Market Clubhouse Morning Memo - July 30th, 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 key level of 545.24. For the bulls, we want to see an upward move initially to 546.46. If the price action holds above 546.46, we're looking for buyers to drive the price to our resistance level of 547.56. Should 547.56 hold firm during regular trading hours, we'd expect a further push to 548.13. Our high bull target for SPY today is set at 549.00.

If 545.24 fails to hold as support, we're looking for the bears to test the 544.04 level. Should sellers maintain pressure, the next target is 542.93. A breakdown of 542.93 on heavy selling could lead to a test of strong support at 541.49. If today's session is particularly bearish, our low bear target for SPY is 540.07.

Invesco QQQ Trust Series 1

QQQ The QQQ is currently trading around our significant level of 465.93. For the bulls, we need to see buyers maintaining this level. If 465.93 can be upheld as support, we anticipate a move to 467.60. Continued bullish momentum might bring the 469.27 level into play. Should the buying pressure persist, a higher test at 471.33 is likely. Our high bull target for QQQ today is 474.66.

Should the QQQ struggle to stay above 465.93 during regular trading hours, we expect the bears to push the price down to 463.56. If we observe further weakness, the next level to watch is 462.14. Persistent selling could drive the price down to 460.55. If this level does not hold, the bears may target a low of 458.83 for the day.

Apple Inc.

Apple AAPL is trading near our critical level of 219.19. For bullish traders, we want to see 219.19 hold as a support level. If this level remains firm, a move to 220.29 is on the cards. Sustained bullish momentum might push the price up to 220.97. If the bulls take control today, we aim for a high bull target at 221.66.

If 219.19 does not hold during the trading session, we anticipate a lower test at 218.08. Continued selling pressure could drive the price down to 216.70. If sellers dominate, the next level to watch is 215.25. Should this level break, our low bear target for Apple is 214.07.

Microsoft Corp.

Microsoft MSFT is trading around our pivotal level of 427.36. For the bulls, maintaining strength above 427.36 and pushing the price to 428.48 is crucial. If this level is held as support during regular trading hours, we could see an upward move targeting 429.25. Persistent buying could push the price to our high bull target of 430.25 for the day.

If 427.36 fails as support, we look for the bears to test 426.00. Breaking this level could lead to a further decline to 425.16. Continued downside pressure might push the price to 423.81. Our low bear target for Microsoft today is 422.84.

NVIDIA Corporation

NVIDIA NVDA is currently trading near our key level of 110.73. For the bulls, the goal is to push the price up to 111.70 and secure this level as a solid support. If successful, the next target is 112.54. Sustained buying could see the price rally to 113.68. Our high bull target for NVIDIA today is 114.29.

Should 110.73 fail as a support level, we expect the bears to test lower at 109.86. A breakdown here could lead to a decline to 109.12. If the auction weakens further, the price might test 107.51. On heavy selling, our low bear target for NVIDIA is 106.30.

Alphabet Inc Class A

Alphabet GOOGL is trading around our significant level of 169.34. For the bulls, holding 169.34 as support and pushing higher to 171.14 is essential. Continued bullish action could drive the price to our high bull target of 172.28.

If 169.34 does not hold during regular trading hours, we expect the bears to drive the price down to 167.04. A further breakdown could see the price test 165.41. On significant selling, our low bear target for Alphabet is 163.79.

Meta Platforms Inc

Meta META is currently trading near our critical level of 465.81. For the bulls, holding this level as support and pushing higher to 468.38 is key. A strong bullish auction could move the price to 470.28. Continued momentum might bring our high bull target of 472.19 into play.

If 465.81 fails to hold as support, we look for the bears to drive the price down to 464.57. Continued selling pressure could see the price move lower to 462.20. If this level breaks, our low bear target for Meta is 458.59.

Tesla Inc.

Tesla TSLA is currently trading around our key level of 230.65. For the bulls, pushing the price up to 233.49 is important. Continued buying momentum could see a rally to 235.74. If the broader market trends bullish, Tesla might test higher levels at 238.50. On strong buying, our high bull target for Tesla is 239.92.

Should 230.65 fail as support, we expect a test lower at 228.45. Continued selling might bring 226.53 into focus. If this level breaks, we anticipate a drop to our low bear target for Tesla at 223.98.

Final Word: Today's session will be significantly influenced by several key economic data releases. At 9 AM ET, the FHFA House Price Index for May will be released, providing insight into the housing market's health. At 10 AM ET, we have the JOLTS Job Openings for June and the Conference Board Consumer Confidence for July. These reports will offer a snapshot of labor market conditions and consumer sentiment, respectively.

These data releases come just a day before the FOMC rate decision, which will be closely watched by market participants. Traders are likely to position themselves ahead of this crucial event, adding to potential volatility in today's session. Be prepared for swift market movements, trade carefully, keep your head on a swivel, and 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.