Market Clubhouse Morning Memo - July 9th, 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 near our level of 556.27. For the bulls, a move higher towards 557.44 would be favorable. If the price can hold above 557.44, buyers may aim for 558.32. If 558.32 is maintained during regular trading hours, we could see a push up to 559.75. The high bull target for SPY today is 560.83.

On the downside, if 556.27 fails to act as support, bears will likely test 555.11. Should sellers dominate, the next level to watch is 553.66. A break below this level could see strong support at 552.50. In the event of a significant sell-off, our low bear target is 551.33.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently trading around our key level of 498.37. For the bulls, we want to see buyers sustain above 498.37. If this level holds as support, we anticipate a move towards 501.07. Continued buying strength might bring 504.44 into play. If the auction remains strong, a test of 506.68 is likely. The high bull target for the QQQ today is 509.87.

If the auction struggles to stay above 498.37, bears might take control, pushing the price to 495.35. Should weakness persist, the next level to watch is 493.60. If sellers continue to dominate, we could see a test of 491.82. Failing to hold this level, the low bear target for the day is 488.96.

Apple Inc.

Apple AAPL is currently trading near our level of 227.82. For the bulls, holding this level as support is crucial. If they succeed, we could see a rally to 229.03. Sustained bullish momentum might push the price to 230.25. If bulls maintain control, a further move to our high bull target of 231.76 is possible.

Conversely, if 227.82 does not hold as support, a test of 226.90 is likely. With continued selling, the bears could push the price to 226.08. Further downside pressure might bring 225.31 into focus. If this level breaks, the low bear target for Apple today is 223.87.

Microsoft Corp.

Microsoft MSFT is currently trading around our level of 467.65. For the bulls, maintaining strength above this level is key. A rally to 468.61 would indicate strong buying interest, with 469.28 as the next target. Continued bullish momentum could see the price reaching our high bull target of 469.94.

Should 467.65 fail as support, bears will likely test 466.44. Breaking below this level, we could see a move to 464.70. Persistent selling pressure might push the price down to 463.27. The low bear target for Microsoft today is 462.07.

NVIDIA Corporation

NVIDIA NVDA is currently trading near our key level of 129.53. For the bulls, we want to see a move up to 131.42 and this level reclaimed as support. If the auction continues strong, the next target is 132.19. Sustained buying could lead to a rally to 133.31. The high bull target for NVIDIA today is 134.56.

If 129.53 fails to hold as support, bears might test 128.10. Breaking below this level, sellers could push the price to 126.84. If the auction is weak, a test of 125.21 is likely. Continued selling pressure could bring the price to our low bear target of 123.41.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around our level of 189.57. For the bulls, maintaining support at 189.57 is essential. A move higher to 190.41 would indicate strong buying interest. Continued bullish momentum might lead to a high bull target of 191.45.

If 189.57 fails as support, bears are likely to push the price down to 188.73. Breaking below this level, the next target is 187.47. On heavy selling, the low bear target for Alphabet today is 186.68.

Meta Platforms Inc

Meta META is currently trading near our level of 531.03. For the bulls, holding above this level is crucial. A move to 537.68 would suggest strong buying interest. If the auction remains strong, a push to 541.79 is possible. The high bull target for Meta today is 548.44.

Conversely, if 531.03 fails as support, bears might push the price down to 526.29. Continued selling could see the price drop to 520.27. If this level breaks, the low bear target for Meta is 515.39.

Tesla Inc.

Tesla TSLA is currently trading near our key level of 252.38. For the bulls, pushing the price to 254.28 would be favorable. Continued buying could see a rally to 256.34. If the broader market is bullish, Tesla might test 257.56. A significant bullish move could bring the price to the high bull target of 259.81.

If 252.38 does not hold as support, bears will likely test 250.25. Continued selling might push the price to 248.37. If this level breaks, the low bear target for Tesla is 246.16.

Final Word: Today's trading session is relatively light on data releases, with the only notable event being the 3-Year Note Auction from the Treasury scheduled for 1 PM ET. Despite the limited economic data, significant market movements are still anticipated. The primary focus of the day will be Jerome Powell's semi-annual monetary policy testimony before the Senate Banking Committee. This event is crucial as it provides insights into the Federal Reserve's outlook on the economy, interest rates, and inflation. Traders should be prepared for potential volatility during Powell's testimony and the subsequent Q&A session, as his comments can significantly impact market sentiment and positioning.

Additionally, remarks from voting members Barr and Bowman are scheduled today. Their statements could provide further clues on the Fed's policy stance and future actions. It's important to remain vigilant for any large positional trades that may occur during these key events. The market's reaction to Powell's testimony and the statements from other Fed members can create opportunities and risks for traders. Stay alert, manage your risk carefully, and be prepared for potential rapid price 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.

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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.