Market Clubhouse Morning Memo - July 16th, 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 presently trading near our key level of 561.90. For a bullish scenario, we are looking for an initial upward push to 563.23. Should the price maintain its strength above 563.23, we anticipate that buyers will aim for our support level at 564.29. If 564.29 holds firm during regular trading hours, we expect to see a further rise to 565.38, with our high bull target for the day set at 566.46.

Conversely, if 561.90 fails to hold as support, we anticipate a bearish move to test 560.83. Should sellers dominate, a further decline to 559.75 is likely. If significant selling pressure continues, we have a robust support level at 558.32. In the event of a pronounced sell-off, our low bear target for the day is 557.44.

Invesco QQQ Trust Series 1

The Q's QQQ are currently trading near our critical level of 496.94. For the bulls, we need to see buyers sustain the price above 496.94. If this level holds as support, we look for a rise to 498.37. Continued buying momentum could bring 499.44 into play, and if the auction remains strong, a test of 501.07 is possible, with our high bull target set at 502.65.

If the auction struggles to stay above 496.94, we expect the bears to take control and push the price down to 495.35. Should weakness persist, the bears will likely test 493.60. If sellers remain in control, we anticipate a test of 491.82, with our low bear target for the day at 488.96.

Apple Inc.

Apple AAPL is currently trading around our level of 234.97. For the bulls, holding 234.97 as support is crucial. If the price remains above this level, we look for a rise to 235.74. Continued bullish momentum could see the price advance to 236.69. Should the bulls maintain control, our high bull target for the day is 238.23.

If 234.97 fails to hold as support during regular trading hours, we anticipate a move lower to test 234.20. If selling pressure continues, the next target is 233.28. Persistent selling could bring 231.76 into play, with our low bear target for the day at 230.25.

Microsoft Corp.

Microsoft MSFT is trading around our level of 453.02. For a bullish outlook, we need the price to stay above 453.02 and rise to 455.77. Holding this level as support during regular trading hours could drive the price higher to 457.25. Continued buying strength might push the price to our high bull target of 459.18.

If 453.02 does not hold as support, we expect the bears to test 450.26 to the downside. Should this level break, the next target is 448.18. Further bearish pressure could push the price to 446.33, with our low bear target for the day at 444.95.

NVIDIA Corporation

NVIDIA NVDA is trading near our key level of 128.10. For the bulls, we want to see a push up to 129.53 and reclaim this level as support. If successful, the next target is 131.42. Continued buying could lead to a rally up to 132.19, with our high bull target for the day at 133.31.

If 128.10 fails to hold as support, we expect a bearish move to 126.84. Should this level break, we look for a drop to 125.21. If selling persists, the price could test 123.41, with our low bear target for the day at 121.97.

Alphabet Inc Class A

Alphabet GOOGL is trading around our level of 187.47. For the bulls, holding 187.47 as support is key. If the price remains above this level, we look for a rise to 188.73. Continued bullish momentum could bring the price to our high bull target of 189.57.

If 187.47 does not hold as support, we expect a move lower to 186.68. If this level breaks, the next target is 186.02. On heavy selling, we anticipate a decline to our low bear target of 184.52.

Meta Platforms Inc

Meta META is currently trading near our level of 498.03. For a bullish scenario, we need the price to stay above 498.03 and rise to 500.83. Continued buying strength could push the price higher to 504.54. If the momentum remains, our high bull target for the day is 508.25.

If 498.03 fails to hold as support, we expect a move lower to 495.54. Continued selling pressure could drive the price to 492.33. If this level breaks, the next target is our low bear target of 488.81.

Tesla Inc.

Tesla TSLA is trading near our key level of 257.56. For the bulls, we look for a push up to 259.81. Continued buying could lead to a rally up to 262.68. If the broader market sees a bullish rally, Tesla might test 264.46, with our high bull target for the day at 266.83.

If 257.56 does not hold as support, we expect a move lower to 256.34. Further selling could bring the price to 254.28. If this level breaks, we look for a drop to our low bear target of 252.38.

Final Word: Today's trading session begins with the release of the Advance Retail Sales data for June, a pivotal economic indicator that often shapes market sentiment and trading activity. Following this, at 10 AM, the NAHB Housing Market Index for July will be released. This index provides valuable insights into the housing market's health and can influence trends in related sectors such as construction and real estate. Monitoring these data points is crucial as they can set the tone for the day’s trading and potentially cause significant market movements.

In the afternoon, market participants will be closely watching the speech by Adriana Kugler, a voting member of the Federal Reserve. Her comments could provide valuable insights into the Fed's future policy direction, particularly in light of current economic conditions. Given her influential role, any hints or statements regarding interest rate decisions or economic outlook could lead to heightened market volatility. Traders should be prepared for potential rapid shifts in market sentiment following her speech, as her insights could impact expectations and strategies.

Although today isn't expected to be the most volatile session, it's essential to remain vigilant for any unexpected news or developments that could disrupt the markets. Pay close attention to trading volumes, as significant movements might indicate large funds making positional trades, which could lead to sudden price swings. Additionally, it's important to stay updated on sector-specific news and global economic developments that might affect broader market sentiment. By focusing on key technical levels and executing well-thought-out strategies, traders can navigate today's market landscape with caution and confidence. Good luck, and as always, 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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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.