Market Clubhouse Morning Memo - August 5th, 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 517.39. For bullish traders, a move higher to 518.04 is the first target. If buyers maintain control above this level, we can expect an advance to 518.76. Sustained bullish momentum above 518.76 may push the price up to 519.71, with the ultimate high bull target set at 520.67 for the day.

Should 517.39 fail to hold as support, bearish traders will aim for a test of 516.58. Increased selling pressure could drive the price down to 515.68. If this level is breached, 514.62 will act as a significant support level. In the event of a strong bearish session, the low bear target for SPY stands at 513.76.

Invesco QQQ Trust Series 1

QQQ QQQ is currently positioned around 428.50. Bulls will want to see the price move above 429.40. Holding this level as support could pave the way for a climb to 430.16. Continued bullish activity might bring 431.18 into play, with a further push potentially reaching 431.82. The high bull target for QQQ today is 432.84.

If the price struggles to stay above 428.50, bears will likely test 427.32. Increased selling could drive the price down to 426.64. Should bearish momentum persist, 425.77 will be the next key level. If this level fails to hold, the low bear target for the day is set at 424.82.

Apple Inc.

Apple AAPL is trading around 203.48. Bulls are aiming to establish 204.33 as a support level. A successful hold here could see the price rally to 205.54. If buying pressure continues, we might see a further move up to 206.55. The high bull target for Apple today is set at 207.18.

If 203.48 fails as support, the bears will look to drive the price down to 202.29. Increased selling pressure could bring the price lower to 200.53. Should bearish momentum continue, 199.51 will be the next level in play. If this level is breached, the low bear target for Apple stands at 198.79.

Microsoft Corp.

Microsoft MSFT is trading near 392.49. For bulls, maintaining support above 393.47 is crucial. A strong hold here could propel the price to 394.46. Sustained buying could see the price climb further to 395.68, with the high bull target for the day at 397.65.

Should 392.49 fail as support, bears will aim to push the price down to 390.98. Increased selling pressure might lead to a test of 389.29. If bearish sentiment prevails, 388.53 will be the next target. The low bear target for Microsoft today is 387.60.

NVIDIA Corporation

NVIDIA is trading around 96.58. Bulls will aim for a push to 97.20 and establish it as a support level. Continued buying could drive the price up to 98.02. If bullish momentum persists, we could see a rally to 99.16, with the high bull target for NVIDIA at 99.87.

If 96.58 fails as support, bears will target 95.81. Increased selling pressure could bring the price down to 95.02. Should the bearish trend continue, 94.05 will be the next key level. The low bear target for NVIDIA today is 92.47.

Alphabet Inc Class A

Alphabet GOOGL is trading around 158.54. Bulls need to hold support at 160.36 for a move higher. A successful hold could push the price to 161.79. Continued bullish momentum might lead to a rally to our high bull target of 163.79.

If 158.54 fails as support, bears will aim to drive the price down to 157.41. Further selling pressure could test 156.61. On heavy selling, the price might drop to the low bear target of 155.59.

Meta Platforms Inc

Meta META is trading around 464.57. Bulls will look to maintain support above 465.81 and push the price higher to 468.38. If buying strength continues, the price could reach 470.28, with the high bull target for Meta at 472.19.

Should 464.57 fail as support, bears will aim to bring the price down to 462.20. Increased selling pressure could test 458.59. If bearish momentum continues, the low bear target for Meta today is 455.87.

Tesla Inc.

Tesla TSLA is trading around 191.52. Bulls will aim for a move up to 193.81. Continued buying could drive the price higher to 195.91. If there is a strong bullish rally, the price might test 197.50, with the high bull target for Tesla at 198.87.

If 191.52 fails as support, bears will look to test 189.22. Increased selling could bring the price down to 186.10. Should this level break, the low bear target for Tesla is 184.10.

Final Word: Today's trading session is poised to be highly impactful, beginning with the release of the Final S&P Global Services PMI for July at 9:45 AM ET. This data will provide insights into the health of the services sector, a key component of the economy. Following this, at 10:00 AM ET, the ISM Services Index, along with Prices Paid, Employment, and New Orders for July, will be released. These indicators will give a comprehensive view of business conditions in the services industry, which can significantly influence market sentiment.

Additionally, we will hear from non-voting Fed member Goolsbee at 8:30 AM ET. His comments could offer hints about the Federal Reserve's outlook on inflation and economic growth, providing further guidance to market participants. With increasing concerns about a potential US recession, traders should approach the markets with heightened caution today.

Another critical factor to watch is the unwinding of the Yen carry trade, which has been causing significant volatility in the currency markets. This unwinding could have broader implications for global financial markets, as investors reallocate capital, impacting equity and bond markets worldwide.

The combination of these critical data releases, potential insights from the Fed, and the yen carry trade dynamics makes today's session particularly volatile. It's essential for traders to stay vigilant, manage their risks carefully, and be ready to react swiftly to any market-moving information. The interplay between these economic indicators and market expectations will create a dynamic trading environment. Good luck, and keep your head on a swivel.

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.