Market Clubhouse Morning Memo - August 22nd, 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 is currently positioned around our level of 561.90. For the bullish scenario, we'd like to see an initial move higher towards 563.23. If the price action remains robust above 563.23, we're targeting a potential rise to 564.29. If 564.29 sustains as support during regular trading hours, it could pave the way for a push towards 565.38. Our high target for a bullish outcome today on SPY is 566.46.

On the flip side, if 561.90 fails to hold as support, we expect the bears to test the waters at 560.83. If sellers gain traction, they may drive the price lower to 559.75. Should this level break down under heavy selling pressure, we’re eyeing a more substantial support level at 558.32. If the session turns aggressively bearish, our low target for SPY would be 557.44.

Invesco QQQ Trust Series 1

The Q's are currently around our key level of 483.95. For the bullish case, we need to see buyers maintain control above 483.95. If this level holds as support, we're looking at a potential move to 486.10. Sustained buying pressure could push the price up to 487.69. If the auction remains strong today, we might see a test of the higher level at 490.05. The high bull target for QQQ today is set at 491.82.

However, if 483.95 struggles to hold during the session, we anticipate the bears could take over, driving the price down to 481.73. Continued weakness may lead to a test of the lower level at 479.03. If sellers maintain their grip, we expect the auction to probe 476.85. Should this level give way, the bears could push the Q's down to the low target of 474.66.

Apple Inc.

Apple is currently trading near our level of 226.90. For a bullish outlook, we're watching for 226.90 to be held firmly as support. If buyers succeed in maintaining this level, we could see a move higher to 227.82. Continued bullish momentum could drive the price towards 229.03. If the bulls remain in control, our high bull target for the day on Apple is 230.25.

On the other hand, if 226.90 fails to hold as support, we anticipate a test of the lower level at 225.31. Persistent selling pressure could push the price further down to 223.87. If the downside continues, 222.96 could come into play as the next support level. Should this level break, we're looking at a potential drop to our low target for the day at 222.24.

Microsoft Corp.

Microsoft is currently trading around the 423.81 level. For the bullish scenario, we're looking for the auction to hold above 423.81 and move towards 425.16. If 425.16 can establish itself as support, it could trigger a rally towards 426.00. Continued bullish action may drive the price to our high bull target for the day on Microsoft at 427.36.

Conversely, if 423.81 doesn’t hold as support, we're expecting the bears to challenge 422.84. A break below this level could see the price moving down to 421.62. If selling pressure intensifies, the bears could push the price lower to 420.26. Our low target for the day on Microsoft is set at 419.17.

NVIDIA Corporation

NVIDIA is currently trading around the key level of 129.53. For the bulls, we want to see a push towards 131.42 and for this level to be reclaimed as a significant support zone. If the bulls can hold above this level, a move to 132.19 could be on the cards. Further buying could drive a rally to 133.31, with the high bull target for the day set at 134.56.

If, however, 129.53 cannot hold as support in today's session, we anticipate a test of the lower level at 128.10. Should this level be broken, we might see the price drop to 126.84. Continued bearish momentum could bring 125.21 into focus. If the pressure persists, our low bear target for NVIDIA would be 123.41.

Alphabet Inc Class A

Alphabet is currently around the level of 167.04. For the bullish scenario, we need 167.04 to hold as support, with the potential for the auction to move higher towards 169.34. If the buying continues, we could see the price moving up towards our high bull target of 171.14.

However, if 167.04 fails to hold, we expect the bears to drive the price down to 165.41. A break below this level could see the auction testing 163.79. If selling pressure increases, the bears might push the price down to our low target for the day at 161.79.

Meta Platforms Inc

Meta is currently positioned around 534.33. For a bullish outlook, we want to see this level hold as support, with the potential for the price to move higher to 537.68. If the buying pressure is strong, we could see a further push towards 541.79. If the bulls maintain their strength, the high target for Meta today is 548.44.

If 534.33 fails to hold during the session, we’re watching for the bears to push the price down to 531.03. Continued selling could see the price drop further to 526.29. If this level breaks, we’re looking at a potential move down to our low bear target for Meta at 520.27.

Tesla Inc.

Tesla is currently trading near 223.98. For the bulls, we’re looking for a push towards 226.53, with continued buying potentially driving the price to our key level of 228.45. If the broader market sees a bullish rally today, Tesla might test the higher level at 230.65. With significant buying activity, the price could reach the high bull target at 233.49.

On the downside, if 223.98 doesn’t hold as support, we anticipate a move lower to 222.19. Further selling could bring 220.65 into play. Should this level break, the price may drop to our low target for Tesla today at 219.39.

Final Word: Today’s trading session brings several key data points that could influence market movements. The morning kicks off with the Initial and Continuing Jobless Claims at 8:30 AM ET, providing insights into the labor market. At 9:45 AM ET, we’ll get the Preliminary S&P Global Manufacturing PMI for August, which could shed light on economic activity. Shortly after, at 10:00 AM ET, the Existing Home Sales data for July will be released, giving us a glimpse into the housing market’s health. In the afternoon, at 1:00 PM ET, the Treasury’s 30-Year TIPS Auction will take place, which could have implications for long-term interest rates.

Given the mix of labor market data, manufacturing indicators, and housing market updates, today’s session is likely to be dynamic. Traders should stay alert, manage risk carefully, and be prepared to adapt to the evolving market conditions. With the potential for significant price swings, it’s crucial to keep your head on a swivel and trade with caution. 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.