Market Clubhouse Morning Memo - July 17th, 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 around our key level of 560.83. For the bulls, an initial push to 561.90 would be promising. If the price maintains strength above 561.90, we anticipate buyers driving it towards our support level of 563.23. Should 563.23 hold during regular trading hours, a further push to 564.29 is expected. Our high bull target for SPY today is 565.38.

Conversely, if 560.83 fails to hold as support, we look to the bears to challenge 559.75. If sellers dominate, we could see a test at 558.32. A break below this level on heavy selling would bring us to a robust support level at 557.44. If the market experiences significant downward pressure, our low bear target for the day is 556.27.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently trading near our critical level of 490.05. For bullish momentum, we need to see buyers maintain this level. Should 490.05 hold, we look to 491.82 as a strong support level. Continued buying could bring our target level of 493.60 into play. If the buying pressure is strong, a test higher at 495.35 is likely. Our high bull target for the QQQ today is 496.94.

On the flip side, if 490.05 fails during regular trading hours, we expect bears to push lower towards 487.69. Weakness in the market may lead to a test at 486.10. If sellers persist, we anticipate a drop to 483.95. Should this level break, our low bear target for the day is 481.73.

Apple Inc.

Apple AAPL is currently trading around our key level of 229.03. For the bulls, maintaining 229.03 as support is crucial. A rally could see the price moving up to 230.25. If bullish momentum continues, the next target is 231.76. Should the bulls control the auction, a further push to our high bull target of 233.28 is anticipated.

If 229.03 fails to hold during regular trading hours, we look for a test lower at 227.82. Continued selling pressure might drive the auction down to 226.90. Further bearish action could bring 226.08 into play. If this level breaks, the low bear target for Apple today is 225.31.

Microsoft Corp.

Microsoft MSFT is currently trading around our level of 442.95. For the bulls, holding this level and rallying to 444.95 is essential. If 444.95 holds during regular hours, we might see a push to 446.33. Continued buying momentum could lead to our high bull target of 448.18.

If 442.95 fails as support, we expect the bears to probe lower at 441.34. A break here could lead to a test of 438.72. Persistent selling pressure might drive the price down to 437.10. Our low bear target for Microsoft today is 435.79.

NVIDIA Corporation

NVIDIA NVDA is currently trading around our key level of 120.27. Bulls need to push the price up to 121.97 and establish this as a support level. Continued buying could see the price rallying to 123.41. If the buying momentum persists, a further rally to 125.21 is possible. Our high bull target for NVIDIA today is 126.84.

Should 120.27 fail to hold as support, we look for the bears to test lower at 119.44. A breakdown here could see the price drop to 117.86. If selling pressure remains strong, we expect a test at 116.61. The low bear target for NVIDIA today is 115.83.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 181.77. For the bulls, holding this level and pushing higher to 183.40 is key. Sustained bullish momentum could drive the auction to our high bull target of 184.52.

If 181.77 fails during regular trading hours, we expect the bears to drive the price down to 180.46. Further selling could see a test at 179.15. On significant selling pressure, the low bear target for Alphabet is 177.28.

Meta Platforms Inc

Meta META is currently trading around 483.11. Bulls need to maintain this level as support and push the price up to 485.96. A strong buying auction could drive the price higher to 488.81. If bullish momentum continues, our high bull target for Meta is 492.33.

If 483.11 fails as support, we look for the bears to push the price down to 480.96. Continued sell-side pressure might lead to a test at 479.47. If this level breaks, our low bear target for Meta today is 477.50.

Tesla Inc.

Tesla TSLA is currently trading around 250.25. For the bulls, pushing the price up to 252.38 is critical. Continued buying could see a rally to our key level of 254.28. If there is a broader market rally, Tesla might test higher at 256.34. A significant bullish push could bring the high bull target to 257.56.

If 250.25 fails to hold, we expect a test lower at 248.37. Continued selling pressure could bring 246.16 into play. If this level breaks, our low bear target for Tesla today is 243.98.

Final Word: Today's trading session is packed with key economic data releases and events. The day kicks off with the Housing Starts and Building Permits data at 8:30 AM ET, which will give insights into the real estate market's health. Shortly after, at 9:15 AM ET, we will get crucial updates on Industrial Production, Capacity Utilization, and Manufacturing Production for June, providing a snapshot of the manufacturing sector's performance.

In the afternoon, at 1 PM ET, the Treasury will conduct a 20-Year Bond Auction, which could impact interest rates and overall market sentiment. This is followed by the release of the Fed's Beige Book at 2 PM ET, offering a detailed economic overview from various districts, alongside the Treasury's Buyback announcement.

Adding to the day's significance, we will hear from Thomas Barkin, a voting member of the Federal Reserve, at 9 AM ET. His informal remarks about the economy could provide additional clues on the Fed's policy stance. With such a busy schedule, market volatility is expected to be high. Stay alert, manage your risks carefully, and trade safely. 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.