Market Clubhouse Morning Memo - August 7th, 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 the 518.04 level. For the bullish scenario, we need to see a rise to 518.76. If the price can sustain above this level, we anticipate buyers pushing the price up to our next target at 519.71. Maintaining above 519.71 could lead to a further rise towards 520.67. The high target for SPY on a strong bullish day is set at 521.85.

If 518.04 fails to hold as support, we expect the bears to test 517.39. Should selling pressure continue, the next target for bears is 516.58. A break below 516.58 on heavy selling could bring the price down to 515.68. In the event of a significant sell-off, the low target for SPY is 514.62.

Invesco QQQ Trust Series 1

QQQ QQQ is currently trading near the 434.76 level. For a bullish move, we need to see the price stay above 434.76. If it holds, the next target is 435.88 as a solid support. Continued buying could drive the price to 436.58. If the upward momentum persists, we could see a test of 437.47. The high bull target for QQQ today is 438.89.

If the price struggles to stay above 434.76, bears might take over and drive it down to 433.64. If the selling intensifies, the next support level is 432.84. Persistent selling could bring the price down to 431.82. If this level fails, the low target for QQQ is set at 431.18.

Apple Inc.

Apple AAPL is currently around the 209.81 level. For a bullish outlook, we need to see this level hold as support. If it does, the price could rise to 211.12. Sustained bullish action may push the price further to 212.44. If buyers dominate, the target for a strong day is 214.07.

Should 209.81 fail to hold as support, we look for a test of 208.81. If selling continues, the next target is 207.93. Persistent selling pressure could drive the price down to 207.18. If this level breaks, the low target for Apple is 206.55.

Microsoft Corp.

Microsoft MSFT is currently trading around 398.38. For the bulls, holding above 399.21 is crucial and could push the price to 400.30. Sustained support here might lead to a rise towards 401.39. Continued buying strength could see Microsoft reaching the high bull target of 402.74.

If 398.38 doesn't hold as support, bears might test 397.65. If this level is breached, the next target is 395.68. Continued downside pressure could drive the price to 394.46. The low bear target for Microsoft is 393.47.

NVIDIA Corporation

NVIDIA NVDA is trading around 99.16. Bulls need to push the price up to 99.87 and establish it as support. If successful, we could see the price move to 101.02. Continued buying pressure could drive a rally up to 102.55. The high bull target for NVIDIA is 103.96.

If 99.16 fails to hold as support, bears will likely test 98.02. Should this level break, the next target is 97.20. Persistent selling could see the price drop to 96.58. The low bear target for NVIDIA is 95.81.

Alphabet Inc Class A

Alphabet GOOGL is trading around 158.54. For bulls, maintaining support at 160.36 is key and could drive the price to 161.79. Continued bullish momentum might push the price to the high target of 163.79.

If 158.54 cannot hold as support, bears may drive the price down to 157.41. A break below this level could lead to a test of 156.61. Heavy selling might push the price to the low target of 155.59.

Meta Platforms Inc

Meta META is trading around 488.81. Bulls need to hold this level as support and aim for 492.33. If the buying continues, the next target is 495.54. Sustained bullish momentum could push Meta to the high target of 498.03.

If 488.81 fails as support, bears might target 485.96. Continued selling could see the price drop to 483.11. If this level breaks, the low bear target for Meta is 480.96.

Tesla Inc.

Tesla TSLA is trading around 191.52. Bulls need to push the price up to 193.81 and hold it as support. Continued buying could drive the price to 195.91. If bullish sentiment persists, Tesla might test 197.50. The high bull target for Tesla is 198.87.

If 191.52 fails as support, bears might test 189.22. Continued selling pressure could bring the price down to 186.10. If this level breaks, the low bear target for Tesla is 184.10.

Final Word: Today's trading session is filled with crucial economic indicators that could heavily influence market movements. The day starts with the release of the Initial and Continuing Jobless Claims at 8:30 AM ET, providing insights into the labor market's health. At 10:00 AM ET, the Final Wholesale Inventories and Trade Sales data for June will be released, which will give a clearer picture of inventory levels and trade activities. An auction for 4 and 8 Week Bills by the Treasury at 11:30 AM ET will also be a key event.

The most significant event of the day is the 30 Year Bond Auction by the Treasury at 1:00 PM ET. This auction is crucial as it reflects investor confidence in long-term government debt. Later, at 3:00 PM ET, we will hear from Fed member Barkin, whose comments could provide additional insights into future monetary policy. Given the breadth of these economic events, we can expect a fair amount of volatility throughout the session.

The combination of labor market data, inventory and trade sales figures, and key Treasury auctions, along with remarks from a Fed official, sets the stage for a highly dynamic trading environment. Traders should remain alert and prepared for quick market shifts, managing their positions and risks carefully. It’s essential to stay informed and be ready to act on new information as it becomes available. Trade safely, keep your head on a swivel, 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.