Market Clubhouse Morning Memo - July 31st, 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

SPY SPY is currently trading around our key level of 547.56. For the bulls, an initial push higher to 548.13 is desirable. Sustained buying above 548.13 could drive the price towards our next resistance at 549.00. If 549.00 holds during regular trading hours, we could see a further rally to 549.67. Our high bull target for SPY today is 550.45.

Should 547.56 fail to hold as support, we expect the bears to test 546.46. Further selling pressure might lead to a drop to 545.24. If heavy selling continues, a stronger support level at 544.04 could be tested. In a severe sell-off, our low bear target for the day is 542.93.

Invesco QQQ Trust Series 1

QQQ QQQ is currently hovering around our critical level of 463.56. For a bullish outlook, we need to see the price hold above 463.56. If this level is maintained, buyers could push the price to 465.93. Further bullish action might bring 467.60 into focus, with a potential move up to 469.27 if buying pressure remains strong. Our high bull target for QQQ today is 471.33.

If QQQ struggles to stay above 463.56 during trading hours, we anticipate bearish momentum to drive the price down to 462.14. Continued weakness might lead to a drop to 460.55. If sellers dominate, we could see a test of 458.83, with the low bear target for the day set at 457.55.

Apple Inc.

Apple AAPL is trading near our level of 220.29. For a bullish scenario, we want this level to act as support. If 220.29 holds, the price could rally to 220.97. Continued bullish strength might push the price up to 221.66. Should the bulls control the session, our high bull target for Apple is 222.24.

If 220.29 fails to provide support, we expect a test of 219.19. Further downside pressure could lead to a drop to 218.08. Persistent selling might drive the price to 216.70. In a bearish scenario, the low bear target for Apple is 215.25.

Microsoft Corp.

Microsoft MSFT is currently around our key level of 409.69. For the bulls, holding above 410.64 is crucial. If the price remains strong above this level, we could see a move to 411.72. Sustained bullish momentum might push the price to 413.14. Our high bull target for Microsoft today is 414.56.

If 409.69 does not hold as support, we expect bears to test 408.46. Continued selling could lead to a drop to 407.11. If downside pressure persists, the price might reach 406.01. Our low bear target for Microsoft today is 404.92.

NVIDIA Corporation

NVIDIA NVDA is trading near our key level of 109.86. For a bullish outlook, we need to see the price push up to 110.73 and establish it as support. If this occurs, we could see a rally to 111.70. Further buying pressure might drive the price to 112.54. Our high bull target for NVIDIA today is 113.68.

If 109.86 fails to hold as support, we anticipate a test of 109.12. Continued selling pressure might lead to a drop to 107.51. If the auction weakens, the price could test 106.30. Our low bear target for NVIDIA is 105.23.

Alphabet Inc Class A

Alphabet GOOGL is currently trading around 171.14. For the bulls, holding above 171.14 is essential. If this level is maintained, we could see the price rise to 172.28. Continued bullish momentum might drive the price to our high bull target of 174.01.

If 171.14 does not hold as support, we expect the price to drop to 169.34. Further bearish action might lead to a test of 167.04. In a strong sell-off, the price could fall to our low bear target for Alphabet at 165.41.

Meta Platforms Inc

Meta META is trading near 462.20. For a bullish scenario, we need to see the price hold above 464.57. If this level is maintained, the price could rise to 465.81. Further buying pressure might push the price to 468.38. Our high bull target for Meta today is 470.28.

If 462.20 fails to hold as support, we expect a test of 458.59. Continued selling pressure could drive the price to 455.87. If the bears dominate, the price might fall to our low bear target for Meta at 453.45.

Tesla Inc.

Tesla TSLA is trading around our key level of 223.98. For a bullish outlook, we want to see the price rise to 226.53. If buying momentum continues, we could see a rally to 228.45. Should the broader market rally, Tesla might test 230.65. Our high bull target for Tesla today is 233.49.

If 223.98 does not hold as support, we expect a test of 222.19. Continued selling could bring the price down to 220.65. If this level is broken, the price might drop to our low bear target for Tesla at 219.39.

Final Word: Today's trading session is packed with critical economic data that could significantly impact market movements. The day begins with the ADP Non-Farm Employment Change for July, released at 8:15 AM ET. This report often provides insights into the broader labor market trends, making it a crucial indicator for market participants. Shortly after, at 8:30 AM ET, the Q2 Employment Cost Index will be published. This index measures the change in the costs of labor, offering a glimpse into wage inflation, which is a key factor for the Federal Reserve's monetary policy decisions.

At 10 AM ET, we will get the Pending Home Sales data for June. This report reflects the health of the housing market, an essential component of the economy, and can influence market sentiment. However, the most anticipated event of the day is the FOMC Interest Rate Decision at 2 PM ET. The Federal Reserve is widely expected to keep rates on hold, but the market will be keenly focused on any hints about future monetary policy.

Fed Chair Jerome Powell's Post-Rate Decision Press Conference at 2:30 PM ET is likely to be a pivotal moment. Investors and traders will scrutinize his comments for clues about the Fed's outlook on inflation, economic growth, and the potential for future rate hikes or cuts. Powell's insights will be crucial in shaping expectations for September's FOMC Rate Decision, making his statements highly influential for market direction.

Given the range of significant data releases and the Fed's guidance, today is likely to be the most volatile and challenging trading session of the month. The interplay between labor market data, housing market indicators, and the Federal Reserve's stance on monetary policy will create a dynamic environment. Traders should be prepared for rapid price movements and adjust their strategies accordingly. It’s essential to stay vigilant, manage risks carefully, and be ready to act on any market-moving information. Good luck, keep your head on a swivel, 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.