Market Clubhouse Morning Memo - July 23rd, 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 555.11. For the bulls, a push higher to 556.27 is desirable. If the price action holds strong above 556.27, buyers are likely to drive the price towards our support level of 557.44. Sustained strength above 557.44 during regular trading hours may lead to a further move up to 558.32. The highest bullish target for SPY today is set at 559.75.

On the flip side, if 555.11 fails to hold as support, we anticipate the bears testing the strength of 553.66. Should sellers prevail at this level, we may see a move down to 552.50. If 552.50 is breached on heavy selling, a stronger support level at 551.33 comes into play. In the event of an aggressive sell-off, the lowest bearish target for SPY today is 550.45.

Invesco QQQ Trust Series 1

The QQQ QQQ is currently hovering around our critical level of 481.73. Bullish traders will be eyeing a move above 481.73. If this level holds as support, we anticipate a rise to 483.95. Continued buying pressure could drive the price to 486.10. A robust auction could see a test higher at 487.69, with the top bullish target for QQQ today being 490.05.

Conversely, if 481.73 cannot maintain support during regular trading hours, we expect the bears to push the price down to 479.03. Weakness at this level may lead to a further decline to 476.85. Persistent selling could see the price test 474.66. If this support fails, the lowest bearish target for QQQ today is set at 471.33.

Apple Inc.

Apple AAPL is currently trading around our level of 223.87. Bulls need this level to hold as support to see an upward move to 225.31. If the bullish momentum continues, the price could rally further to 226.08. Should the bulls maintain control, we might witness a push to the high bull target for Apple today at 226.90.

If 223.87 does not hold as support, we anticipate a test lower at 222.96. Continued selling pressure could drive the price down to 222.24. If the selling persists, 221.66 becomes the next key level. A breakdown here could see the price drop to our low bear target for Apple today at 220.97.

Microsoft Corp.

Microsoft MSFT is currently auctioning around our level of 442.95. Bulls will look for the price to stay above this level and rally to 444.95, holding it as support during regular trading hours. If this level is maintained, we could see a further rally to 446.33. Sustained buying momentum might push the price to our high bull target for Microsoft today at 448.18.

If 442.95 fails to hold as support, bears are likely to test 441.34. Should this level break down, a further decline to 438.72 is expected. Persistent selling pressure could push the price lower to 437.10. Our low bear target for Microsoft today is 435.79.

NVIDIA Corporation

NVIDIA NVDA is trading around our key level of 121.97. For bulls, a move up to 123.41 is needed, reclaiming this as a strong support level. If the bulls succeed, the price could rise to 125.21. Continued buying might lead to a rally up to 126.84, with the highest bullish target for NVIDIA today being 128.10.

If 121.97 does not hold as support, we expect the bears to test 120.27. A breakdown at this level and the presence of sellers could drive the price down to 119.44. Should the auction weaken further, we anticipate a test at 117.86. Persistent selling pressure may lead to our low bear target for NVIDIA today at 116.61.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around our level of 181.77. Bulls are looking for this level to hold as support and for the auction to move higher to 183.40. Continued bullish momentum could bring the auction to our high bull target of 184.52.

If 181.77 fails to hold as support, bears may push the price down to 180.46. A breakdown at this level could lead to an initial probe to 179.15. Heavy selling might drive the auction down to our low bear target for Alphabet today at 177.28.

Meta Platforms Inc

Meta META is trading around our level of 485.96. Bulls want this level to hold as support and for the price to move higher to 488.81. A strong bullish auction could push the price up to 492.33. Continued bullish momentum may drive the auction to our high bull target of 495.54.

If 485.96 fails to hold as support, bears are likely to drive the price down to 483.11. Persistent selling pressure could push the price lower to 480.96. If this level breaks down, the low bear target for Meta today is 479.47.

Tesla Inc.

Tesla TSLA  is trading around our key level of 252.38. Bulls will aim to push the price up to 254.28. Continued buying could see a rally to our key level of 256.34. If the broader market rallies today, Tesla might test higher levels at 257.56. With significant buying, the high bull target for Tesla today is 259.81.

If 252.38 fails to hold as support, we expect a test lower at 250.25. Continued selling may bring 248.37 into play. A breakdown at 248.37 could see the price drop to our low bear target for Tesla today at 246.16.

Final Word: Today's session kicks off with the Philly Fed Non-Manufacturing Activity for July, which is scheduled to be released at 8:30 AM ET. This report will provide insight into the health of the services sector in the Philadelphia region, which could impact market sentiment early in the trading day. Shortly after, at 10:00 AM ET, we will receive the Richmond Fed Manufacturing Index for July and the Existing Home Sales report for June. These reports are crucial as they offer a glimpse into the manufacturing sector's performance in the Richmond area and the housing market's current state, respectively.

The Existing Home Sales data will be particularly important to watch, as it reflects consumer confidence and economic stability. Any significant deviations from expectations could lead to increased volatility. At 1:00 PM ET, the Treasury will hold a 2-Year Note Auction, which can also influence market movements, especially in the fixed-income sector.

Moreover, market participants will be eagerly awaiting the earnings results from Alphabet and Tesla. These high-profile earnings reports can set the tone for the technology sector and broader market sentiment. Keep a close watch on Alphabet and Tesla during regular trading hours, as significant institutional trades could lead to substantial price movements.

In addition to these events, it’s important to stay aware of any unexpected news or geopolitical developments that could impact the markets. As always, manage your risk carefully, stay informed, and be prepared to adapt your trading strategies as needed. Good luck today 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.