Market Clubhouse Morning Memo - July 18th, 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 558.32. For the bullish scenario, we'd like to see a push higher initially to 559.75. If the price action remains strong above 559.75, we're looking for buyers to lift the price to our support level of 560.83. Should 560.83 hold up during regular trading hours, we'd expect a move up to 561.90. Our high bull target for SPY today is 563.23.

If 558.32 fails to hold as support, we're anticipating the bears to test the strength of 557.44. Should we see sellers taking control, the bears will likely test lower at 556.27. A breakdown at this level on heavy selling brings us to a strong support level lower at 555.11. If today's session turns heavily bearish, our low bear target for the day is 553.66.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading around our key level of 483.95. For the bulls, we want to see buyers sustaining above 483.95. If this level can be maintained as support, we're targeting 486.10 as the next strong support. Continued buying strength could push the price to 487.69. If the auction remains strong today, we may see a test higher at 490.05. Our high bull target for the Q's today is 491.82.

If the auction struggles to hold above 483.95 during regular trading hours, we expect the bears to take control and aggressively sell down to 481.73. If weakness persists, the bears should test lower at 479.03. If sellers remain persistent, a test of 476.85 is expected. Should this level fail to hold as a strong support, we're looking for the bears to target our low bear level of 474.66 for the day.

Apple Inc.

Apple AAPL is currently trading around our level of 229.03. For the bullish scenario, we need 229.03 to be held as support. The bulls would then aim for a rally higher to 230.25. Sustained bullish momentum could push the price up to 231.76. If the bulls take control of Apple today, we'd want to see a move higher towards our high bull target of 233.28.

If 229.03 fails to hold as support during regular trading hours, we expect a lower test at 227.82. Continued selling pressure may drive the auction down to 226.90. Further selling pressure would bring 226.08 into play. If this level breaks down, we're targeting a move to our low bear level for the day at 225.31.

Microsoft Corp.

Microsoft MSFT is currently trading around our level of 444.95. For a bullish scenario, we need to see the auction hold strong above 444.95 and rally to 446.33, holding it as support during regular trading hours. A hold above this key level could trigger a rally to the upside targeting 448.18. Continued buying momentum could push the price to our high bull target for the day at 450.26.

If 444.95 fails to hold as support during regular trading hours, we expect the bears to probe down to 442.95. Should this level break down, the bears will likely push lower to 441.34. Continued downside pressure could drive the price lower to 438.72. Our low bear target for Microsoft today is 437.10.

NVIDIA Corporation

NVIDIA NVDA is currently trading around our key level of 120.27. For a bullish move, we want to see the auction push up to 121.97 and reclaim it as a clear support level. If successful, the bulls should aim to push the price up to 123.41. Continued buying pressure could lead to a rally up to 125.21. The high bull target for NVIDIA today is 126.84.

If 120.27 fails to hold as a strong support level in today's session, we expect the bears to test lower at 119.44. Should this level break down and sellers take over, a drop to 117.86 is likely. If the auction remains weak today, a test of 116.61 is expected. Continued selling pressure could see the price reach our low bear target for the day at 115.83.

Alphabet Inc Class A

GOOGL Alphabet is currently trading around our level of 181.77. For the bulls, we're looking for 181.77 to hold as support and for the auction to move higher to 183.40. Continued bullish momentum could push the auction towards our high bull target of 184.52.

If 181.77 fails to hold as support during regular trading hours, we expect the bears to drive the price down to 180.46. Should this level break down, the bears will likely probe 179.15. On heavy selling, we expect the auction to drop to our low bear target for the day at 177.28.

Meta Platforms Inc

Meta META is currently trading around our level of 465.81. For a bullish scenario, we need the auction to hold strong above 465.81 and aim for a move to 468.38. A strong buy-side auction could push the price higher to 470.28. Continued bullish momentum could drive the auction to our high bull target of 472.19.

If 465.81 fails to hold as support during regular trading hours, we expect the bears to drive the price down to 464.57. Continued selling pressure could push the price lower to 462.20. Should this level break down, we expect the bears to target our low bear level for the day at 458.59.

Tesla Inc.

Tesla TSLA is currently trading around our key level of 250.25. To the upside, we want to see the bulls push the price up to 252.38. Continued buying pressure could lead to a rally up to our key level of 254.28. If the broader market sees a bullish rally today, Tesla is likely to test higher at 256.34. A significant amount of buyers could drive the price to our high bull target for the day at 257.56.

If 250.25 fails to hold as a strong support level in today's session, we expect a lower test at 248.37. Continued selling pressure could bring 246.16 into play. If this level breaks down and sellers dominate, we anticipate a drop in the price to our low bear target for the day at 243.98.

Final Word: Today's session is light on data, with only two significant events that traders should monitor closely. At 8:30 AM ET, the Continuing and Initial Jobless Claims reports will be released. These reports are crucial indicators of labor market health and can significantly influence market sentiment and direction.

Later in the day, at 1:30 PM ET, the Treasury will conduct a 10-Year TIPS (Treasury Inflation-Protected Securities) Auction. The results of this auction can provide insight into investor sentiment regarding inflation expectations and the overall demand for inflation-protected securities. A strong auction could indicate that investors are seeking protection against inflation, while a weak auction may suggest lower inflation concerns or reduced demand for these securities.

In addition to these scheduled events, it is important to keep an eye on trading volumes and any unexpected news or geopolitical developments that could impact market movements. 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.

Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day—hours before it's published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.

For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at https://marketclubhouse.club/7Days/ where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: https://www.youtube.com/@MarketClubhouse.

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