoft today is set at 453.02.

NVIDIA Corporation

NVIDIA NVDA is currently trading around the key level of 132.19. For the bulls, a push to 133.31 is needed, reclaiming it as a defined support area. If successful, we look for the price to rise to 134.56. Continued buying could lead to a rally up to 135.64. The high bull target for NVIDIA today is 136.98.

Should 132.19 not hold as support, we expect the bears to test lower at 131.42. If this level breaks down, a drop to 129.53 is anticipated. In a weaker auction, we foresee a challenge at 128.10. Continued selling pressure could push the price to our low bear target of 126.84.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around the level of 189.57. For the bulls, maintaining this level as support and pushing the auction higher to 190.41 is crucial. If bullish momentum continues, the auction might reach our high bull target of 191.45.

If 189.57 does not hold as support, we expect the bears to push the price down to 188.73. Should this level break, the initial target for the bears is 187.47. On heavy selling, we anticipate the price to fall to our low bear target of 186.68.

Meta Platforms Inc

Meta META is trading around the level of 531.03. For the bulls, maintaining strength above 531.03 as support is key. If this level holds, the price might rise to 537.68. A strong bullish auction could push the price higher to 541.79. Continued bullish momentum might bring the auction to our high bull target of 548.44.

Conversely, if 531.03 fails to hold as support, we expect the bears to drive the price down to 526.29. Further sell-side pressure might lower the price to 520.27. If this level breaks, the bears could push Meta down to our low bear target of 515.39.

Tesla Inc.

Tesla TSLA is trading around the key level of 262.68. On the upside, bulls aim to push the price to 264.46. Continued buying could see a rally to 266.83. If the broader market rallies today, Tesla might test higher at 269.48. With significant buying, the price could reach the high bull target of 272.42.

If 262.68 fails to hold as support, we anticipate a lower test at 259.81. Continued selling might bring 257.56 into play. If this level breaks and sellers dominate, we expect a drop to our low bear target of 256.34.

Final Word: Today's session has minimal data releases, with the most notable event being the 10-Year Note Auction from the Treasury at 1 PM ET. Fed Chair Jerome Powell will deliver his semi-annual monetary policy testimony before the House Financial Services Committee. Market participants will be closely watching for any new information or deviations from his previous testimony before the Senate. Stay alert, trade cautiously, 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.